Solana celebrated its 5th birthday yesterday. In honour of the occasion, we decided to take a look at this blockchain\u2019s journey to becoming a leading platform and the home of the best meme coins.<\/p>\n
Solana was launched on March 16, 2020, by Solana Labs CEO Anatoly Yakovenko and Solana co-founder Raj Gokal and his team. That was right around the time the entire world was forced into lockdown by the COVID-19 pandemic.<\/p>\n
Some 408B transactions and close to $1T in trading on DEXs later, today Solana is second only to Ethereum in terms of total value locked, at $6.85B.<\/p>\n
Solana was designed to address the scalability issues that plagued the likes of the Bitcoin and Ethereum blockchains. And, over the past five years, it has been widely adopted in areas such as DeFi, NFTs, gaming, Web3 applications, and \u2013 of course \u2013 as the launchpad for some of the best meme coins<\/a>.<\/p>\n The high-speed, low-cost Layer 1 blockchain has had its fair share of ups and downs over the past five years.<\/p>\n At the peak of the 2020\u20132021 bull run, Solana\u2019s market cap surged to $77.8B. However, it plummeted by a massive 96% in late 2022. The Solana price fell to $8.30, and its market cap bottomed out at around $3B.<\/p>\n Yet, Solana has proven quite the comeback kid, thanks in large part to the meme coin craze. Last year, the meme coin market exploded, and its collective market cap grew by 330%, according to CEX.io<\/a>.<\/p>\n Solana\u2019s impressive speed (up to 65K transactions per second), low costs, strong community, and developer-friendly environment have made it the go-to blockchain for the best altcoins<\/a>, giving it a considerable edge over competitors.<\/p>\n As Solana celebrates its 5th birthday, it seems good things are in store for this blockchain. For one, US President Donald Trump recently announced $SOL will be included in the country\u2019s proposed strategic reserve.<\/a><\/p>\n\n Institutional players are acknowledging Solana\u2019s strong position \u2013 with the likes of asset manager BlackRock on the brink of launching $SOL spot ETFs<\/a>.<\/p>\n Solana also has two protocol upgrades in the pipeline. The first, SIMD 0123, proposes a system whereby Solana\u2019s priority fees go to validator stakers. This should boost staking rewards, block off-chain transactions, and improve on-chain processing.<\/p>\n SIMD 0228, meanwhile, is a proposal to change how new $SOL tokens are released, in a bid to make token issuance more balanced and efficient. Instead of a fixed schedule, staking rewards would adjust based on how many people are staking.<\/p>\n Solana\u2019s ecosystem continues to flourish in the cryptocurrency and Web3 landscape, proving that speed, efficiency, and innovation can co-exist in a decentralized world. That said, the Solana blockchain is still known for traffic congestion and failed transactions.<\/p>\n To the rescue comes Solaxy ($SOLX)<\/strong><\/a>, the meme coin behind the world\u2019s first-ever Solana Layer 2 ecosystem.<\/p>\n $SOLX aims to build on Solana\u2019s good points (speed and low transaction costs) by boosting scalability and adding even more speed.<\/p>\n As an Ethereum-based token, Solaxy will bridge Solana and Ethereum, meaning $SOLX holders will be able to capitalize on the strength of these two blockchain powerhouses.<\/p>\n\n This is exciting news for the crypto world, and investors are taking note. The Solaxy presale has raised $26.7M since it launched in December last year.<\/p>\n Right now, 1 $SOLX costs $0.0016666 (with 153% staking rewards). Being a presale, however, it won\u2019t stay that low for long.<\/p>\n If you\u2019re interested in investing in what is potentially a game changer for Solana, the Solaxy whitepaper<\/a>\u00a0is a good starting point, as is the $SOLX X channel<\/a>. Our guide to buying $SOLX<\/a> will walk you through the steps if you decide this is the investment for you.<\/p>\n Remember to do your own research, as we\u2019re not financial advisers. That said, it will be exciting to see what\u2019s in store for the Solana blockchain if the last five years are anything to go by.<\/p>","protected":false},"excerpt":{"rendered":" Solana celebrated its 5th birthday yesterday. In honour of the occasion, we decided to take a look at this blockchain\u2019s journey to becoming a leading platform and the home of the best meme coins. Solana was launched on March 16, 2020, by Solana Labs CEO Anatoly Yakovenko and Solana co-founder Raj Gokal and his team. […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-52385","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/52385"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52385"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/52385\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Solana Back On Track For A Good Year Ahead<\/h2>\n
The Solaxy Presale Solution To Solana\u2019s Pitfalls<\/h2>\n