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

The meme coin associated with Solana, BONK (CRYPTO: BONK), has experienced an ascent, racking up gains of 5700% since the start of the year, dwarfing the performances of top meme cryptocurrencies like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) — which rose by 37% and 19%, respectively. What Happened: Despite this meteoric rise, Ali, a crypto analyst, warned that BONK could head into a correction period.

Solana's Own Meme Coin, Up 5700% This Year, Is 'Heading Into A Correction Period:' Crypto Analyst

The Solana ecosystem heats up as liquid staking protocol Jito airdrops $200 million worth of tokens — but other exciting developments are also happening across DeFi. Read on to find out more!

Week in DeFi: All Eyes on Solana

Bitcoin

Ethereum

Bitcoin and Ether lead in liquidation heatmap with over $335 million in rekt positions in the last 12 hours.

BTC, ETH, SOL and Major Altcoins Begin Asia Business Day in Deep Red

Chainlink

A closely followed crypto trader believes that the smart contract platform Solana (SOL) is not yet done rallying. Pseudonymous analyst The Flow Horse tells his 191,100 followers on the social media platform X that Solana bulls continue to accumulate SOL regardless of price.

Top Trader Says Solana Grinding for a Pop, Predicts Breakout Rally for Chainlink After Month-Long Consolidation

Solana (SOL) rallied above the 21-day SMA as buyers overcame resistance at $68.13.

Solana Approaches Target Of $80 And Crosses The Hurdle At $68

Solana-based liquid staking protocol JITO witnessed a trading volume of $1.1 billion in its single day of trade. What Happened: Crypto exchange, Bitget listed the JITO token from the Jito ecosystem of liquid staking built on the Solana blockchain.

Solana-based Debutant JITO Exceeds $1.1B In Single-day Trading Volume

Crypto analysts at the investment management giant VanEck are predicting big things for the Ethereum (ETH) competitor Solana (SOL) in 2024.

Investment Giant VanEck Predicts Solana (SOL) Will Become Top Three Blockchain by Market Cap in 2024

Cardano

Avalanche

Large-cap rivals of the smart contract platform Ethereum (ETH) surged on Friday as the crypto markets continued to move upward. Cardano (ADA) had the strongest day in terms of large-cap, layer-1 blockchain projects, jumping by almost 20% over 24 hours.

Large-Cap Ethereum Competitors Cardano, Solana and Avalanche Surge As Crypto Market Ticks Upward

Crypto analyst Ali Martinez is expressing bullish sentiment on Solana (SOL) amid triple-digit-percentage gains by the Ethereum (ETH) competitor this year. Martinez tells his 34,500 followers on the X social media platform that Solana could surge by around 25% from the current level if the bullish momentum is maintained. “A sustained close above $68.

Ethereum Rival That's Exploded Over 600% Year-to-Date on the Cusp of Another Bullish Breakout, Says Analyst

Bonk

Solana's resurgence isn't slowing, with SOL and Solana-based tokens still rising and NFT sales volume ruling the wider market.

SOL Surges 13% as Solana NFTs Overtake Ethereum, BONK Up 26%

Dogecoin

Deep-pocketed crypto investors are suddenly moving hundreds of millions of dollars worth of Bitcoin (BTC), Ethereum (ETH), and other altcoins. According to new data from whale-surveying platform Whale Alert, high-net-worth traders have shifted about $644 million worth of the top digital asset by market cap to and from exchange platforms and crypto wallets.

Whales Move Over $880,000,000 in Bitcoin, Ethereum, Solana, XRP and Dogecoin – Here's Where the Crypto's Going

A widely followed crypto analyst is issuing a warning about one red-hot Solana-based (SOL) memecoin. Pseudonymous crypto strategist Altcoin Sherpa tells his 200,800 followers on the social media platform X that Bonk (BONK) could go on a massive decline after rising a bit more.

Trader Issues Warning on Altcoin That's Exploded Over 900% in a Month, Unveils Targets for Solana and Avalanche

BONK (CRYPTO: BONK), the meme coin based on the Solana (CRYPTO: SOL) blockchain, has shown a surge of 36% within the last day, outperforming top cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and even the original dog-themed meme coin, Dogecoin (CRYPTO: DOGE). What Happened: The price hike has propelled BONK to the forefront as the current top performer on the CoinMarketCap top performer list, with its trading value reaching $0.000010.

This Solana-Based Meme Coin Reached All-Time Highs Again, Even As Shiba Inu, Dogecoin Slip

Solana DeFi users are celebrating after Jito launched JTO, with 90 million tokens up for grabs for eligible users.

Jito Airdrop Hands Out $225 Million to Solana Users

A decentralized finance (DeFi) project built over smart contract platform Solana (SOL) is gearing up to kick off an airdrop as Coinbase announces support for it.

Solana-Based DeFi Project Jito (JTO) To Kick Off Airdrop As Coinbase Announces Support for the Token

BitMex founder Arthur Hayes speculated about SOL hitting near $100 in a bullish weekend for altcoins.

Ether, Solana Hit 19-Month Highs as Bitcoin Rally Halts with Traders Fearing 'Bull Trap'

Solana's SOL token has more than tripled since mid-October as DeFi traders return to the ecosystem's on-chain trading, borrowing, lending and yield-generating projects, most notably Kamino.

Solana Protocol Kamino Eyes Airdrop Following Jito Token Launch

A closely followed crypto analyst says that Ethereum (ETH) rival Solana (SOL) is gearing up to continue its rally to the upside.

Analyst Says Ethereum Rival Solana Primed To Go ‘Much Much Higher' – But There's a Catch

Bullish traders are once again eyeing up risky assets for quick gains.

Meme Coins Dogecoin, SHIB Slip—But Solana's BONK Continues to Soar

A widely followed crypto analyst says that smart contract platform Solana (SOL) has more room to run even after recording triple-digit gains so far this year. Pseudonymous crypto trader Bluntz tells his 230,500 followers on the social media platform X that the Ethereum (ETH) rival could go up by double digits in the coming days.

Top Crypto Analyst Says Ethereum Rival That's Exploded Over 500% Year-to-Date Is About To Rip Again

Yakovenko emphasizes the importance of reaching a user base of 25-50K to sustain the Solana phone's development in an interview with Laura Shin.

Future of Solana's Hyped Saga Phone is "Under Internal Discussion" as Sales Figures Fail to Wow

Coinbase has announced it will list Solana-based DeFi project Jito's token on its platform following the JTO airdrop Thursday.

Coinbase Set to List Jito Following Airdrop of Solana Token

One Solana (SOL)-based altcoin project is soaring after the project issued a major announcement. Decentralized wireless network project Helium (HNT) announced Tuesday the launch of a new affordable cell phone plan over its network available to those in the United States. Says Helium Mobile, “It's here.

Solana-Based Altcoin Instantly Explodes Over 75% After Project Makes Big Announcement

A more than 70% surge since Sunday has catapulted it to the third-largest dog-themed tokens behind foremost dogecoin (DOGE) and shiba inu (SHIB).

Solana Hype Bumps BONK to Third-Largest Dog Token, Behind DOGE, SHIB

A pseudonymous crypto analyst predicted that Solana (CRYPTO: SOL) could reach all-time highs of $360 by early 2025. What Happened: Inmortal shared a chart on X, that shows the sixth-ranked cryptocurrency by market capitalization which is also called as “Ethereum (CRYPTO: ETH) killer” might climb to roughly $100 by year's end, $200 by September 2024 and $360 by 2025.

News for Solana Crypto (SOL)