The development of Solana began in 2017 when Anatoly Yakovenko published a description of the Proof of History (PoH) mechanism. The new consensus algorithm was designed to automate the ordering of transactions in the blockchain, reducing processing time and ensuring higher transaction speeds.
Soon, Greg Fitzgerald and Stephen Akritidis joined the project, originally called Loom. In February 2018, the first testnet was launched. In April 2018, the sale of SOL tokens began, allowing the project to raise over $20 million by July 2019. Meanwhile, work was underway on new versions of the blockchain.
The mainnet and the Solana (SOL) cryptocurrency were launched in March 2020. In the same year, the Solana Foundation, a non-profit organization, was established to support and develop the blockchain. In October 2020, the Solana-Ethereum cross-chain bridge was launched, as well as the first stablecoin on the new network (SOLUSDT).
Currently, the platform continues its active development, offering developers and users new tools: from the Solang compiler to its own blockchain smartphone, Saga. In March 2025, the Solana (SOL) futures exchange-traded fund (ETF) was launched.
