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).
Grayscale Files for Spot Solana ETF, Solana Price Surges
Grayscale Investments, one of the largest asset management firms in the cryptocurrency sector, has officially filed for a Spot Solana Exchange-Traded Fund (ETF) with the New York Stock Exchange (NYSE). This move, declared on December 4,…
Grayscale excludes staking rewards as it joins SOL ETF filing fray
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Sol Strategies Sets the Stage for Growth with New Validator Acquisition
Sol Strategies expands its footprint in the Solana blockchain ecosystem with a CAD $174.7M validator acquisition. The move grows its delegation to 1.49M SOL, strengthening operations and positioning it as a leader in validator commissions.…
Price analysis 12/4: BTC, ETH, XRP, SOL, BNB, DOGE, ADA, AVAX, TON, SHIB
Bitcoin may consolidate in the near term while select altcoins continue to outperform.
Grayscale’s Solana ETF push: Will it trigger a rally for SOL?
Grayscale recently filed to convert its Solana Trust into a spot ETF, marking a significant step in expanding institutional access to Solana.
Grayscale Tips Solana Adoption as SOL Outperforms Ether This Year
Assets management firm Grayscale expects Solana's (SOL) rise to continue as it outperforms major crypto assets. In a recent market report, the firm noted that Solana trumped Ethereum this year due to meme coin trading on the network.
Grayscale’s Spot Solana ETF Could Ignite SOL to $400 – Here’s Why Bulls Are Watching
Solana has risen by 5% today, climbing to $236 after Grayscale filed to transform its Solana Trust into a ETF. The post Grayscale's Spot Solana ETF Could Ignite SOL to $400 – Here's Why Bulls Are Watching appeared first on Cryptonews.
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:
Consumer & Dev Projects
Solana Infrastructure Projects
