Solana (SOL) is a high-performance blockchain platform designed for decentralized applications (dApps) and cryptocurrencies. Here’s a brief history of its development:
Origins & Launch (2017-2020)
2017: Anatoly Yakovenko, a former Qualcomm engineer, proposed a new blockchain mechanism called Proof of History (PoH) to improve scalability.
2018: Yakovenko, along with Greg Fitzgerald and others, founded Solana Labs.
2019: The project raised funding through private token sales and launched a testnet.
March 2020: The Solana mainnet beta was launched with 50,000 transactions per second (TPS) capability.
Growth & Adoption (2021)
2021: Solana gained mainstream attention due to its high speed and low fees, becoming a competitor to Ethereum for dApps and NFTs.
August 2021: The price of SOL surged as projects like Degenerate Ape Academy (NFT collection) launched.
September 2021: Solana suffered a major network outage due to high traffic but recovered quickly.
November 2021: SOL reached its all-time high of ~$260.
Challenges & Recovery (2022-2023)
2022:
The crypto market downturn affected Solana, with SOL dropping below $20.
The FTX collapse impacted Solana heavily since FTX was a major supporter.
Network downtime issues persisted, raising concerns about reliability.
2023:
Solana improved network stability and regained developer interest.
The Solana Saga smartphone was launched to integrate Web3 and mobile.
SOL rebounded as new projects and NFT activity revived interest.
Recent Developments (2024-Present)
Solana has continued to enhance scalability and attract DeFi and NFT projects.
The ecosystem remains one of the fastest and most cost-effective blockchains.
SOL has seen renewed investment and adoption by institutions and retail users.
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