SOL Quick Links
Solana
Solana is a blockchain platform that is designed to host scalable decentralized applications. The open-source project was founded in 2017 by the Solana Foundation in Geneva, and the blockchain was built by Solana Labs which is located in San Francisco. Solana is a Proof of Stake (PoS) blockchain that also uses hashed timestamps to verify transactions, called Proof of History (PoH). Unlike Bitcoin and Ethereum which do not utilize clocks, Solana utilizes a clock to simplify network synchronization which results in exceptionally fast transaction speeds. Its architecture is designed to support 710,000 transactions per second (TPS) and achieving that speed is only limited by network capability and infrastructure. Solana’s token can be found on most exchanges under the ticker symbol SOL.
How does Solana work?
At its core, Solana’s high throughput is achieved by its unique consensus mechanism called Proof of History (PoH). PoH orders transactions by utilising cryptographic timestamps, enabling a secure and efficient consensus. It arranges events in a linear, verifiable sequence, ensuring accuracy without using intense computational resources. Nodes prove the passage of time by solving complex puzzles, which creates a historical record. This method establishes an order for transactions, reducing the need for energy-intensive calculations, enhancing scalability, and securing the network against manipulation, allowing for faster and more reliable consensus.
PoH’s unique methodology enhances the efficiency, scalability, and security of blockchain networks. It significantly reduces the computational workload required for reaching consensus, thereby improving scalability. By accurately ordering events through timestamps, PoH ensures a reliable and tamper-proof historical record, enhancing security against potential manipulation or fraud.
Source: SOLANIANS. Solana Ecosystem
Rapid Expansion
The Solana ecosystem is experiencing rapid growth and development consisting of more than 600 projects (some have tokens and some do not). Core ecosystem categories include Wallet, Defi, Infrastructure, Oracle, Application, Gaming, NFT, and Tooling & Explorer. There are more than 2,500 active developers building on Solana and the blockchain had 40.7M average daily user transactions (Q4, 2023).
Check out Solana’s latest ecosystem development report (8 January 2024).
Solana ETFs Hit a Weekly High as Altcoin Deposits Surge
Solana ETFs are pulling in millions while SOL's price falls—why are investors betting on the funds but losing faith in the race against silver?
Coinbase Adds Jupiter DEX for Native Solana Trading in App
Coinbase has integrated Jupiter, Solana's DEX aggregator, into its onchain trading stack, The Kobeissi Letter said on X. BREAKING: Coinbase, $COIN, announces it has integrated Jupiter Exchange directly into its onchain trading stack. This…
21Shares launches JitoSOL-based Solana staking ETP in Europe
21Shares has launched a JitoSOL-based Solana staking ETP in Europe, as debates over yield-bearing crypto products continues globally.
Solana Loses Two-Thirds of Validators as Smaller Nodes Exit, Raising Centralization Concerns
Solana has seen a steep decline in the number of validators securing the blockchain, a trend that industry participants say is being driven by rising costs for smaller operators.
Solana Pauses After 20% Drop — This Key Level Could Decide What’s Next
Solana has taken a breather after a sharp 20% sell-off, with the price now stabilizing at a technically significant zone. As volatility cools and consolidation sets in, the market is watching closely to see whether this level acts as a…
SOL Price Prediction: Targets $135-142 Recovery by February Despite Current Bearish Momentum
Solana trades at $123 with RSI at 40.53 showing neutral conditions. Technical analysis suggests $135-142 recovery targets possible by February if bulls defend $119 support levels.
Crypto markets pull back as BTC stalls below $90K, XRP and SOL lead altcoin losses
The crypto market is trading well in the red on Thursday, with all but Tron, the top 10 coins by market cap, shedding profits they had made during the week. Leading coins BTC, ETH, XRP, and SOL have all lost more than 1.5% in the last 24…
Solana validator count drops 68% as node costs squeeze smaller operators
Solana's validator count has dropped 68% since 2023 as rising costs and zero-fee competition push smaller node operators offline.
This 11-minute video (10 Jan 2024) provides an excellent summary of the top 7 Solana wallets, including their unique features, advantages, and drawbacks. Direct links to 5 of the most popular wallets can be found below.
There are many videos that cover the Defi aspects of Solana’s ecosystem, and thousands of videos covering individual projects. This 12-minute video provides a good starting point for those who are starting to explore this exciting part of Solana’s growing ecosystem.
You can also use the below link to search Defi projects directly on Solana’s main site.
NFTs on Solana
Emerging Use Cases
Non-fungible Tokens (NFTs) have been one of the most popular aspects of blockchain technology. New capabilities and use cases are being discovered as more and more people (and traditional sectors) explore the world of authenticated digital assets. There are two excellent articles worth your time as they describe the world of NFTs on Solana and how that aspect of the blockchain is developing and advancing:
