Solana

Solana is an open source project implementing a new, high-performance, permissionless blockchain. Solana is a general purpose blockchain similar to Ethereum. End user applications as of now include decentralized finance (DeFi), non-fungible tokens (NFT), marketplaces, games, and more. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

Solana co-founder Anatoly Yakovenko published a whitepaper describing Proof of History, a technique that would become critical to Solana's blockchain infrastructure, in Nov. 2017. 

Co-founder Greg Fitzgerald, who had worked with Yakovenko at Qualcomm, began prototyping the open source implementation of the whitepaper. It was published under the name Silk in 2018. 

After starting the company under the name Loom, Yakovenko, Fitzgerald, and other co-founders rebranded to Solana. Solana launched on Mainnet Beta in March 2020.

Solana was built to facilitate the development of scalable, user-friendly decentralized apps with low costs and high speeds for transactions.

Solana believes its unique blockchain architecture that combines the proof-of-stake consensus mechanism and its own proof of history mechanism is the key to achieving these goals.

Proof of history works almost like a cryptographic timestamp that proves that an event has occurred at a specific time. It enables the blockchain to work fast while maintaining security and decentralization.

There are about 304 million SOL in circulation as of November 2021. Solana has an initial inflation rate of 8%, which will decrease by 15% a year until it reaches a long-term inflation rate of 1.5%. SOL is Solana’s native token.

Solana competes with other blockchain platforms such as Ethereum and Avalanche to host crypto projects such as NFTs, decentralized exchanges, and gaming. 

Developers and users flocked from Ethereum to Solana due to high transaction costs, but many could gravitate back towards Ethereum if it manages to lower costs, which could happen as a result of the Ethereum 2.0 upgrade and layer 2 rollups. 

Solana.com
Docs.solana.com/history
Forums.solana.com

Trading platform Robinhood (NASDAQ:HOOD) has announced the integration of Solana (CRYPTO: SOL) into its Web3 wallet. What Happened: Announced by Johann Kerbrat, General Manager of Robinhood Crypto, marks another milestone in the company's ongoing efforts to broaden its digital asset offerings.

Robinhood Adds Solana To Web3 Wallet, Expands Crypto Offerings

Bitcoin

Ethereum

In a comprehensive thread on X, crypto analyst Miles Deutscher explored the current state of retail investment in cryptocurrency and speculated whether a resurgence might be on the horizon. What Happened: Deutscher notes a shift in sentiment with BlackRock‘s application for a spot Bitcoin ETF in June 2023, describing it as a “paradigm shift” in institutional perception of the crypto king.

Here's Why Bitcoin, Ethereum, Solana Are So Boring Now Compared To 2021

Kyle Samani, managing partner at Multicoin Capital, offered a candid assessment of Ethereum's (CRYPTO: ETH) recent price underperformance relative to competitors like Solana (CRYPTO: SOL). What Happened: In an interview with crypto podcast Bankless, Samani attributed the underperformance largely to two key factors: Broken Layer-2 interoperability: Users face a frustrating experience when trying to move assets between Ethereum's various Layer-2 blockchains like Arbitrum (CRYPTO: ARB) and Optimism (CRYPTO: OP).

Ethereum Won't Become Store Of Value, Underperforms Solana Due To Layer-2 Chains, Says Crypto VC

A widely followed crypto analyst is updating his outlook on Ethereum (ETH) competitor Solana (SOL) as the market chops around. In a new video update, crypto strategist Benjamin Cowen tells his 808,000 YouTube subscribers that Solana could plummet in value if a similar 2019 market pattern plays out again.

Analyst Benjamin Cowen Updates Solana (SOL) Outlook, Says Ethereum Rival May Be Repeating 2019 Fakeout

Solayer has raised $12 million in a funding round led by Polychain Capital to advance its integrated restaking network on the Solana blockchain. The initiative aims to address Solana's scalability and transaction inclusion challenges by leveraging a novel approach to staking and network bandwidth optimization.

Solayer Secures $12 Million to Enhance Solana's Restaking Capabilities

REZ's initial liquidity will be provided on Solana's major AMMS, and the token will be integrated with the blockchain's lending protocols.

Renzo expands REZ governance token to Solana via Wormhole

Crypto analyst Benjamin Cowen offered a nuanced perspective on Solana's (CRYPTO: SOL) recent performance and potential future trajectory, urging caution amid the altcoin's impressive rally. What Happened: In his latest podcast update, Cowen acknowledged he was correct in predicting Solana would drop below $10 in 2022 but admits he didn't anticipate its subsequent 500% surge against Bitcoin (CRYPTO: BTC).

Will Solana Still Hit A New All-Time High Against Bitcoin? Analyst Sees 'Consolidation And Correction' Next

Polygon

The Solana restaking protocol said it would use the new funding to emulate EigenLayer's approach to "shared economic security."

Solana Restaking Protocol Solayer Closes $12 Million Round Led by Polygon

Ex-Goldman Sachs executive Raoul Pal believes that Ethereum (ETH) competitor Solana (SOL) could have a massive price explosion this cycle. In a new interview on the Empire podcast, Pal predicts that Solana will put up somewhere around 900% gains in the coming months. “The whole space goes up a lot [in the next 12 months].

Ex-Goldman Sachs Executive Predicts 10x for Solana (SOL), Says ‘Really Good Trade' Approaching

Solayer Labs, the developer of the Solana restaking protocol Solayer, has raised $12 million in a seed funding round.

Solana restaking protocol Solayer reaches $80 million valuation with $12 million seed round

Solana Optimistic Network — known as SOON — has raised an undisclosed amount in what is being called a "cobuilder " round.

Solana Optimistic Network raises funds in a ‘cobuilder' round without participation from VC firms

A widely followed crypto analyst says that Ethereum (ETH) rival Solana (SOL) could be gearing up for a large rally after printing a bullish technical pattern. Analyst Ali Martinez tells his 69,000 followers on the social media platform X that SOL is potentially printing an Adam and Eve pattern.

Analyst Says Solana Shaping Up for Big Breakout, Issues Warning on Large-Cap Crypto BNB

The payments company's stablecoin entry was off to a slow start last year on Ethereum, but its recent expansion to the Solana blockchain reignited the token's growth.

PayPal's Stablecoin Hits $1B Market Cap as Incentives Boost Activity on Solana

RNDR jumps 10.7% and SOL climbs 6.7%, leading the CoinDesk 20 Index to a modest gain.

CoinDesk 20 Performance Update: RNDR and SOL Lead Gains as Index Rises

The total daily transaction fees on the Solana blockchain have dropped to a multi-month low, a level not seen since early May 2024.

Solana daily transaction fees drop to multi-month low as memecoin hype cools

The price of Solana (SOL) is rallying and breaking above the 21-day SMA. The bullish momentum has taken a pause as buyers try to keep the price above the 50-day SMA.

Solana's Uptrend Continues As It Challenges The $155 Barrier

The Brazilian Securities Regulator (CVM) approved a solana spot exchange-traded fund (ETF) on Tuesday, the second of its kind in the country.

Brazilian Securities Regulator Greenlights Second Solana Spot ETF

A cryptocurrency whale has sold off tens of millions of dollars worth of Solana (SOL) since the year started, on-chain data shows. According to blockchain tracker Lookonchain, the whale initially sold the first batch of SOL on January 15th.

Solana Whale Sells $89,000,000 Worth of SOL in Eight Months, According to On-Chain Data

In stark contrast, Brazil approved its second Solana (CRYPTO: SOL) ETF this month, while prospects of a similar investment product in the U.S. appear bleak. What Happened: The Brazilian Securities and Exchange Commission greenlighted the ETF offered by Brazilian cryptocurrency asset manager Hashdex, Coindesk reported Tuesday.

Brazil Just Approved Another Solana ETF While US Stares At Uncertainty: Analyst Says 'Only Hope If Donald Trump Wins'

Solana-based perpetual decentralized exchange Drift Protocol unveiled BET, which stands for Bullish on Everything, a prediction market platform.

Solana-based Drift Protocol Launches BET Prediction Market, Challenging Polymarket

Efforts to secure regulatory approval for spot Solana ETFs have apparently stagnated in the U.S., but asset manager VanEck says its planned fund is “still in play.”

Another Solana ETF Approved in Brazil—What About the US?

Drift Protocol spun up a new prediction market on Monday, and the price of its own token has surged.

New Solana-Based Polymarket Rival from Drift Draws Over $3 Million in Liquidity

A look at the SEC rejecting 19b-4 filings for Solana ETFs, spot bitcoin ETFs seeing the lowest daily trading volume in months and more.

The Daily: SEC rejects filings for Solana ETFs, Mango Markets DAO votes on settlement proposal, spot bitcoin ETF flows and more

The product will be launched by Brazil-based asset manager Hashdex in partnership with local investment bank BTG Pactual.

Second Solana ETF Approved in Brazil

The prospects for a Solana (CRYPTO: SOL) based exchange-traded fund (ETF) gaining approval in 2024 appear increasingly slim, according to Eric Balchunas, Senior ETF Analyst for Bloomberg. What Happened: Balchunas suggests that without significant changes in regulatory leadership, the chances of such an approval are minimal.

News for Solana Crypto (SOL)