Original title: "LD Capital: Solana High-Performance Public Chain Revitalization and Project Analysis"

Original author: Jaden, Jill, LD Capital

I. Fundamentals

Solana is a PoH-based Layer1 blockchain, focusing on high energy efficiency, high transaction speed, and low fees. It was founded in 2017 by Anatoly Yakovenko, a former Qualcomm executive. After the FTX crash, the price of SOL tokens and the entire ecosystem suffered a fatal blow. In the last year or so, the Solana ecosystem was in an extremely depressed state.

At present, the Solana ecosystem has regained its vitality, mainly due to the following reasons:

1) The overall market recovery. According to Artemis data, on October 1, 2023, the market value of stablecoins in the blockchain market was 130B, and the market value of stablecoins increased to 135.5B in the fourth quarter of 2023. As of March 36, 2024, the number of stablecoins in the market increased to the current 156.5B. The market value of stablecoins on Solana has increased from 883.9M to 97.5B, with a growth rate of about 170,000%.

2) Multiple new projects have emerged in the ecological projects, and potential airdrops have attracted users. Jupiter, the largest transaction aggregator on the Solana chain, announced in January 24 that it would airdrop JUP to early users, Bonk to soga mobile phone holders, etc., and a series of new protocols in the Solana ecosystem, such as Drift Protocol, Backpack, Marginfi, magic eden, etc., have not yet issued coins, which has aroused users' enthusiasm for interacting with new projects in the Solana ecosystem.

3) High performance characteristics have led to the prevalence of meme culture. As the price of ETH tokens rises, the interaction fee of the Ethereum chain is too high compared to other public chains and the second layer, prompting non-whale users to disperse to other chains. BONK, as the original meme token leader on Solana, reached a market value of US$1.5 billion in mid-December, and the meme wealth creation effect on Solana began to spread.

2. Token situation

The total number of SOL tokens is 573 million, the circulation is 444 million, and the token pledge amount is 360 million. The current market value is US$87.2 billion, which has exceeded the high point of the previous bull market.

III. Ecosystem

Currently, Solana’s TVL is $4.99 billion, and the ecosystem is in a stage of rapid recovery. It is only one step away from the TVL high of $10 billion in the last bull market. The number of daily active users and new addresses on the chain has continued to hit new highs since May 2022. Since March 2024, the number of active addresses is 3,743, and the number of new addresses is 2,784.

Meme

Meme, in Chinese, is defined as "the basic unit of culture that can be transmitted by non-genetic means, especially imitation." In the Internet society, memes are considered to be culture that can cause viral transmission, in the form of language, pictures, videos, behaviors, etc. The replication characteristics of memes should have three characteristics, namely inheritance, variation and selection. After spontaneously screening information, users copy and share the information they agree with. Information that is difficult to be recognized by the public will often fade out of the public's sight over time, thus achieving cultural inheritance and selection. In the process of communication, it should have the characteristics of re-creation to achieve cultural re-creation. In addition, it is also necessary to pay attention to the original force of subconscious emotions. Only when enough transmitters fully join their emotions and feelings can the result of an outbreak be achieved.

The top 100 meme tokens in terms of market value are DOGE, SHIB, PEPE, WIF, FLOKI, and BONK. In addition to the meme tokens on Ethereum, only the solana meme token has a market value in the top 100. In the meme culture of blockchain, the "DOGE" dog culture can be regarded as the original cultural unit, SHIB and FLOKI are the re-creations of dog culture on the Ethereum chain, and BONK and WIF are the re-creations of dog culture on Solana. The WIF community contains a wider community base, so it surpassed BONK in the later period and became the meme leader on Solana.

Market value (data from Coingecko; March 24, 2024)

Dogwifhat (WIF)

The dogwifhat meme was originally popular among Fortnite and Rocket League players. On November 6, 2019, Fortnite professional player issa first set his Twitter profile picture to a photo of a Shiba Inu wearing a pink knitted hat. Twitter user @Vapurly commented "Dogwifhat" and then tweeted "Join dogwifhat". Subsequently, a large number of influential celebrities have used the picture as their social media avatars, including Fortnite anchor Vraxito, Rocket League players Spoodah, nxtsabo, etc.

The Dogwifhat token was inspired by the picture and launched in November 2023. On March 1, 2024, Robinhood announced that it would add support for WIF to its crypto platform. On March 2, Arthur Hayes, co-founder and CEO of cryptocurrency exchange BitMEX, tweeted that he was optimistic about WIF.

Bonk (BONK)

BONK was launched on December 25, 2022 as a Christmas gift to the Solana community. 50% of the tokens are used for airdrops. The project aims to challenge the dominance of VC tokens and oppose the low circulation and high inflation token economics.

BONK tokens are highly accepted in the Solana community and are accepted as a payment option for NFTs by penBook and Orca platforms, as an incentive for staking NFTs on platforms such as SolFarm and BonkStake. BONK also expands its influence by airdropping Solana Saga encrypted phones.

Book of MEME (BOME)

Book of MEME is a CC0 meme library, or a decentralized social network, linking all NFTs, and mini GIFs on the solscan network, issued by Pepe Meme artist Darkfarm. The project originally planned to raise 500 SOL, and finally raised a total of 10,131 SOL. All the SOL raised were added to the LP pool, providing it with good initial liquidity, allowing whales to easily participate in transactions.

Slerf (SLERF)

On March 17, Slerf released a fundraising message through its Twitter account, successfully raising more than 50,000 SOL. Half of the funds raised will be used for pre-sales, and the other half will be injected into the liquidity pool (LP). This practice is consistent with the rules of other fundraising MEME projects, and there is no highlight yet. But on the 18th, Slerf project founder @Slerfsol announced on X that an operational error caused the accidental destruction of LP and airdrop tokens, and the minting rights were permanently removed. This incident became the catalyst for the surge in SLERF prices.

Myro (MYRO)

Named after Solana co-founder Raj Gokal’s pet dog Myro. MYRO holders can use the token to purchase limited edition Myro merchandise, including T-shirts, hats, and hoodies. The project also regularly hosts community events, including voice chats, forums, and competitions to strengthen community cohesion. The team chose to implement a 0% transaction tax on the token to ensure that users do not incur additional fees when making transactions. In addition to giving up contract ownership, developers also burned their LP tokens, further strengthening the decentralized nature of the meme token.

WEN

WEN is a meme token issued on the LFG Launchpad platform test based on the Jupiter project.

The token distribution is: 70% for airdrops, including Jupiter users, Ovols NFT holders, Blue Chip NFT holders, Genesis Saga NFT holders, mockJUP test users, etc. 20% is used to build liquidity in DLMM; 10% is reserved for the treasury, of which 0.75% of WEN will be given to Jupiter DAO and 0.25% will be given to the Jupiter team; after the airdrop claim is over, all unclaimed WEN will be destroyed.

DEX

Jupiter (JUP)

Introduction: Jupiter was launched in September 2021 as a DEX aggregator on Solana, aiming to provide Solana users with a better trading experience by delivering liquidity from multiple sources. Currently, it mainly provides four functions: transaction aggregation, limit order, DCA/fixed investment, and Jupiter Start.

According to the Coingecko decentralized exchange transaction volume ranking, Jupiter's 24-hour transaction volume is only lower than Uniswap, ranking second, and has surpassed Uniswap several times in recent times. On the one hand, due to the popularity of the Solana ecosystem, the transaction volume is extremely active, and on the other hand, due to its good liquidity, Jupiter has become the first choice for Solana users to trade.

In order to let Jupiter community members and users know more about new projects in the Solana ecosystem, Jupiter launched the Jupiter Start business. One of the key functions, the Launchpad launch pad (LFG), has now been launched. It is also the only active DEX with a launch pad on Solana. Currently, LFG Launchpad has opened the first round of voting on March 7, and can issue tokens for candidate projects that are supported. The first round of candidate projects are Zeus Network, SharkyFi, and UpRock. Zeus Network has confirmed that it will be listed on LFG Launchpad.

In the voting process designed by Jupiter DAO, JUP holders lock JUP tokens to obtain voting rights and actively vote on proposals and LFG candidate projects, with no minimum stake limit. There is a 30-day cool-off period after the staked tokens are unlocked, during which time they can still participate in the vote, but their voting rights will gradually decrease.

Jupiter plans to distribute 100 million JUP tokens and 75% of the launchpad fees to stakers. According to historical data from Jupiter DAO, about 240 million tokens were staked in 22,000 wallet addresses in the first round of voting (March-June). This time, 50 million tokens and other Launchpad fees (including 7.5 billion WEN) were distributed, and another 50 million will be used in the next quarter, which means that the first round (90 days) of JUP staking yield can reach at least 84% (0.5/2.4/90*100%*365).

In addition, Jupiter has set up Jupiter Labs to incubate infrastructure. The products currently scheduled to be launched are derivatives DEX and LSD stablecoins. Labs is independent of Jupiter and will eventually operate independently. The derivative Perps is similar to the GMX V1 protocol. The Beta version has been launched, supporting three assets: SOL/ETH/WBTC. The most active SOL trading pair has a 24-hour trading volume of 200 million US dollars. It is enough to see that under the promotion of Jupiter, Jupiter Labs has attracted more market users and funds. The stablecoin protocol XYZ has not yet been launched. Users can mint interest-bearing stablecoin SUSD by pledging SOL.

At present, Jupiter has aggregated most of the trading volume on Solana. With its huge user traffic and project resources, Jupiter Start and Jupiter Labs can promote the improvement of Jupiter and Solana ecosystems, and can form a linkage effect to a certain extent, further expanding Jupiter's market potential.

Team and Investment:

The team is led by Meow and Ben Chow, who founded Jupiter in May 2021 and are also members of Meteora, the liquidity platform on Solana. Jupiter has not announced any financing.

Token situation:

The project will be officially launched on January 31, 2024, with a total of 10 billion tokens, of which 40% will be distributed to the community through 4 rounds of airdrops. The first round of airdrops allocated 10% of the tokens, which means that there are still airdrop expectations to encourage user adoption.

The current market value is 1.605 billion US dollars, and the mainstream exchanges listed include Binance and Gate. The circulation of JUP is 1.35 billion, and 240 million tokens were pledged in the first round of voting, which is equivalent to locking up 18% of the liquidity, and there are even fewer chips circulating in the market. Under the spiral effect of high yields and reduced circulation, it is possible to further promote the rise in the price of JUP tokens.

Raydium (RAY)

Introduction: Raydium is the first AMM and liquidity provider built on Solana, and its core product is Raydium DEX. Raydium is unique in that its integration with the Serum order book enables market participants to trade digital assets more flexibly, and Raydium's liquidity pool contributes to Serum's order book, enhancing overall liquidity. This integration ensures that anyone on Serum can trade on orders on Raydium, and vice versa.

Raydium also comes with its own Launchpad launchpad function. It was once the most popular DEX on Solana. The previously popular Star Atlas game project also completed its IEO on this platform. Raydium's new stock pools include Ray Pool and Community Pool. Community Pool is to complete some social platform interaction tasks according to the requirements of the project party to participate in the issuance of IEO. Ray Pool is the token RAY. You can get tickets to participate in new stocks according to the number of pledges, thereby empowering the RAY token.

However, the project was hacked in December 2022, with a loss of approximately US$4.4 million, and later compensated investors through the project treasury. Due to the decline of the Solana ecosystem and the negative impact of hacker attacks, Raydium entered a development trough, and its market value was once surpassed by Orca.

Team and Investment

The Rdydium team has many years of experience in cryptocurrency quantification and market makers, and was introduced to the Solana ecosystem by the FTX team. Raydium has not announced the relevant financing amount.

Token situation:

RAY tokens total 555 million, launched on February 21, 2021. The current market value is 500 million US dollars, FDV is 1.07 billion US dollars, and the token circulation volume reaches 46.7%. In the RAY economic model, 22% of the tokens are allocated to the team and consultants. It is reported that this part of the tokens has a lock-up period of at least 3 years, which means that some of the team's tokens may be unlocked in 2024.

Depin

Nosana (NOS)

Introduction: Nosana is a distributed GPU network that allows anyone to rent computing power. By utilizing the potential of idle GPUs around the world, it can achieve on-demand access to GPU computing power, solve the problem of GPU shortage in the market, and provide AI users with the computing resources needed for metaverse projects.

Nosana aims to combine AI with blockchain technology to meet the growing demand for GPU units for AI reasoning.

With the explosive growth in the field of AI, Nosana has quickly turned to AI reasoning, and the token price has therefore achieved relatively good performance.

According to Nosana browser data, from mid-December 2023 to March 2024, Nosana AI reasoning showed relatively strong demand.

Token situation:

The total number of NOS tokens is 100 million, with a current market value of 410 million US dollars and a circulation volume of 83%. The mainstream exchanges listed include Gate and MEXC. Liquidity is mainly concentrated in Raydium.

NOS is the native token of the Nosana ecosystem, used to pay for services and purchase computing resources on Nosana, and NOS tokens are also required when deploying AI reasoning work on Nosana. At the same time, Nosana provides token staking for users to earn rewards. Of the fees generated in the Nosana network, 2% is used to reward NOS stakers, and NOS tokens can capture a certain value in the Nosana network.

Helium (HNT)

Introduction: Helium aims to encourage miners to deploy hotspots and provide wireless network coverage through corresponding incentives, providing low-power, wide-coverage wireless network access for IoT devices, and rewarding miners through an original proof of coverage mechanism. Helium's potential and prospects come from its mining model. Its original PoC (Proof of coverage) is an optimized version of the PoW mining mechanism, which can also be regarded as a geographical location PoW mining mechanism. It is completed through wireless network technology. It has the characteristics of low energy consumption, does not require a lot of electricity, and has a very low entry threshold for mining, so it is popular with users.

On April 20, 2023, the Helium network completed its migration to the Solana network, with the strongest ecology and the strongest narrative double buff superimposed. The current community covers nearly 990,000 hotspots and 400,000 active hotspots.

The 2024 DePIN Global Hardware Conference will be held at Hong Kong Cyberport on April 8, and Helium Foundation CEO Abhay Kumar has confirmed his attendance.

Team and Investment:

The Helium project was founded in 2013 and is headquartered in San Francisco, USA. Since 2014, Helium has completed at least 4 rounds of financing. In 2022, it completed a $200 million Series D financing with a valuation of $1.2 billion. The financing amounts in each round have been very impressive. Participating companies include A16Z, Multicoin and Google Ventures.

Token situation:

The total number of HNT tokens is 223 million, the circulation volume is 163 million, and the market value is $980 million. HNT is the main economic asset in the Helium ecosystem. The only way to pay for network data transmission is to burn HNT.

Helium Mobile (MOBILE)

Introduction: Helium Mobile wants to become a decentralized 5G network operator, using tokens to incentivize individuals to share hotspot facilities, using countless small and decentralized hotspots to replace large base stations, thereby achieving a low-cost, high-coverage network. MOBILE is the Helium subDAO governance token, which was introduced into the broader Helium network through the community proposal HIP53. The token is mined by 5G-CBRS and WiFi hotspots through data transmission and proof of coverage. The network proposes a mechanism for determining token rewards based on usage, which to some extent reduces the possibility of idling devices to defraud rewards. The project is in its early stages, and the number of devices participating in the network is still very limited.

Token Status

The maximum supply is 230 billion, and the token mining will start in August 2022, and will be halved every two years. Both hotspot providers and service providers must stake MOBILE tokens to join the network. The current token circulation is 85.6 billion, with a circulation rate of 37%, and it has been listed on Coinbase.

Shadow Token (SHDW)

Introduction: Shadow is a stable, high-performance cloud platform developed by GenesysGo, supported by a decentralized network of operators. Shadow Drive is a decentralized, high-performance and scalable object storage designed for Web3 builders. Shadow's Solana RPC is built on a network of independent operators, truly decentralizing the backend API by paying computing fees directly to ecosystem operators.

Previously, third-party storage solutions such as Arweave and Filecoin were often used for storage activities such as NFT on Solana, but they are all independent storage public chains, incompatible with Solana, and storage activities are paid for with their own tokens. ShadowDrive is the native storage system of the Solana ecosystem, designed to meet Solana's growing demand for storage in the ecosystem.

According to the official documentation of the project, Shadow Drive's storage costs are cheaper than any similar project on the market. On the one hand, it benefits from Solana's own low gas cost, and on the other hand, ShadowDrive's underlying reasonable decomposition, scheduling and arrangement of storage tasks, which involves the project's data distribution and consensus engine D.A.G.G.E.R. (directed acyclic gossip graph enabling replication), which can optimize fast data access and file processing, making storage more efficient.

On January 17, 2024, the official ShadowDrive V2 and D.A.G.G.E.R testnets were officially announced, and the project team provided a total of 600,000 SHDW tokens to incentivize node operators and users who made contributions.

In addition, GenesysGo officials once stated on the X platform that the task in the first half of 2024 is to deploy ShadowDrive V2 and D.A.G.G.E.R to the mainnet, and the task in the second half of the year is marketing, marketing, and marketing.

Token situation:

The total number of SHDW tokens is 169 million, and the current circulation has reached 96%, with a market value of 220 million US dollars and an FDV of 230 million US dollars. It has not yet been launched on mainstream centralized exchanges, and liquidity is mainly concentrated in Raydium.

Solchat (CHAT)

Introduction: Based on the communication protocol of the Solana blockchain, users can make voice calls, text messages, etc. through the web3 environment, and all group chat information is stored on the chain. Every user interaction will be encrypted for privacy protection. It is currently in version v1 and is expected to release version v2 soon. v2 is the final version, which will reduce usage fees, support group chats, and add NFT avatars and other functions. The successful Facetime communication between its v1 version of the wallet and the wallet before it has led to an increase in the price of its token.

Token situation:

The total amount of CHAT tokens is 10 million, 50% for pre-sale, 10% as LP, 10% allocated to the team, 10% for marketing, and 10% for centralized exchanges. The current market value is $90.6 million. Solchat introduced a staking mechanism where users can stake their $CHAT tokens into the staking pool to obtain an 80% share of the revenue in the total pool.

Solcard（SOLC）

Introduction: Solcard is a crypto virtual card that supports SOL recharge and no KYC. The crypto virtual card supports online shopping. Solcard charges a 5% handling fee for each user deposit, and plans to return 50% of the fees collected to SOLC token holders. WeChat supports Solcard binding payment, which has led to its price increase.

Token situation: The total number of tokens is 100 million, 80% for fair sale, 10% for marketing, and 10% as reserve treasury and operation. The current market value is 16 million US dollars.

Liquidity Staking Agreement

Since ETH becomes an interest-bearing asset after converting to PoS, the threshold for individuals to directly participate in staking is high, and the staking services launched by exchanges are criticized for being highly centralized. Liquidity staking platforms can provide proof of staking tokens and can be used in DeFi protocols, increasing the utilization rate of funds, and thus being favored by the market. The inflation model of the SOL token economic model also encourages SOL holders to stake their tokens.

The number of SOL staked reached a historical peak of 398 million on October 30, 2023. Due to the rise in the price of the currency, some tokens chose to unstake. At present, Solana has staked a total of 380 million SOL, of which more than 357 million were directly staked through nodes, and 23 million SOL were staked through liquidity staking agreements. Among them, the three largest liquidity staking agreements in the ecosystem are Marinade Finance, Jito Network, and Blazestake.

Jito network

Introduction: Jito network is a liquidity staking agreement launched by Jito Lab. Jito provides pledgers with staking income and can capture MEV income in the Solana network. Its products include: client Jito Solana, Jito Bundles, blockchain builder Jito Block Engine, and MEV distribution system. Since its MEV business can allocate part of the MEV income to JisoSOL, the income of users staking through Jito is relatively higher. The TVL of the protocol grew rapidly before November 2023, the number of pledges fell after the airdrop snapshot, and the number of pledges increased slowly after January. According to dune data, Jito is currently the largest liquidity pledge agreement in the solana ecosystem, with 9.16 million SOLs pledged.

Investment institutions: Seed round received $2.2 million in financing.

The A round of financing received $10 million, led by Multicoin Capital and Framework Ventures, with participation from Solana Ventures and Solana Labs co-founder Anatoly Yakovenko.

Token situation

Jito's native token is JTO, with a current market value of $331 million. It was officially issued on December 7, 2023, with a total supply of 1 billion tokens and a current circulation of 11.7%. The main trading venue is Binance. 34.3% of the total tokens are used for community growth; 24.5% are allocated to core contributors; 25% are used for ecological development; and 16.2% are allocated to investors. 100 million of the tokens allocated to community growth are used for airdrops, 80 million are allocated to JitoSOL holders, 15 million are allocated to validators running Jito clients, and 5 million are allocated to Jito MEV searchers.

Marinade

Introduction: Officially launched in August 2021, it is the earliest liquidity staking protocol on the Solana ecosystem. Users can stake SOL on the Marinade platform and obtain mSOL. The unlocking time of mSOL is usually 3 days, which is consistent with the Solana network staking epoch time. Marinade also provides native staking services, allowing users to obtain staking income without using any smart contracts (that is, no LST). The current number of SOL staked on Marinade is 6.23 million.

As the earliest staking protocol on the Solana chain, the maximum amount of SOL staked in Marinade's history is about 9 million. Subsequently, it was successively impacted by the launch of staking platforms such as Lido and Jito, and its business has been maintained at a relatively stable level for a long time. The marketing ability is relatively general, so the market attention has been low.

Token situation: The total number of tokens is 1 billion, the circulating market value is 78 million US dollars, and it has been listed on coinbase. 35% (350 million) of the token distribution is allocated to liquidity mining, and about 0.17% (1.7 million) are distributed weekly to reward mSOL holders.

Blazestake

Introduction: Blazestake was launched in May 2022. On the BlazeStake platform, stakers have two options: one is to join the standard delegation pool, and the other is to choose any validator to stake SOL. In either case, stakers can obtain bSOL as proof of their liquidity staking income. The platform's network stake increased rapidly in November 2023, from 600,000 SOL to 2.39 million SOL, a growth rate of 400%, which may be related to the platform's hint of airdrops.

Token information:

The total amount of tokens is 10 billion, and the current market value is 19 million US dollars. No other token information was found.

Oracle

Pyth Network (PYTH)

Introduction: Pyth Network is a price oracle solution developed by Douro Labs. The protocol products are mainly Price Feed (feeding service), Benchmarks (providing historical data on and off the chain) and Entropy (random number) services. The Pyth network uses first-party data networks to publish data to Solana and Pythnet, supporting data sources from traders, market makers, and DeFi protocols. Pyth uses a "push" model to solve the problems of the traditional "pull" model, reducing latency, scalability, and network costs.

In February 2024, Pyth's transaction volume accounted for nearly 20% of the Solana network. Due to the hot trading of solana meme tokens in March, pyth's transaction volume still accounted for nearly 10% of the Solana network. Due to its wide range of partners, multiple protocols have announced that they will airdrop tokens to PYTH stakers.

Investment institutions:

In December 2023, it announced the completion of strategic financing, with Castle Island Ventures, Multicoin Capital, Wintermute Ventures, Borderless Capital, CMT Digital, Bodhi Ventures, Distributed Global and Delphi Digital and other crypto companies participating in the investment. The amount of financing was not disclosed.

Token situation: The maximum supply of tokens is 1 million, and the current token circulation rate is 15%. The next token unlocking time is May 20, and the circulation will increase to 36.2%. Pledge PYTH tokens to participate in protocol governance voting, and the current pledged amount is 127 million, accounting for 8.4% of the circulation.

Parallel EVM

Neon (NEON)

Introduction: Neon is the Ethereum virtual machine on Solana, which is compatible with EVM and allows developers to use Ethereum tools to build and deploy decentralized applications (dApp) on Solana. It is built by Neon Labs.

NEON creates an EVM-like code execution environment. It works by introducing incentivized Neon EVM operators to the Solana blockchain, who facilitate transactions on behalf of Ethereum dApp users. These operators receive Ethereum-like transactions from dApps using the Neon EVM. They are then packaged into Solana transactions, and finally these transactions are sent to the Solana blockchain for execution.

Neon EVM enables dApps based on Solidity and Vyper to take advantage of the advantages of the Solana network: low fees, high transaction speeds, and parallel transaction execution capabilities.

Team and Investment

Neon CEO Marina Guryeva is a master of INSEAD, and CTO Andrey is a master of computer science and control systems. Both have extensive experience in blockchain work.

Neon completed a $40 million financing led by Jump Capital on November 9, 2021, with participation from Three Arrows Capital, Solana Capital, IDEO CoLab Ventures, etc. Then, on November 11, German blockchain incubator Advanced Blockchain AG announced that it had invested in Neon Labs through its subsidiary.

Token situation:

The total number of NEON tokens is 1 billion, and the current circulation accounts for 5.77%, with a circulation market value of 100 million US dollars and an FDV of 1.74 billion US dollars. The NEON token was launched on July 17, 2023. The current circulating part is basically 5% of the public offering. The tokens of seed round investors, early contributors, teams and other related stakeholders have a 1-year lock-up period, and then they will be linearly unlocked within 1 year, and the unlocking period is July 17, 2024.

NEON’s main liquidity venues are Gate.io and Orca, and on March 27, Coinbase included SHDW and NEON tokens in its listing roadmap.

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