Solana Price Chart
- Solana
(SOL) - Price $223.75
- Market Cap$107.36 B
What is Solana?
Solana is a layer-1 blockchain network that enables the creation of decentralized applications. Solana improves on the bottlenecks and challenges faced by earlier-generation networks such as Bitcoin and, especially, Ethereum.
The Solana project introduced novel improvements, such as a Proof-of-History (PoS) consensus protocol and localized free markets. However, its primary appeal is its focus on scaling blockchain at the base layer.
Unlike its predecessor, Ethereum, which prioritizes scaling via layer-2 networks, Solana imbibes a monolithic approach. This means that all user transactions, irrespective of use case, settle on one blockchain rather than multiple networks.
A Brief History of Solana
The Solana blockchain launched in March 2020. Before then, the project had originally existed as Loom but had to rebrand as Solana to prevent a collision with Loom Network, an Ethereum-based project that shared a similar name.
Following its launch, Solana gained remarkable traction thanks to its affiliation with the then-popular exchange FTX. The network attracted a significant number of developers and users and eventually became one of Etheruem’s biggest competitors.
However, Solana had perhaps its most trying moment in history following the infamous collapse of the FTX exchange in 2022. News of the collapse its fears around its potential impact on the Solana ecosystem, caused the price of SOL to crash to as low as $8, a significant increase from its previous all-time high of $260.
Meanwhile, the Solana ecosystem eventually overcame the FTX adversity. The project’s ecosystem has since expanded to include the project’s flagship smartphone, known as the Saga.
Latest News About Solana
Jupiter Exchange’s Planned $1.6 Billion “Jupuary” Airdrop to Undergo Second Vote
Wilfred Michael | November 29, 2024
Solana Could Dip to $200 If This Happens
Gideon Geoffery | November 26, 2024
Man Threatens Suicide on Pumpdotfun Livestream as Memecoin Craze Worsens
Wilfred Michael | November 25, 2024
Here is Why Solana Surged to a New All-time High and Retraced
Gideon Geoffery | November 22, 2024
U.S. SEC Engages on Solana Spot ETF Applications. Could Approval be Next?
Jonathan Agozie | November 21, 2024
Solana on Fire! Network Sees Multiple Records Amid Memecoin Frenzy
Jonathan Agozie | November 20, 2024