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#solana #crypto
Salana has been the darling of this Current Bull Run doing it almost 20x From its low around $10 in 2022 to a High of over $200 in the last couple Months but how did a relatively new Blockchain named after a sleepy California Beach Town become the center For meme Mania and millions of dollars In development that's what we're going To uncover today in our new series Foundations and today we're talking Salana it's time to discover crypto it Seems like everyone is transacting on Sal due to the low fees and typically Fast transactions when the transactions Don't get stuck or fail anyways salana Even momentarily flipped BNB becoming The third largest cryptocurrency by Market cap excluding stable coins salana Is the brainchild of CEO and Innovative Founder Anatoli yakovenko before Yakovenko transformed himself into a Blockchain innovator this Ukrainian Immigrant spent 13 years at Global Wireless tech company Qualcomm his days Were f build writing code that was Probably running in your phones in the Early 2000s without you even knowing Even early on he had dreams of changing The world he told Fortune there is this Magical possibility of writing a piece Of code that just solves some incredible Problem for the world and while he was Learning the ins and outs of crafting
Hyper efficient software yakovenko was Gaining an interest in emerging Blockchain technology after yakovenko Left Qualcomm in 2016 he did quick stint At mesop feir and Dropbox while he Explored mining crypto as a method of Offsetting the cost of various software Development projects then one night in 2017 high on coffee and a beer a Groundbreaking idea popped into his head The idea was proof of History it's a Method of using time to order Transactions and events on the Blockchain this is different than Bitcoin's proof of work and ethereum's Proof of stake models we'll go more into It later Yakov vinko knew he had Something special with proof of History So we brought on more co-founders Including some qualcon Lums and Raj Goall who would go on to serve as salana Coo after many slack arguments the Co-founders decided to name the project After a beach in California where they Love surfing salana and surfing wasn't The only athletic Pursuit the team had In common yakovenko and goal met during A camping trip with a fellow co-founder In fact many of salana Founders have Done Iron Man's and other athletic Pursuits yakovenko is also an underwater Hockey player I didn't even know they Existed and credits surfing and Multi-hour bike rides for clearing his
Mind and leading to technological Breakthroughs with an experienced team Behind him Yakov vinko went on to raise Almost $360 million to fund this crypto Changing Venture salon's investors Included the biggest players including A16z polychain capital and the now Notorious Sam bankman freed and his Venture Capital firm alamat research Amongst others so in ended up being Alam's second largest holding bankman Freed believed salana was the blockchain He had been looking for he is the one he Was so psyched about yakovenko and Salana that he used the blockchain to Start building a decentralized exchange Called serum the pair frequently Appeared together at cryptocurrency Events and bankman freed was constantly Singing salon's Praises s SPF told Fortune salana has a shot at becoming One of the core layers on which most Financial and informational transfers Happened between applications and a Natively web 3 world then in 2020 the Salana main net launched starting out With proof of stake until the team could Get proof of History into a usable Enough state for a subsequent launch in 2021 I'll give you a rundown on proof of History and the other technology that Makes salana unique proof of history is Consensus Innovation that uses
Verifiable delay function to generate Time stamps for each block this unique Consensus mechanism gives salana a Really high transaction throughput of Over 65,000 transactions per a second Which is on par with Visa's processing Speeds it also reduces the storage and Bandwidth needed for the blockchain to Function this system makes salana less Vulnerable to attack specifically replay Attacks where Bad actors attempt to Replay transactions from one blockchain To another the other Innovation salana Introduced was called horizontal scaling This allows more computers to join the Processing Network and task can go Through the network in parallel As then salon's turbine protocol allows Lightning Fast validation of Transactions by transmitting information To node clusters that salana calls Neighborhoods these neighborhoods are Ran by leader nodes that validate the Transactions within the cluster but Salana rotates the leader nodes which Lessens the chance that a malicious or Malfunctioning node will slow down the Entire network this helps salana meet Its mission of creating the most Censorship resistant Network out there Which means users are prevented from Adding new blocks to the blockchain due To dysfunctional nodes or malicious Activity and lastly salana also has a
Open- source application which means Anyone can download and build with it All of this leads to salana having a Minuscule block time of about 400 Milliseconds salana speed and efficiency Combined with security and ability to Handle High Network traffic volumes are All big reasons that the ecosystem has And continued to Boom plus salana is Incredibly cheap in comparison to other Blue Chip blockchains but all of this Innovation and speed didn't come without Hurdles despite running various Hackathon events filling salana hacker Houses with DJs and Technicolor lighting And blockchain enthusiasts and Developers salana has become known for a Plethora of dysfunctional Network Outages and hacks and the past two years Salon's network has failed almost a Dozen times and on top of that all of The recent meme Mania has caused most Users to experience failed transactions 2022 yakova set of the outages that's Been I guess our curse but it's also Because the network is so cheap and fast That there are enough users and Applications that are driving that and Despite the need to fix what some Consider to be a broken Network Yakovenko kept expanding and you could Tell his phone Roots die hard because Salana announced it's developing a phone This initially was a bit of an
Embarrassing Venture for salana as it Took an entire year for them to sell 20,000 units but Yakov vinko didn't quit We'll hear more on the salop phones Later in our journey there were also Concerns about centralization for a While a huge percentage of tokens were Controlled by insiders and even now Rumors abound about why users Transactions are failing and who really Has the power behind salana salana lab Said in 2022 salana is decentralized but Decentralization is a journey and they Turned out to be right in 2024 the top 100 salana holders went from controlling 30% of the supply to 22% of the supply With the top 10 holders owning anywhere Between 6 and 9% during this year a Slightly higher than the top 10 eth Wallets which control about 7.4% of the Supply we'll have to see how the Decentralization efforts continue in the Future but they seem to be heading in The right direction and Salon investors And fans seem to have faith in the Future of salana they stood by yakovenko And his project despite these hurdles They even stood by him when projects Built on salana were hacked in 2022 Hackers compromise 8,000 salana wallets Stealing $6 million but despite all the Drama Innovation and development flooded Into the so ecosystem which became a hub For defi nfts gaming meme coins and
Other deps X and crypto news sources Were referring to salana as the ethereum Killer the promise of this project has Never been greater but then FTX Collapsed back here in the US Sam Bankman freed who once ran one of the World's largest cryptocurrency exchanges FTF Has been found guilty of Fraud and money Laundering prosecutor said Sam bankman Freed had used money stolen from FTX to Prop up his investment fund and to fund His lavish lifestyle he now faces Decades in prison before FDX pause Customer withdrawals and eventually Filed for bankruptcy Sam bankman Freed's Exchange was valued at $32 billion and Boasted a slew of celebrity endorsements They even got Larry David to make his Commercial acting Debut I don't think so the FDX Bankruptcy marked the end of a string of Crypto bankruptcies that devastated the Industry throughout all of 2022 but November 8th of that year when FDX Paused customer withdrawals was the Darkest night of the crypto winter huge Numbers of people lost their life Savings some people left the crypto Industry forever lives were even lost Due to the negligent choices of a few Crypto Elites but it was especially dark For salana remember how I mentioned Spf's company Alam research was a big
Investment and proponent of salana well FTX had $982 Million worth of Soul During that time that was 10% of the Total Supply everyone was terrified The Exchange would start dumping salana to Pay for bankruptcy proceedings not to Mention the opinion of crypto's once Golden Boy s SPF was now complete trash Every project associated with s SPF and FTX was tainted salana was even Mentioned on day one of s spf's trial This news sent salana tumbling to $10 Funnily enough there are Tales of Bankman freed still Shilling salana and Other coins to his prison guards once he Was behind bars may he live long in Prison and not Prosper after the FTX Drama the salana foundation released a Statement assuring users there were no Performance or security issues they also Admitted to having about $1 million Worth of Fiat or equivalent assets on FTX as well as well as FTX is native Tokens serum and FTX stock all of this Equated to 1% of the foundation's funds And they tried to convince the community This wasn't a dire situation they also Missioned a significant portion of FTX And Alamanda Soul tokens were staked and Locked until 2028 but despite these Attempts to reassure hodlers most people In crypto and the media thought salana Was dead spoiler alert if you're brave Enough to buy salana around $10 I bet
You're doing a little happy dance right Now because Solana's price almost Immediately doubled recovering to around $20 in January of 2020 23 and then it Went on to Skyrocket over the next year And a half so how did yakovenko and the Salana team drag the project out of the Crypto graveyard well a number of Factors led to this unlikely Underdog Story the first being the FDX salana Fire sale didn't materialize when Expected baveno credits salon's Resurrection to the scrappy Founders Building on the blockchain he told Coindesk's unchain that despite the pain That the FTX Fiasco caused it sent Everyone into fight or flight mode Shaking the speculators and paper hands Out of the market the developers and Founders that were left chose fight mode And they were the real Believers in Salana with the guts to stay in the Space long term plus Solana's technology Was necessary for many of them to build The programs that they wanted those Developers conquered their fears buckled Down and kept working through the rest Of the bar Market there was a Tipping Point when they really didn't know if They would make it but yakovenko and his Team kept working as well just a few Months after the FTX collapse salana Showed his quality with its use of a Unique development called local fee
Markets ethereum and other blockchains Constantly look for the highest paying Transactions and run them in that order This means if there's a lot of activity Users will bid up the fees to Unconscious levels local fee markets Allow salana to isolate hotspots and big Events so they won't impact other Payments Yakov vinko believes raising Fees like other blockchains would go Against the basic premise of salana he Also thinks it would defeat the purpose Of crypto taking market share from Traditional Finance so in April of 2023 When madlads had an nft mint at the same Time as helium migration to salana Everything went smoothly and the fee Stayed low then in July salana Introduced hyperledger salong which Allowed developers to write salana smart Contracts in ethereum's programming Language previously salana ran on rust Or C programming languages hyperledger Made developing on salana even more Accessible and lowered more projects Into the chain then just a month later Salon integrated with Shopify allowing Merchants to access web 3 payments Crypto companies like Circle and Phantom As well as more traditional companies Like checkout.com were already using Salana Pay and companies like Visa Followed suit adding support for salana In September as part of their crossb
Payment modernization the terrible Association with FTX and SPF seem Further and further behind them but then Drama found salana again in June when The SEC sued coinbase and binance naming Salana as a security along with other Cryptos bear in mind salana wasn't sued Directly but yakovenko took a fortune Later that year writing an opinion piece That accused the American government of Driving innovators and Founders out of The country he voiced the concerns and Frustrations of many people in the Crypto industry who want to comply with The law but have zero guidance on how Yakov vinko worries about brain drain Where the smartest Minds will come to America for funding and then Retreat to Countries that are friendlier to crypto The cost of legal compliance in the US Has gone through the roof if you've been In crypto for a while you've seen this Firsthand some exchanges and companies Like C coin and bibit have pulled out of America all together until our Politicians get their acts together but Despite all these lawsuits Market Uncertainty and concerns about inflation And potential recession Bitcoin ETF Hysteria began to descend upon the Market and Solana was right there as one Of the top cryptos benefiting from that Influx of capital it also released fire Dancer in October 2023 which was a new
Validator client designed to address Salon's transaction speed limits this Developer was marketed as improving Salon's performance and an attempt to Keep such frequent outages from Occurring again and it seemed to work Salana started experiencing less Disruption and continued to gain more And more mainstream attention in November 2023 Kathy Woods mentioned how Bullish he was on salana in a CNBC Interview then sana's first Saga phone Became hot property in December when Bonk tokens were aird dropped to each Device this happened as bitcoin's price Skyrocketed higher than any DJ could Have imagine happening preh having this Was the perfect time for salana to Release pre-orders for its second Attempt at a phone and this time they Reached 100,000 pre-orders in just 28 Days and part of the reason so many People pre-ordered this phone was the Hope of more air drops but meem Mania Didn't stop with the salon of phone Bitcoin breached its all-time high in March pushing up to 7 $3,000 suddenly all these traumatized Holders who survived the bear now had Money to burn and that money flowed into Meme coins now binance and B&B was the Meme coin darling of the last bull run But this time around everyone was Launching memes on salana even ethereum
And binance meme coins had copycat Versions on salana it was fast cheap and People who made sole profits could Easily gamble some of them without a Taxable event or swapping to another Chain soon people were making millions Overnight this led to a surge of Activity and value moving into the salon Ecosystem at time of recording salana is Fourth in terms of total value locked in November of 2023 it was only number Eight now only binance smart chain Tron In ethereum outrank it and the following Numbers will shock you in the last 5 Months salon's tvl went from around 600 Million to almost 5 billion and that was Before the having full Bull Run Euphoria Is still a ways away salana is much Closer to the 9.9 billion salana poed at The height of last Bull Run and I think It'll get there much faster than anyone Thought in fact salana is setting new All-time highs as far as market cap goes And while the crypto industry was Quietly awaiting the having during a Typical and minor Market correction and Trafi was anxiously awaiting CPI data FDX started quietly offloading bags of Soul you didn't think they were going to Sell at the bottom did you but they Didn't get the full extent of salana Gains selling to insiders like Galaxy Trading and panta capital for $64 a Piece I'm sure you would have liked to
Get in on that sale they offloaded 2/3 Of their $2.6 billion horde of salana But this sale barely impacted the price Since 41 million of the auction tokens Are still locked and staking until 2028 There are some complaints from FTX Creditors about the tokens being sold at Such a steep discount but when have Bankruptcy's ever taken the welfare of The little guy in account but at least That's a relative end to some of the fud Surrounding salana so maybe everyone who Faded salana was wrong we'll see if Yakovenko and his team can keep salana On top for the rest of the Bull Run what Do you think I'd love to hear your Thoughts in the comments down below and As always I'll see you in your salana Meeme portfolio at the top
