SOL, the native coin of decentralized blockchain platform Solana, has taken part in the recent crypto rally, and the token currently trades at its highest level since late-December 2021. The crypto is celebrating its fourth year anniversary on Saturday, and to commemorate the special occasion, here’s a primer on the platform.
The Genesis of Solana
In November 2017, Solana’s co-founder Anatoly Yakovenko revolutionized blockchain by introducing the proof-of-history, a technique that defied conventional timekeeping methods among computers. Drawing on his expertise from Qualcomm, Mesosphere, and Dropbox, he embarked on simplifying synchronization to orchestrate a network that was “blazing fast,” unrivaled by bandwidth constraints.
After successfully synchronizing distrustful computers to create an exceptionally fast cluster, Yakovenko, along with Gregory Fitzgerald and Stephen Akridge, co-founded Solana Labs. Renaming the company to honor Solana Beach where they had resided, the trio unveiled the Solana GitHub organization and christened their brainchild “Solana” on March 28, 2018.
A Turbulent Launch Amidst Adversity
Launched in March 2020 amidst global turmoil induced by the COVID-19 pandemic, Solana’s resilience was evident from the first block created on March 16. Reflecting on the challenging climate, co-founder Raj Gokal highlighted the courage of the few who believed in Solana’s scalability when most tech founders succumbed to fear, canceling their launches.
In June 2021, Solana Labs bolstered its financial standing by issuing $314 million worth of SOL to prominent funds like Andreessen Horowitz and Polychain Capital.
Present-Day Triumphs of Solana
As of now, Solana boasts an impressive track record with 276 billion transactions, over 1,600 validators, and 254 million blocks. With a market cap of $81.7 billion, SOL stands as the fifth-largest cryptocurrency, trading about 11 billion units in the last 24 hours.
Gokal expressed pride in Solana’s accomplishments, leading in various metrics like daily trading volume, active users, and transactions, hinting at the platform’s promising future potential.
The Lucrative Returns of SOL
An investment of $1,000 in SOL in April 2020 would have yielded 1,052.63 tokens. At the recent closing price of $182.96, these tokens would be valued at $192,590, translating to a staggering return of 19159% over a four-year period, far outpacing the S&P 500’s modest 29% rise in the same timeframe.
Despite a slight dip from its all-time high reached on Nov. 6, 2021, Solana remains a strong contender in the crypto arena, currently priced at $184.64.
Source: Benzinga Pro data