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 total daily transaction fees on the Solana blockchain have dropped to a multi-month low, a level not seen since early May 2024.

Solana daily transaction fees drop to multi-month low as memecoin hype cools

The price of Solana (SOL) is rallying and breaking above the 21-day SMA. The bullish momentum has taken a pause as buyers try to keep the price above the 50-day SMA.

Solana's Uptrend Continues As It Challenges The $155 Barrier

The Brazilian Securities Regulator (CVM) approved a solana spot exchange-traded fund (ETF) on Tuesday, the second of its kind in the country.

Brazilian Securities Regulator Greenlights Second Solana Spot ETF

A cryptocurrency whale has sold off tens of millions of dollars worth of Solana (SOL) since the year started, on-chain data shows. According to blockchain tracker Lookonchain, the whale initially sold the first batch of SOL on January 15th.

Solana Whale Sells $89,000,000 Worth of SOL in Eight Months, According to On-Chain Data

In stark contrast, Brazil approved its second Solana (CRYPTO: SOL) ETF this month, while prospects of a similar investment product in the U.S. appear bleak. What Happened: The Brazilian Securities and Exchange Commission greenlighted the ETF offered by Brazilian cryptocurrency asset manager Hashdex, Coindesk reported Tuesday.

Brazil Just Approved Another Solana ETF While US Stares At Uncertainty: Analyst Says 'Only Hope If Donald Trump Wins'

Solana-based perpetual decentralized exchange Drift Protocol unveiled BET, which stands for Bullish on Everything, a prediction market platform.

Solana-based Drift Protocol Launches BET Prediction Market, Challenging Polymarket

Efforts to secure regulatory approval for spot Solana ETFs have apparently stagnated in the U.S., but asset manager VanEck says its planned fund is “still in play.”

Another Solana ETF Approved in Brazil—What About the US?

Drift Protocol spun up a new prediction market on Monday, and the price of its own token has surged.

New Solana-Based Polymarket Rival from Drift Draws Over $3 Million in Liquidity

Bitcoin

A look at the SEC rejecting 19b-4 filings for Solana ETFs, spot bitcoin ETFs seeing the lowest daily trading volume in months and more.

The Daily: SEC rejects filings for Solana ETFs, Mango Markets DAO votes on settlement proposal, spot bitcoin ETF flows and more

The product will be launched by Brazil-based asset manager Hashdex in partnership with local investment bank BTG Pactual.

Second Solana ETF Approved in Brazil

The prospects for a Solana (CRYPTO: SOL) based exchange-traded fund (ETF) gaining approval in 2024 appear increasingly slim, according to Eric Balchunas, Senior ETF Analyst for Bloomberg. What Happened: Balchunas suggests that without significant changes in regulatory leadership, the chances of such an approval are minimal.

Solana ETF Approval In 2024 Has Only A 6% Chance: 'A Snowball's Chance In Hell,' ETF Analyst Says

The 19b-4 filings were withdrawn over the weekend after the SEC rejected them, a source says. VanEck's S-1 remains in play.

The SEC rejected Cboe's 19b-4 filings for Solana ETFs: Source

The SEC has reportedly raised questions about whether Solana (CRYPTO: SOL) should be classified as a security, potentially leading to a halt in filings related to its exchange-traded funds. What Happened: The SEC held discussions with ETF applicants and communicated concerns over Solana's status as a security, as reported by The Block on Monday.

Solana A Security? SEC Concerns Reportedly Led To Pause In ETF Filing Process

Despite the removal of Cboe Global Markets' regulatory filing to list the Solana (SOL) exchange-traded fund (ETF), global asset manager VanEck's plans for a Solana fund remain active.

VanEck's Head of Research: Solana ETF Still in the Works Despite Cboe Filing Removal

Mango Markets' governing body is looking to offer a settlement to the SEC.

Solana's Former Top Decentralized Crypto Exchange Faces SEC Securities Violations

The team is looking to suntset the algorithmic stablecoin due to a lack of liquidity and failure to reach product-market fit.

Solana-based UXD Protocol's DAO is voting on whether to sunset its stablecoin

The SEC's concerns about Solana's potential status as a security came before the filings — which never reached the Federal Register — were removed.

SEC talks with ETF issuers over concerns of Solana being a security preceded Cboe removing 19b-4s: Source

Basketball legend Shaquille O'Neal's NFT project Astrals is subject to a class action lawsuit, which was only partially dismissed on Friday.

Shaquille O'Neal Can't Dodge Solana NFT Lawsuit, Court Says

Digital asset investment products brought in a mere $30 million in net inflows, compared to $176 million the week before.

Solana sees record outflows as memecoin trading declines: CoinShares

The new prediction market taps into Drift's perpetual exchange tech stack to unlock features like cross-collateral trading and yield payments.

Solana-based Drift Protocol launches prediction market

Digital assets manager CoinShares says that institutional crypto investors poured only minor inflows of capital into digital asset investment products last week. In its latest Digital Asset Fund Flows report, CoinShares says that Ethereum (ETH) competitor Solana (SOL) institutional crypto investment products saw record outflows last week amid an apparent loss of interest in memecoins.

Solana Sees Biggest Institutional Outflows on Record Amid Slowdown in Memecoin Volume: CoinShares

Investors pulled $39 million from Solana-based funds last week, said CoinShares, setting a record while Bitcoin ETFs rebounded slightly.

Solana Funds Mark Record Losses While Bitcoin ETFs Gain

Perpetuals trading hub Drift protocol is adding a Polymarket-style prediction market – with some DeFi twists.

Crypto's Bet on Election Betting Expands to Solana

The price of Solana (SOL) is bearish as it continues its sideways pattern.

Solana Remains Solid As It Retests The $126 Low

Fantom

A widely followed crypto strategist and trader believes that one low-cap layer-1 altcoin project may be gearing up for a massive rally. Pseudonymous analyst The Crypto Dog tells his 810,000 followers on the social media platform X that Saga (SAGA) may be breaking out of a descending trendline on the three-day chart. “Longed SAGA.

News for Solana Crypto (SOL)