The Great Solana Migration: Which Protocols Expanded to Solana in 2024?

In the wake of the FTX collapse, the crypto community declared Solana a failure. It was widely believed that the network would never recover. The Solana ecosystem was condemned, and many crypto enthusiasts expected that the chain would simply wither and die.

Fast forward to 2024, Solana arguably boasts one of most vibrant ecosystems in the crypto world. Solana’s DeFi scene has exploded, leading all chains in DEX volume and adoption rates and establishing itself as an industry powerhouse.

Solana’s network effect has since become a powerful force of gravity. In a desperate bid to avoid being left behind, dozens of blockchain protocols have migrated to Solana in 2024, eager to tap into the network’s flourishing ecosystem.

Who Migrated to Solana in 2024?

From TradFi giants to beloved NFT collections, Solana has welcomed projects from across the blockchain industry with open arms. Motivated by the network’s expanding user base and high performance, some of the biggest names in the industry chose to make a new home on Solana.

PayPal USD

PayPal is a household name that needs no introduction. The TradFi payments giant made waves in May 2024, when it announced it would be bridging its native stablecoin, $PYUSD, to the Solana ecosystem.

$PYUSD proved extremely popular in Solana DeFi, with generous incentives causing $PYUSD supply to surge to an all-time high of 663M tokens on Solana. At the time, Solana commanded over 65% of the total $PYUSD supply.

SKY (Formerly MakerDAO)

SKY, (formerly MakerDAO), one of Ethereum’s oldest DeFi applications, also joined the Great Solana Migration. 

In September, SKY announced its expansion to Solana, introducing the $USDS (formerly $DAI) stablecoin into the network’s thriving DeFi scene. According to DefiLlama data, $USDS is currently the fifth-largest stablecoin on the network.

Binance & ByBit Launch Solana LSTs

Binance and ByBit became the first centralized exchanges to dive into Solana’s LST (Liquid Staking Token) landscape. 

Powered by Sanctum, Binance and ByBit LSTs allow holders to reap the benefits of Solana’s generous staking rewards, without having to lock up their assets. At press time, $bnSOL and $bbSOL have attracted 4.5M staked SOL and 0.7M staked SOL respectively.

Coinbase Deploys $cbBTC on Solana

Providing a much-needed competitor to $WBTC, Coinbase launched its own Bitcoin-pegged asset. 

Backed 1:1 by $BTC, $cbBTC allows Bitcoin holders to leverage the liquidity of their Bitcoin investments in Solana DeFi strategies.

Pudgy Penguins

In December, Pudgy Penguins promised the Solana community an early Christmas gift. The viral Ethereum NFT collection announced its native memecoin, $PENGU, would be launching on Solana. 25% of the token’s supply is expected to be airdropped to Solana users.

Speaking exclusively with SolanaFloor, Pudgy Penguins CEO Luca Netz lauded Solana’s unrivaled user experience, arguing the “best consumer experience for that end normie user is on Solana.”

DeGods Return

After abandoning the blockchain of its birth following the FTX collapse, the DeGods and y00ts NFT collections made a controversial return to Solana.

Since bridging back to their homechain, the Degods collection has adopted an innovate hybrid NFT/memecoin mechanic. DeGods NFTs are now interchangeable with the $DEGOD memecoin, essentially lowering the barrier to entry and helping the a wider audience align themselves with the brand.

Huma Finance

Stepping away from NFTs, PayFi provider Huma Finance also made the bold decision to expand its services to Solana.

Following a $38M raise led by Distributed Global, Huma Finance aims to leverage Solana’s considerable network effect in its attempt to disrupt a $26T industry.

WOOFi

Fulfilling Anatoly Yakovenko’s vision of ‘NASDAQ on the blockchain’, Solana’s perpetual trading scene has evolved considerably.

WOOFi, a popular multichain perpetual dex, also expanded its services to Solana in 2024. However, the platform is yet to reach high levels of adoption, with most Solana-based traders preferring native apps like Jupiter and Drift Protocol.

Ondo Finance

Ondo Finance, one of the crypto industry’s largest RWA (Real World Assets) protocols expanded its yield-bearing stablecoin $USDY to Solana in 2024.

Available on eight other chains, over $100M worth of $USDY lives on Solana. Commanding 23.74% of $USDY supply dominance, Solana supports the second-largest supply of $USDY in the industry behind Ethereum.

Killa Games

Monsta Merge, a popular mobile game with 10M+ downloads and a Cartoon Network licensing deal expanded to the Solana saga dApp store.

Speaking exclusively with SolanaFloor, Killa Games co-founder remarked "What we started to feel, on ETH, was that no matter how great we made an experience, the speed of the blockchain transaction and sometimes the cost would sour the experience of the user."

Renzo

In August, Renzo, a multichain restaking protocol, announced a partnership with Jito, Solana’s biggest staking provider by TVL (Total Value Locked).

The collaboration brought to life $ezSOL, Solana’s first LRT (Liquid Restaking Token). Since launch, $ezSOL has amassed over 2,000 holders and reached a market cap of over $16.7M.

Max Resnick

It wasn't just protocols and applications making the move to Solana in 2024. Sparking controversy among the Ethereum community, prominent Ethereum researcher Max Resnick announced his departure from the ecosystem to join Anza, a Solana-based Research and Development firm.

Token Migrations

Solana’s meteoric DeFi trading volumes and wealth of engaged users encouraged dozens of established tokens from other chains to deploy in Solana DeFi. From cross-chain memecoins like to RWA powerhouses and expansive DePIN projects, here’s a short list of prominent token migrations:

• Chintai Exchange ($CHEX)

• Powerledger ($POWER)

• Bitcoin Puppets ($PUPS)

• Simon’s Cat ($CAT)

• AIXBT ($AIXBT)

• Dogwifnunchuks ($NINJA)

• Pacmoon ($PAC)

• Injective Quants ($QUNT)

Other notable migrations included projects like time.fun, Soarchain, QnA3, and MetaWealth.

Solana has enjoyed an incredible year, witnessing unprecedented growth across almost every conceivable metric. 

The influx of established protocols bridging over to the network is crucial to the ecosystem’s growth. On top of bringing a protocol’s native users to Solana, the expanding range of products and services now present on the network helps to diversify the chain’s utility, while also driving competition and progress in all sectors of the industry.

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