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
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Ethereum

Solana has outpaced Ethereum in weekly total fees for the first time during the week of July 22.

Solana Surpasses Ethereum in Weekly Revenue Amid Memecoin Frenzy

A closely followed crypto strategist thinks that one large-cap layer-1 altcoin will outperform most digital assets this cycle. Pseudonymous analyst Inmortal tells his 214,500 followers on the social media platform X that he has his eye on Solana (SOL). “Solana is the fastest horse in this cycle. It will keep outperforming BTC and ETH.

Crypto Trader Says One Ethereum Rival Is the Fastest Horse This Cycle, Updates Outlook on FLOKI

After launching in May, supply of PYUSD on Solana has nearly caught up with the supply of PYUSD on Ethereum.

Solana-based PayPal stablecoin supply closes gap on Ethereum PYUSD

Dogecoin

Solana (CRYPTO: SOL) based meme coin Neiro (CRYPTO: NEIRO) has found itself at the center of a brewing controversy, as its developer appears to have made a swift and substantial profit. What Happened: According to on-chain analyst Lookonchain, the developer behind Neiro raked in $2.85 million after converting 68 million Neiro tokens into SOL.

Dogecoin Owner's New Dog Neiro Gets Memed, Developer Turns 3 SOL Into $2.85M In Suspected Foul Play

Billy was abandoned by his dev who deleted all social media accounts. But the community took over, pushing the token to a $200 million market cap.

How Solana Meme Coin Billy Survived Being Abandoned by Its Dev

Bitcoin

Bitcoin‘s (CRYPTO: BTC) price surged to $69,670 on Monday morning, marking a 3.1% increase and approaching the $70,000 milestone for the first time since early June. What Happened: This rally comes in the wake of former U.S. President Donald Trump‘s declaration at the Bitcoin 2024 conference to make the cryptocurrency a national strategic asset if re-elected in November.

Bitcoin Nears $70K, Ethereum, Solana Up 3%: Why Is Crypto Up On Monday Morning?

Macro guru and Real Vision CEO Raoul Pal believes that Solana (SOL) will furiously outpace Bitcoin (BTC) this cycle. In a new YouTube strategy session, Pal says that Solana could be printing a classic bullish inverse head and shoulders pattern (I-HNS) pattern against Bitcoin.

‘There's a Very Big Move To Come': Raoul Pal Says One Indicator Signaling Solana Will Vastly Outperform Bitcoin

A widely followed crypto analyst believes that one Ethereum (ETH) rival is gearing up for a parabolic move. In a new strategy session, crypto trader Ali Martinez tells his 68,300 followers on the social media platform X that Solana (SOL) could put up a more than 400% gain based on historical precedence.

Crypto Analyst Says Top Ethereum Rival Mimicking 2021-Style Price Action, Could Explode by Over 400% ‘Soon'

Solana (CRYPTO: SOL) celebrity meme coins, are for the most part down 90% or more, according to a researcher. What Happened: Anonymous researcher Slorg highlighted 30 celebrity meme coins launched on Solana in June.

Solana's Celebrity Meme Coins Down 94% On Average: 'Initial Pump And Then Nothing,' Researcher Notes

For $248, Solana users will be able to mint their Republic of Palau digital IDs.

You Can Now Get Digital IDs for the Republic of Palau on Solana

The chief executive of the financial giant VanEck says that a Solana (SOL) exchange-traded fund (ETF) is unlikely to be available anytime soon unless one key event occurs.

VanEck CEO Rules Out the Approval of a Spot Solana ETF in the US Over the Short Term – Unless This Happens

Pepe

A widely followed crypto analyst and trader believes that one memecoin is heading for the next leg up. Pseudonymous crypto trader Altcoin Sherpa tells his 216,400 followers on the social media platform X that Pepe's (PEPE) market fundamentals look strong. “PEPE: never got a chance to add at $0.00001111, I'm still in this though.

Analyst Says Ethereum-Based Altcoin ‘Looks Strong as Hell,' Outlines Path Forward for Bitcoin and Solana

A widely followed crypto analyst says that one smart contract platform could see massive gains while updating his outlook on Bitcoin (BTC) and Dogecoin (DOGE).

Crypto Analyst Says Top Ethereum Rival Could Skyrocket by 900%, Outlines Path Forward for Bitcoin and Dogecoin

Solana's (CRYPTO: SOL) 24% monthly gains, strong total value locked, whale movements and talks of Solana ETFs have prompted traders to predict further price appreciation. What Happened: Crypto chart analyst Ali Martinez predicts a potential 900% rally for Solana as it has broken out from a bullish pattern.

Solana Up 24% On The Month, Outperforms Bitcoin, Ethereum: What Is Going On?

The yet-to-implemented codebase allows any Solana-based protocol to use any asset for its economic security.

Jito Releases Open-Source Restaking Service for Solana

Pro-cryptocurrency attorney John Deaton, who is running for Senate against Elizabeth Warren (D-Mass.) later this year, could potentially be the candidate with the largest Bitcoin (CRYPTO: BTC) holdings.

Elizabeth Warren Rival John Deaton Holds 80% Of His Net Worth In Bitcoin — Also Owns Ethereum And Solana

Franklin Templeton is expressing optimism about the future of cryptocurrency ETFs, including a potential product centered on Solana.

Franklin Templeton Highlights Solana's Progress With Possible ETF on the Horizon

Solana (SOL) could be on the verge of a macro uptrend, according to one popular crypto analyst. The pseudonymous trader known as Rekt Capital tells his 483,100 followers on the social media platform X that the Ethereum (ETH) competitor has performed a “green circled weekly candle close.

Macro Uptrend in Sight for Solana (SOL) and One Leading Memecoin, According to Analyst – Here's His Forecast

AgriDex, which tokenizes real world agricultural assets, previously raised $5 million in pre-seed funding led by Endeavour Ventures in May.

AgriDex completes first agricultural RWA trade on Solana

AgriDex, a Solana-based marketplace aiming to bring the global agricultural market on-chain by tokenizing various crops has settled its first agricultural trade on the Solana blockchain, it told CoinDesk on Wednesday.

AgriDex Settles First Agricultural Trade on Solana Blockchain

Hamilton Lane has become the first asset manager to introduce a private credit fund on the Solana blockchain, broadening its presence in the digital asset sector. By collaborating with Web3 protocol Libre, the firm aims to make its Senior Credit Opportunities Fund (SCOPE) available to a wider range of investors.

Multi-Billion-Dollar Asset Manager Hamilton Lane Pioneers Private Credit Fund Launch on Solana

Solana meme coins are back in the headlines again, with new tokens making notable gains throughout the week. $TEA, the latest entry in this niche market, is making quite the impression with over three million community members and significant presale success within just a month of its launch.

Solana Meme Coin $TEA Is Brewing Success With Unique Staking and Swap Features

Libre is unveiling a new tokenized offering, the blockchain-based Hamilton Lane SCOPE senior credit fund, which will be available on Solana and Ethereum-compatible chains.

Solana Sees Arrival of Nomura, Brevan Howard-Affiliated Tokenization Firm Libre

The price of Solana (SOL) continues to move in an upward trend and has reached the price target of $175. SOL price analysis by Coinidol.com.

Solana Price Gains And Returns To The High Of $188

The research arm of the leading crypto exchange by trading volume says that one growing sector of digital assets is far outpacing the rest. According to a new study by Binance Research, memecoins are driving crypto awareness in 2024.

News for Solana Crypto (SOL)