Whenever we talk about blockchain and cryptocurrency, we first tend to think about Bitcoin and Ethereum. That is mostly because they have the largest market cap. But there are several other altcoins and blockchains that are showing a lot of promise. One such project is Solana. Having crossed $40 billion in market cap, Solana is creating ripples in the crypto-verse.
What Is Solana?
Solana is a programmable, decentralized blockchain equipped with smart contracts for running DeFi applications. There are certain characteristics that are positing Solana as the main competitor against Ethereum.
First, Solana can process 50,000 transactions per second, compared to just 15 to 45 transactions per second on Ethereum. Second, transaction fees on Solana are as low as $0.00025, compared to around $25 for Ethereum. Third, its block finality is 400 milliseconds while Ethereum takes a few minutes.
Since Solana is a single-layer blockchain, it guarantees composability and scalability to its users and developers. They would never have to worry about sharding or Layer 2 protocols. Four years ago, in 2017, Bitcoin and Ethereum were suffering from several throughput problems. It was at this time that Qualcomm engineers Anatoly Yakovenko, Eric Williams, and Greg Fitzgerald came up with Solana.
Presently, Ethereum is working on an update to overcome its drawbacks. In the meantime, though, Solana is putting up a stiff challenge. With its combination of Proof-of-Stake and Proof-Of-History consensus mechanisms, the network offers a fast, secure, and scalable blockchain to the community.
Current Development and Roadmap
Solana has witnessed phenomenal growth this year. It raised $314,159,265 in Q2 2021 through a private token sale to hire engineers and support staff. Their next target is to bring a billion users into the crypto ecosystem. Following is the network’s roadmap in a nutshell:
- 2017: Launch of Whitepaper
- 2018: Launch of Private Testnet, Payments SDK, and Smart Contracts SDK
- 2019: Launch of Blockchain Programs, Multi-cloud Testnet, Incentivized Testnet, Smart Contracts Engine, and Implementing Move Virtual Machine
- 2020: Launch of Mainnet, Improved JSON RPC API version, and Smart Contracts
Solana’s Price Movement
The Solana (SOL) coin powers the Solana network. It is used for paying transaction fees, staking, and gives holders governance rights. At the time of writing, SOL is trading at $141.14.
Considering that SOL was somewhere around $30 in June, it has grown substantially. Statistics show that SOL grew 275% from August 1, 2021 and a staggering 2,348% since January 2021. SOL reached its all-time high price of $142.16 on September 3, 2021. That too, despite the token being merely two years old or even less.
Solana NFT Projects
Now that we have highlighted Solana’s steep rise in price, let’s briefly discuss the cause. In August 2021, Solana launched a primate-themed NFT project, similar to the popular Bored Apes NFTs. Following the launch of Solana’s Degenerate Ape Academy, SOL prices hit the roof.
Degenerate Ape Academy
It is a set of 10,000 apes with a random combination of 137 traits that make each of them unique. These traits are ranked from ‘common’ to ‘mythic’ that gives them their rarity percentage. The apes are ‘degenerate’ in the sense that they eat crayons, shoes, money or gold.
Another set of NFTs on the Solana blockchain is called Soltopians. The first set of Soltopians consisted of 10,000 algorithmically generated Bears, randomly created from 300K options. The second set of Soltopians consists of similar 10,000 unique SolCats. Soltopian ownership will unlock special opportunities and privileges for the owners.
Different projects on Solana have airdropped tokens in the past or are doing so right now. Following is a list:
The Solanium platform is used for fundraising, investing in Solana-based projects, token staking, trading on DEX, and managing Solana wallets. Solanium airdropped 1,000,000 SLIM tokens in May ‘21 worth approximately $200,000.
Solera is a customer-oriented decentralized platform that develops innovative technologies and improves the overall blockchain experience for end-users. It airdropped 1,000,000 $SOLERA tokens to the first 100K users. Each user got $100 in $SOLERA with an additional $50 for each successful referral.
Weyu is the first-of-its-kind, multi-chain NFT reselling platform. It aims to make NFTs blockchain-agnostic to push for mass NFT adoption. WEYU is airdropping 25,000,000 $WEYU tokens worth $175,000. They will airdrop tokens in proportion to the number of tickets each user holds.
Solana now ranks 7th among all the cryptocurrencies in the world. With some very successful on-chain projects, it is fast becoming a dominant player in the crypto industry. Just in August 2021, Bitcoin lost around $2.8 million while Solana gained $7 million. There is no doubt that Solana is all set for a bright future ahead. To keep pace with the trend, follow Airdrop Alerts to never miss crucial updates and upcoming airdrops.