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

Closely followed crypto analyst Ali Martinez says that a contrarian play on Solana might be presenting itself for SOL bulls. Martinez says that Solana's consolidation from the yearly high and the recent outages on its network have created a low in sentiment for SOL.

Crypto Analyst Details ‘Contrarian' Solana Play Amid Drop in SOL Sentiment

Pump.fun claims to enable anyone to deploy an instantly tradable new token without seed liquidity for less than $2.

Solana and Blast memecoin launch and trading platform pump.fun hits $5 million in revenue

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Ripple's XRP XRP has struggled to keep pace with the wider bitcoin and crypto market's price boom this last year—though XRP has still climbed 20% as the Federal Reserve primes traders.

Ripple CEO Issues Shock $5 Trillion U.S. Crypto Price Prediction Amid Bitcoin Halving Pump That's Boosted Ethereum, XRP, Solana And Dogecoin

Solana developers are working on solutions, including software patches and updates to improve transaction processing.

Solana developers rally to combat network congestion

Cryptocurrency analyst, Ali Martinez, suggests that the current low crowd sentiment for Solana (CRYPTO: SOL) could present a contrarian opportunity. What Happened: On Tuesday, Martinez took to Twitter to express his views on the current state of Solana, which is sometimes dubbed as an Ethereum (CRYPTO: ETH) killer.

Crypto Analyst Says 'Crowd Sentiment' On This Ethereum-Killer Is Such That 'Being Contrarian Now Might Just Pay Off'

Anza, a collective of Solana-focused developers, has announced the measures it is taking to mitigate the congestion issues the network has been facing. Anza stated that it has made significant progress in tackling these problems and hopes to release patches next week. Currently, 70% of users' transactions in Solana are failing.

Solana Developers Rush to Address Network Congestion; Operativity Remains Impaired

Crypto exchange Coinbase has announced it's adding a new Solana (SOL)-based altcoin to its listing roadmap ahead of the token's launch. Announcing via the social media platform X, Coinbase says it's adding Tensor (TNSR) to its listing roadmap.

Coinbase Adds Yet-To-Be-Launched Solana-Based Altcoin to Listing Roadmap

Where there were dog coins, POOP perhaps inevitably followed. Also, Ethena emerges with a Bitcoin backing.

This Week In Crypto Twitter: Meme Coins and Base are Booming While Solana Strains

A widely followed crypto strategist believes that one newly launched altcoin could see gains of multiples within weeks. Pseudonymous analyst Altcoin Sherpa tells his 213,900 followers on the social media platform X that cross-chain messaging protocol Wormhole (W) could head much higher after a recent airdrop of tokens and a listing on several exchanges.

Analyst Says New Altcoin Primed To Surge by a Few Multiples in Weeks, Updates Outlook on Solana and Celestia

In a report informed by individuals close to the situation, the FTX estate has successfully liquidated $1.9 billion by offloading a considerable amount of solana (SOL), including tokens that were not immediately available due to a vesting schedule.

FTX Nets $1.9B in Solana Sale at $64 per SOL, Discount Price Draws Creditor Scrutiny

The TNSR token is coming to Coinbase, joining previously listed Solana tokens like BONK, FIDA, and ORCA.

Tensor NFT Marketplace Reveals Solana Token Launch, Coinbase to List

Galaxy Trading created a $620 million fund to buy up the discounted SOL from the FTX estate, Bloomberg reports.

FTX estate sells $1.9 billion worth of locked up SOL for $64 per token: report

Solana is the biggest loser in the top 10 coins amid network issues, but tokens running on the network are falling harder.

Solana Price Falls Amid Network Congestion as Wormhole Plunges After Airdrop

A project called Ore is rewarding miners for solving cryptographic puzzles, similar to how Bitcoin mining works.

Bitcoin-like mining is taking off on Solana with Ore

The Solana network is grappling with a significant failure rate in its transactions, with approximately 75% of non-vote transactions failing, according to Dune Analytics.

Solana Network Faces High Failure Rate in Transactions Amid Memecoin Mania

Heavily-followed pseudonymous crypto trader Cold Blooded Shiller scored the three main cryptocurrencies, Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Solana (CRYPTO: SOL), according to their comfort level and upside potential for bigger investments. What Happened: In a Thursday post on X, Shiller stated that all three make “a compelling argument” for a bigger portion of capital.

Veteran Trader Rates Bitcoin, Ethereum And Solana: This Is His 'Golden Child'

The Solana DeFi application Kamino is offering a weekly yield of more than 999%, paid out in W and JTO tokens.

Wormhole's W Token Is Paying Out 999% a Week on Solana Protocol Kamino

A meme cryptocurrency on Solana (CRYPTO: SOL) called Book of Meow, which shares a similar name to Book of Memes (CRYPTO: BOM) is up 300% hours after trading, achieving a market capitalization that topped $9 million. What Happened: The team behind BOMEOW calls the meme token "the purr-fect variation of different mews across the entire meow-niverse.

New Solana-Based Cat Meme Token 'Book Of Meow' Surges To $9M In Volume Just Few Hours After Trading

Zeus Network, a Solana interoperability layer, has raised $8 million in a funding round led by Mechanism Capital.

Solana interoperability layer Zeus Network raises token round at $100 million valuation

Wormhole began its airdrop Wednesday and the W token hit $1.66 before dropping. More than 400,000 wallets can claim the Solana token.

Wormhole Airdrop Begins as Solana Token Debuts to $3 Billion Market Cap

dogwifhat

A deep-pocketed investor is accumulating massive amounts of two Solana (SOL)-based memecoins, on-chain data shows. Blockchain-monitoring service Lookonchain says that one trader just bought 181 million cat in a dog's world (MEW) after buying 776,830 dogwifhat (WIF) less than two weeks earlier.

‘Smart Money' Trader Accumulates dogwifhat (WIF) and One More Solana-Based Memecoin: Lookonchain

Ansem's Cat, a new meme coin named after the cat of Solana (CRYPTO: SOL) influencer and trader Ansem, rocketed to a valuation of almost $100 million within the first 24 hours of its launch. What Happened: The 2024 meme coin saga added a new chapter, as Ansem, an influential figure in the Solana ecosystem teased and later revealed his cat's name as Hobbes: who can guess my cat's name pic.twitter.com/reDjiA5Wvl — Ansem 🐂🀄️ (@blknoiz06) April 1, 2024 Subsequent video proof of the cat only spurred on the rally of HOBBES (the meme coin), which shot to a preliminary all-time high market capitalization of $98 million on trading volume of over $170 million per DexScreener data.

'Ansem's Cat' Meme Coin Named After Solana Influencer's Cat Teleports To $100M Valuation In One Day

The price of Solana (SOL) is still trading above its moving average lines, but the altcoin has failed to break through the $210 level.

Solana Loses Support And Risks Further Decline

Bitcoin BTC and other major cryptocurrencies—including ethereum, XRP XRP , solana and dogecoin—have crashed back (even as crypto price data shows the bitcoin halving could trigger a huge earthquake).

‘Keep Calm'—Fed Sparks $300 Billion Crypto ETF Price Crash, Hitting Bitcoin, Ethereum, XRP, Solana And Dogecoin

Noted venture capitalist and former head of crypto at ARK Invest, Chris Burniske, made a bold prediction about the future of Solana (CRYPTO: SOL). He suggested that Solana is gearing up to break its previous records.

News for Solana Crypto (SOL)