SOL SOL/USD, 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 Origins of Solana
In November 2017, Solana’s co-founder Anatoly Yakovenko published a white paper describing the proof-of-history, a technique for keeping time between computers that do not trust one another. Armed with the experience from his tenure at Qualcomm, Mesosphere, and Dropbox, Yakovenko aimed to simplify synchronization to make the network “blazing fast” despite limiting factors such as network bandwidth.
Yakovenko, along with colleagues Greg Fitzgerald and Stephen Akridge, laid the foundation for what would become the Solana blockchain. Through innovative coding and implementation, Solana was brought to life and eventually rebranded as Solana Labs in 2018.
The Launch of Solana
Solana was officially launched in March 2020 amidst the chaos of the COVID-19 pandemic. Despite global financial panic, the team at Solana Labs pressed forward with their vision, and the first block was created on March 16, marking a significant milestone in the project’s history.
Reflecting on the launch, co-founder Raj Gokal highlighted the courage and determination of the team, emphasizing their unwavering belief in Solana’s ability to succeed even during turbulent times.
Current State and Achievements
Today, Solana has processed a staggering 276 billion transactions, boasts over 1,600 validators, and has accumulated 254 million blocks. With a market cap of $81.7 billion, SOL currently ranks as the fifth-largest cryptocurrency by market capitalization.
Solana’s success is further illustrated by its daily trading volume, active user base, and various metrics which continue to climb. However, despite its achievements, Gokal notes that Solana is still in its early stages akin to the internet of the early 2000s.
Investor Returns and Growth
For early investors who believed in Solana’s potential, the returns have been substantial. A $1,000 investment in SOL back in April 2020 would have grown to 1,052.63 tokens, valued at an impressive $192,590 based on the latest closing price of $182.96.
This remarkable growth translates to a return of 19159% over a four-year period, significantly outperforming traditional equity markets like the S&P 500 Index.
As of the latest data, Solana is trading at $184.64, slightly below its all-time high of $260.06 reached in November 2021, according to Benzinga Pro data.
Source: Benzinga Pro data
Photo: Shutterstock
