Solana Price SOL

The Solana protocol makes it easier to create decentralized applications (DApps). By adding a proof-of-history (PoH) consensus along with the blockchain's underlying proof-of-stake (PoS) consensus, it seeks to increase scalability. It offers solutions for decentralized finance (DeFi).

Solana attracts attention from institutional and small-time traders because of its distinct hybrid consensus strategy. The Solana Foundation places a lot of emphasis on expanding access to decentralized finance.

Solana was made, and the first work on the project started in 2017. However, the Solana Foundation, which has offices in Geneva, Switzerland, formally launched the initiative in March 2020.

Solana Features and Updates

One among many crypto solutions seeking to speed up and scale up crypto networks is Solana. It uses various ingenious technologies, including the cutting-edge "proof of history" method. Solana's hybrid protocol and validation times for transactions and smart contract execution are reduced. Solana has also received institutional attention because of its blazingly quick processing speeds.

The Solana protocol is designed to benefit both casual users and business clients. One of Solana's primary guarantees to customers is that rising fees and taxes will not catch them off guard. The protocol's structure ensures scalability and quick processing while maintaining low transaction costs.

According to the Solana Foundation, 489 million SOL tokens are projected to be circulated. There are now 358,515,839 million of them on the market. The following is the distribution of SOL tokens:

• 16.23% of the tokens were used for an initial seed sale.
• 12.92% were put toward a founding sale.
• 12.79% were given to team members.
• 10.46% were donated to the Solana Foundation.

The remaining tokens must still be sold to the market or issued for public and private transactions. The inaugural seed sale for Solana took place on April 5, 2018, and the cost was $0.04. That implies a remarkable 5400X return on investment using the most current ATH (ROI).

Solana Team

Most importantly, Anatoly Yakovenko is the force behind Solana. At Qualcomm, where he began his professional career, he swiftly advanced through the ranks and was named senior staff engineer manager in 2015. Later, Yakovenko's career path changed, and he started working for Dropbox as a software developer.

Yakovenko began working on a project in 2017 that would eventually become Solana. Together, he and Greg Fitzgerald, a fellow employee at Qualcomm, launched the Solana Labs initiative. The Solana protocol and SOL coin were made available to the general public in 2020, drawing more former Qualcomm employees.