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Three key sectors are driving the growth of Solana’s ecosystem, according to CoinEx Global, a Hong Kong-based crypto exchange. These sectors include decentralized finance (DeFi), memecoins, and decentralized physical infrastructure networks (dePIN). DePIN projects are crypto-powered networks that connect hardware devices and provide digital services. CoinEx highlights that dePIN projects have the highest total market cap on Solana, thanks to the platform’s state compression technology, which significantly reduces the cost of minting NFTs representing real-world hardware. Among the memecoins in the Solana ecosystem, Bonk is the top rival to Dogecoin. Additionally, the Pyth Network, an oracle network, is considered the most prominent DeFi project on Solana. Solana’s native asset, SOL, is currently trading at $55.02 and is ranked seventh by market cap.