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

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

Bitcoin

Ethereum

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

Dogecoin

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.

Solana 'Looks Hungry' To Replace BNB As Third 'Non-Stablecoin' After Bitcoin And Ethereum, Says Former ARK Invest Crypto Lead

A venture capitalist who accurately called the cryptocurrency market bottom in 2022 says Solana (SOL) is almost ready to print a fresh all-time high. Chris Burniske, the former head of crypto at Cathie Wood's ARK Invest, tells his 286,200 followers on the social media platform X that Solana is raring for a new record high.

Solana Hungry for New All-Time Highs and Ready To Overtake BNB's Market Cap, Says Investor Chris Burniske

On April 1, Fool's Day, Anatoly Yakovenko, the CEO of Solana (CRYPTO: SOL), took to X in jest to announce a new cryptocurrency named “BunkerCoin.” What Happened: Intended as a light-hearted April Fool's joke, Yakovenko's post mocked the cryptic language often found in the descriptions of new cryptocurrencies.

Solana Founder Announces New Coin As April Fools' Prank—And A Mimic Token Surfaces, Soaring 4000%

The CoinDesk 20 index, which tracks major tokens minus stablecoins, slumped just over 4.5%.

Crypto Bulls See $400M Liquidations as Solana, Dogecoin Lead Slide in Majors

A closely followed crypto strategist thinks that three memecoins are gearing up to witness breakout surges. Pseudonymous analyst Altcoin Sherpa tells his 213,200 followers on the social media platform X that he sees top memecoin Dogecoin (DOGE) igniting an over 50% rally from current levels after moving above its resistance at $0.195.

Analyst Predicts Breakout Rallies for Dogecoin (DOGE) and Two Solana-Based Memecoins – Here's His Forecast

Solareum is closing up shop after acknowledging an apparent exploit that impacted hundreds of Solana users last week.

Solana Telegram Trading Bot to Shut Down After Users Drained of $523K

The W token airdrop is all set for this week, with over 400,000 wallets eligible to claim Wormhole tokens on Solana.

Wormhole Airdrop on Solana Just Days Away as Exchanges Prep Listings

A veteran trader is warning that Ethereum's (ETH) place as the dominant smart contract platform is not as set in stone as many believe.

Trader Says Solana Might Overtake Ethereum, Warns ETH's Prominence Doesn't Guarantee Permanent Dominance

Decentralized exchanges on Solana just had a record month as meme coins like Dogwifhat (WIF) and others continue flying.

Solana DeFi Trading Hits All-Time High Amid Meme Coin Frenzy

The FTX bankruptcy estate has announced the sale of 41 million locked Solana (SOL) tokens for $7.5 billion.

FTX Bankruptcy Estate to Sell 41 Million Solana Tokens for $7.5 Billion

The Solana Foundation has given its take on the offensive meme coin issue that originates on the Solana blockchain. Austin Federa, head of strategy at the Solana Foundation, sustained that the core components of Solana should be permissionless while blocking some of these offensive assets should be left to individual applications.

Solana Foundation Asserts Core Network Should Be Permissionless Regarding Offensive Meme Coin Issues

Bonk

Anatoly Yakovenko, the co-founder of Solana Labs, expressed his skepticism about the idea of meme coins contributing to public good. His comments come amid the meteoric rise of Solana (CRYPTO: SOL) based meme coins like Dogwifhat (CRYPTO: WIF) and Bonk (BONK).

Amid Dogwifhat, Bonk Hype, Solana Co-Founder Isn't Convinced Doing Good Redeems Bad Meme Coins: 'Find This Logic To Be Nihilistic'

An analyst who's been making timely altcoin calls as of late thinks that three crypto assets are almost ready to witness moves to the upside. Pseudonymous analyst Bluntz tells his 252,000 followers on the social media platform X that he's bullish on Solana (SOL).

Top Trader Predicts Fresh Leg Up for SOL and One Solana-Based Altcoin, Updates Outlook on Dogecoin

BitMEX founder Arthur Hayes says that memecoins are a net positive for blockchain ecosystems, despite criticisms. In a new interview with Real Vision founder Raoul Pal, Hayes says memecoins are a “powerful” form of expression for the masses.

News for Solana Crypto (SOL)