Between Massive Airdrops, Technical Challenges, NFT and Gaming Focus

Solana’s evolution, since its introduction by Anatoly Yakovenko in November 2017, has been marked by significant milestones. This blockchain recently took the spotlight, driven by a series of massive airdrops orchestrated by protocols such as Pyth and Jito. Let’s take a closer look at this exceptional trajectory, also incorporating key developments up to March 2022.

 

An Economical and Accessible Payment Method for International Transactions

Solana stands out for its exceptionally low fee system, providing a cost-effective alternative for financial transactions.
With a cost of approximately $0.00025 (or 0.000005 SOL) per transaction, it becomes possible to conduct thousands of transactions with just a few cents.
This feature positions Solana as an ideal solution for financial institutions, including banks and neobanks, considering international payments.

 

User-Friendly with a Prerequisite

While the Solana ecosystem is cost-effective, it requires a significant prerequisite. To receive cryptocurrencies issued on the Solana blockchain, such as Serum, Raydium, Media, and many others, it is imperative to fund your wallet with SOL. $SOL thus becomes an essential element for any interaction with the Solana blockchain, establishing a simple yet crucial mechanism for participation in this rapidly expanding financial ecosystem.

 

Solana’s Timeline

• November 2017: Anatoly Yakovenko introduces the Solana project in a white paper, introducing the innovative “proof of history” technique.
• March 16, 2020: The first block of Solana is created, inaugurating a new era for the blockchain.
• September 2020: Tether announces the availability of USDT on Solana, expanding its ecosystem.
• January 2021: Circle releases USDC on Solana, further strengthening its presence.
• June 2021: Solana raises $314 million through Andreessen Horowitz, solidifying its financial position.
• September 2021: Bloomberg’s Joanna Ossinger identifies SOL as a “potential long-term rival to ETH” due to its transaction speeds and competitive costs.
• December 2021: Melania Trump releases her first NFT on Solana, marking a notable entry into the world of digital art.
• February 2022: Coachella festival uses Solana’s NFTs, illustrating the diversification of use cases.
• March 2022: Solana increasingly positions itself as a blockchain focused on NFTs, gaming, and metaverses, with significant developments in these areas.
• August 2022: Hackers siphon $6 million from digital wallets on Solana, highlighting security challenges.
• November 2022: Google becomes a Solana validator, but Solana’s price drops by 40% due to FTX’s liquidity crisis.
• December 2022: Solana sees a 23% price increase after a tweet from Vitalik Buterin mentioning a “bright future.”
• February 2023: Def Jam and Universal Music Group sign The Whales, a gamified avatar music group built around Solana’s NFTs.
• December 2023: Solana protocols, including Pyth and Jito, organize massive airdrops, generating significant excitement.

 

Massive Airdrops and Current Enthusiasm

In the last three weeks from November to December 2023, several Solana protocols, including Pyth Network, Jupiter, and Jito, distributed millions of dollars in massive airdrops. This strategy led to a surge of users onto the Solana blockchain, as evidenced by the dramatic 250% increase in Google searches for the term “Solana” since mid-October.

On-chain data confirms this trend, with a significant increase in platform fees since mid-October and the number of active wallets multiplied by six, from 200,000 in September to over 1.2 million currently.

 

Exceptional Performance of SOL and the Rise of Memecoins

This excitement not only stimulated activity on the Solana network but also had a positive impact on the SOL price, showing a 501% increase over the last year, with a 271% increase in the last three months. These outstanding performances coincide with the emergence of memecoins on Solana.

Solana’s iconic memecoin, BONK, also experienced a remarkable surge, even causing a sold-out situation for Solana Saga phones. Each purchased phone was eligible for a BONK airdrop, the value of which exceeded the phone’s cost over the weekend.

 

NFT, Gaming, and Metaverse Focus

In 2022, Solana expanded its scope to include NFTs, gaming, and metaverses, with significant implications. Solana’s NFTs will be integrated into Adobe’s Behance platform for creatives, adding a real dimension to the NFT economy.

Also in 2022, in the gaming realm, Star Atlas stands out by selling high-priced NFT spaceships, creating early dynamics around the game. Although some features are still in development, guilds are already forming to conquer the virtual universe.

On the metaverse front, Solana offers a diverse choice with contenders such as Portals, Heaven Land, Solice, and Metavillage. The Solana network seems to emerge as one of the major blockchains dedicated to metaverses in the coming years.

 

Some Useful Solana Applications

• Audius: Spotify and Soundcloud competitor for music streaming
• Raydium: Uniswap equivalent on Solana for cryptocurrency exchange. Raydium also serves as a platform for investing in new projects.
• Oxygen: AAVE equivalent on Solana and more
• JET: AAVE equivalent on Solana
• Mango Market: Onchain leveraged trading up to 5x
• Pyth: Oracle on Solana
• Solstarter: IDO Platform for Solana
• Solanium: Decentralized fundraising platform
• Hxro: Betting system with odds on Solana
• Synthetify: Tool to create derivatives, i.e., tokens replicating the price of real-world or crypto assets
• USDT – Tether and USDC, on the Solana network (SPL)

 

Conclusion: Solana, Between Tradition and Innovation

Solana continues to establish itself as a major force in the cryptocurrency universe. Massive airdrops, outstanding SOL performance, and expansion into NFTs, gaming, and metaverses make Solana a versatile and dynamic blockchain. Despite encountered challenges, its history and recent evolution demonstrate a trajectory firmly oriented toward the future. As a new crypto trend, Solana is poised to face future challenges with determination and innovation.