What is Cryptocurrency Solana (SOL) and How Does It Work?

In the rapidly evolving world of blockchain and cryptocurrency, one name has been making waves for its exceptional speed and scalability: Solana (SOL). But what exactly is Solana, and how does it work? Let’s dive in and explore this innovative cryptocurrency and its underlying blockchain technology.

What Is Solana?

Solana, launched in 2020 by Anatoly Yakovenko, is a high-performance blockchain platform designed to facilitate the creation of decentralized applications (dApps) and smart contracts. Yakovenko, a former Qualcomm engineer, envisioned Solana as a solution to the scalability challenges faced by other blockchain networks.

According to Investopedia, “Solana is a high-performance blockchain designed to facilitate decentralized apps (dApps) and smart contracts on a massive scale.” Its native cryptocurrency, SOL, is used for transactions, staking, and governance within the Solana ecosystem.

Solana’s key characteristics include:

• Scalability: Solana can process up to 65,000 transactions per second (TPS), making it one of the fastest blockchains available.
• Efficiency: With a unique architecture that uses both proof-of-history (PoH) and proof-of-stake (PoS) consensus mechanisms, Solana ensures high-speed and low-cost transactions.
• Decentralization: Solana’s network is secured by a global network of validators, promoting decentralization and security.
• Interoperability: Solana is designed to work seamlessly with other blockchains, allowing for easy integration with existing projects.
• Sustainability: Solana’s PoS consensus mechanism allows for energy-efficient validation, contributing to a more sustainable blockchain network.

In the following sections, we’ll delve deeper into how Solana works, its unique features, and its potential impact on the cryptocurrency landscape.

How Does Solana Work?

How Does Solana Work?

Understanding how Solana works requires a deep dive into its innovative consensus mechanisms and architectural design. At its core, Solana employs a unique combination of Proof of History (PoH) and Proof of Stake (PoS) to achieve unparalleled speed and scalability. Let’s explore the technical mechanisms behind Solana and how it sets itself apart from other blockchain protocols.

Solana Consensus Mechanism: Proof of History (PoH) and Proof of Stake (PoS)

Solana’s consensus mechanism is a hybrid model that combines PoH and PoS to ensure high-speed, secure, and decentralized transactions. Here’s a breakdown of how it works:

Proof of History (PoH) is an innovative consensus mechanism that enables high-speed, low-latency transactions by providing cryptographic proof of the sequential order of transactions. PoH works as follows:

1. When a new transaction block is created, it includes a cryptographic hash of the previous block’s header. This creates a chain of hashes, forming a ‘proof of history.’
2. Each new block contains a timestamp, ensuring that transactions are ordered chronologically.
3. Validators can quickly verify the PoH without needing to process the entire transaction history, allowing for faster block propagation and reduced network congestion.

PoH is an improvement over traditional consensus mechanisms like Proof of Work (PoW) and PoS, as it enables real-time processing and eliminates the need for expensive and energy-intensive mining. By comparison, PoW (used by Bitcoin) requires significant computing power, while PoS (used by platforms like Ethereum 2.0) still faces scalability challenges.

Role of Validators and Delegators in Solana

In the Solana ecosystem, validators and delegators play crucial roles in maintaining network security, processing transactions, and governing the blockchain.

Validators are responsible for:

1. Validating transactions and creating new blocks.
2. Participating in consensus and maintaining the network’s security.
3. Running Solana nodes and contributing computing resources to the network.

Delegators, on the other hand, stake their SOL tokens to support validators and earn rewards proportional to their stake. Their primary responsibilities are:

1. Choosing and supporting reliable validators.
2. Participating in governance by voting on proposals and decisions that affect the network.

Scalability and Transaction Speed

Solana’s architectural design and unique consensus mechanism enable it to achieve exceptional scalability and transaction speed. Here’s how Solana compares to other prominent blockchains in terms of performance:

Solana’s ability to process up to 65,000 transactions per second (TPS) sets it apart from Bitcoin and Ethereum, making it well-suited for real-time applications, decentralized finance (DeFi), and non-fungible token (NFT) marketplaces. By combining PoH and PoS, Solana offers a scalable, efficient, and secure blockchain solution for the next generation of decentralized applications.

Key Features of Solana

Solana’s innovative architecture and unique consensus mechanism enable it to offer a compelling suite of features that set it apart from other blockchain platforms. Here’s a comprehensive breakdown of Solana’s key advantages, focusing on speed, scalability, affordability, security, and developer-friendliness.

Lightning-Fast Transactions

Solana’s transaction speed is unparalleled, making it an ideal choice for real-time applications and high-frequency trading. With the ability to process up to 65,000 transactions per second (TPS), Solana outperforms both Bitcoin and Ethereum in terms of speed.

• Key transaction speed statistics:

• • • Up to 65,000 TPS
    • Sub-second finality (confirmation time)
    • Low-latency, real-time processing

• Industries benefiting from Solana’s fast transactions:

• • Decentralized Finance (DeFi)
  • Non-Fungible Tokens (NFTs) marketplaces
  • Gaming and virtual worlds
  • Real-time data sharing and analytics

Low Transaction Costs

Solana maintains low transaction costs through its efficient design and use of the Solana Token (SOL) for network fees. This affordability makes Solana an attractive choice for developers and users alike.

Solana’s low-cost transactions are achieved through:

• Efficient consensus mechanism (PoH + PoS)
• Use of SOL tokens for network fees
• Scalability, reducing network congestion and gas fees

High Scalability Without Compromising Security

Solana’s architecture allows it to handle large volumes of transactions while ensuring network security and decentralization. Its high throughput and efficient validation process enable it to support high-demand scenarios without sacrificing performance or security.

• Scalability features:

• • • Parallel processing and pipelining
    • Cloudbreak horizontal scaling
    • Gulf Stream mempool optimization

• High-demand scenarios supported by Solana:

• • Large-scale DeFi applications
  • High-frequency trading platforms
  • NFT marketplaces with massive user bases

Developer-Friendly Ecosystem

Solana’s ecosystem offers a rich set of tools and resources for developers, making it easy to build, deploy, and scale decentralized applications (dApps) on the platform.

• Key developer tools and platforms in Solana’s ecosystem:
  • Solana Software Development Kit (SDK) for Rust and JavaScript
  • Solana Playground for quick prototyping and testing
  • Solana CLI for command-line interface and interaction with the network
  • Solana Explorer for block and transaction data visualization
  • Seahorse CLI for convenient deployment and management of smart contracts
  • Serum, a decentralized exchange (DEX) built on Solana for fast and low-cost trading

Solana’s comprehensive set of features, from lightning-fast transactions to a developer-friendly ecosystem, positions it as a leading blockchain platform for the next generation of decentralized applications. Its ability to handle high transaction volumes at low cost, without compromising security, makes it an attractive choice for a wide range of use cases.

Solana Use Cases

Solana’s high performance, low cost, and developer-friendly ecosystem have attracted a wide range of projects and use cases, from decentralized finance (DeFi) and non-fungible tokens (NFTs) to gaming and data sharing. Here, we explore some of the most prominent real-world applications of Solana.

Decentralized Finance (DeFi)

Solana’s speed and scalability make it an ideal choice for DeFi applications, enabling fast and low-cost transactions for lending, borrowing, and trading.

• SOLend: A decentralized lending and borrowing platform built on Solana, allowing users to earn interest on their crypto assets and borrow against them. With SOLend, users can enjoy fast transaction processing and low fees, making it an attractive alternative to Ethereum-based DeFi platforms.
• Mango Markets: A decentralized exchange (DEX) and lending platform that combines spot trading, margin trading, and lending in a single interface. Mango Markets leverages Solana’s high performance to offer users a seamless trading experience with low slippage and fast execution.

Non-Fungible Tokens (NFTs)

Solana’s ability to handle high transaction volumes at low cost has made it a popular choice for NFT marketplaces, enabling fast and affordable trading of unique digital assets.

• Magic Eden: One of the leading NFT marketplaces on Solana, Magic Eden supports creators and collectors alike with its user-friendly interface, fast transactions, and low fees. The platform has seen significant growth, with millions of dollars in trading volume and a vibrant community of artists and enthusiasts.
• Degenerate Ape Academy: A collection of 10,000 unique NFT apes, created by the Degenerate Ape Academy on Solana. The project leverages Solana’s speed and affordability to offer fast minting and trading of its NFTs, enabling the community to grow and thrive.

Gaming and Virtual Worlds

Solana’s high transaction throughput and low latency make it well-suited for gaming and virtual world applications, where real-time processing is crucial.

• Star Atlas: A next-generation space-themed metaverse built on Solana, Star Atlas combines blockchain technology, decentralized finance, and gaming to create an immersive and interconnected virtual universe. The platform leverages Solana’s speed and scalability to enable seamless interactions and transactions between players and their in-game assets.
• Aurory: A play-to-earn RPG game set in a vibrant, neon-lit world, Aurory is built on Solana to take advantage of its fast transactions and low fees. Players can collect, battle, and trade unique NFT creatures called Nefties, with real-time gameplay and instant rewards.

Data Sharing and Analytics

Solana’s high performance and affordability also make it an attractive choice for decentralized data sharing and analytics platforms, where real-time processing and low-cost transactions are essential.

• Chainlink (LINK): A decentralized oracle network that connects smart contracts on various blockchains to real-world data feeds, Chainlink has integrated with Solana to provide fast and reliable data for dApps and smart contracts on the platform.
• Crypto.com Chain (CRO): A high-performance blockchain designed for decentralized finance, Crypto.com Chain has collaborated with Solana to develop a cross-chain asset bridge, enabling seamless and low-cost transfers of assets between the two ecosystems.

These use cases demonstrate the versatility and potential of Solana as a blockchain platform. Its unique combination of speed, scalability, affordability, and developer-friendliness has enabled a wide range of projects to thrive in its ecosystem, paving the way for further innovation and growth.

Solana’s Native Token (SOL)

Solana’s Native Token (SOL)

Solana’s native cryptocurrency, SOL, plays a crucial role in the functionality, security, and governance of the Solana ecosystem. As a utility token, SOL serves multiple purposes, enabling users to participate in various aspects of the network.

Purpose of SOL

1. Staking and Validating: SOL holders can stake their tokens to participate in the network’s consensus mechanism as validators or delegators. By doing so, they contribute to the security and decentralization of the Solana blockchain and earn rewards in the form of newly minted SOL tokens.
2. Governance: SOL token holders have the power to vote on proposals and decisions that shape the future of the Solana ecosystem. By participating in governance, they help steer the development and evolution of the platform.
3. Transaction Fees: SOL is used to pay for transaction fees on the Solana network. These fees, known as ‘lampoon fees,’ are used to incentivize validators and cover the costs of running the network.

Benefits of Holding SOL

• Rewards for Staking: By staking SOL, token holders can earn passive income in the form of newly minted SOL tokens and additional rewards.
• Governance Participation: Holding SOL enables users to participate in the decision-making process, ensuring that the Solana ecosystem evolves in a way that benefits the community.
• Access to dApps and Services: SOL is required to interact with dApps and services built on the Solana blockchain, making it an essential asset for users and developers alike.
• Potential for Appreciation: As the Solana ecosystem grows and gains adoption, the demand for SOL tokens may increase, leading to potential price appreciation.

SOL Price Trends

SOL experienced significant price growth between 2020 and 2021, reaching an all-time high of over $260 in November 2021. Since then, SOL’s price has fluctuated alongside the broader cryptocurrency market, with periods of growth and decline.

Solana’s native token, SOL, is an essential component of the Solana ecosystem, enabling staking, governance, and transaction fees. Its various use cases and benefits make it an attractive asset for investors, validators, and users alike, contributing to the growth and success of the Solana platform.

Solana vs. Other Blockchains

Solana’s high performance, scalability, and affordability have positioned it as a leading competitor among major blockchain platforms. Let’s compare Solana with Ethereum, Binance Smart Chain, and other prominent blockchains across various metrics, including speed, scalability, cost, and ecosystem support.

Blockchain Comparison Table

Solana vs. Ethereum

Solana outperforms Ethereum in terms of scalability and transaction costs, thanks to its innovative Proof of History (PoH) consensus mechanism and parallel processing capabilities. While Ethereum boasts a more mature ecosystem and broader adoption, Solana’s high performance and affordability make it an attractive alternative for developers and users alike. Additionally, Solana’s energy efficiency sets it apart from Ethereum, which is currently transitioning from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism.

Solana vs. Binance Smart Chain

• Ecosystem and Speed:
  • Solana: Growing ecosystem with a focus on DeFi, NFTs, and gaming. Unparalleled speed (up to 65,000 TPS).
  • Binance Smart Chain (BSC): Growing ecosystem with a focus on DeFi, NFTs, and gaming. High speed (up to 55 TPS).
• Cost-efficiency:
  • Solana: Low fees (0.00025−0.0025) with fast transaction processing.
  • Binance Smart Chain: Low fees (0.01−0.10) with competitive transaction processing.
• Transaction Finality:
  • Solana: Sub-second finality with its unique PoH mechanism.
  • Binance Smart Chain: Fast finality (around 3 seconds) with its delegated proof-of-stake (DPoS) consensus mechanism.
• Adoption and Ease of Use:
  • Solana: Gaining traction among developers and users, with a user-friendly ecosystem and robust SDK.
  • Binance Smart Chain: Benefiting from Binance’s influence, with a large user base and easy integration with Binance services.

Unique Advantages of Solana

• Innovative Proof of History (PoH) mechanism: Enables high-speed, low-latency transactions and enhances security.
• Unparalleled speed and scalability: Supports up to 65,000 TPS, making it one of the fastest blockchains available.
• Energy efficiency: Solana’s PoH and PoS consensus mechanisms consume significantly less energy than PoW-based blockchains.
• User-friendly ecosystem: Offers a rich set of developer tools, resources, and platforms, making it easy to build and deploy dApps.
• Seamless integration with other networks: Supports cross-chain asset transfers and interoperability, enabling seamless communication with other blockchains.

Solana’s unique advantages, combined with its high performance and affordability, position it as a strong competitor among major blockchain platforms. Its innovative PoH mechanism, unparalleled speed, and user-friendly ecosystem set it apart, making it an attractive choice for developers, users, and investors alike.

Advantages and Challenges of Solana

Solana, with its innovative architecture and unique consensus mechanisms, offers numerous advantages that set it apart in the blockchain landscape. However, it also faces several challenges that could impact its growth and adoption. Let’s explore the strengths and weaknesses of Solana in a balanced discussion.

Advantages of Solana

• Unparalleled Speed and Scalability:
  • Solana’s ability to process up to 65,000 transactions per second (TPS) enables real-time processing and high-frequency trading.
  • Anatoly Yakovenko, Solana’s founder, believes that “Solana is the first blockchain that can actually scale to the needs of the global economy.” (Source: TechCrunch)
• Low Cost and Energy Efficiency:
  • Solana’s transaction fees are among the lowest in the industry, making it affordable for users and developers.
  • Its Proof of History (PoH) and Proof of Stake (PoS) consensus mechanisms consume significantly less energy than proof-of-work (PoW) blockchains, contributing to its environmental sustainability.
• Seamless Interoperability:
  • Solana’s support for cross-chain asset transfers and interoperability enables seamless communication with other blockchains, fostering a multi-chain future.
  • “Solana’s interoperability is a key advantage, as it allows for the creation of complex, decentralized systems that can interact with other networks,” says Stephen Stonberg, CEO of Bittrex Global. (Source: CoinDesk)
• Strong Developer Ecosystem:
  • Solana’s user-friendly ecosystem, rich set of developer tools, and growing community make it an attractive choice for building decentralized applications (dApps).
  • “Solana’s developer ecosystem is one of the most vibrant and innovative in the blockchain space,” says Sam Bankman-Fried, CEO of FTX and Alameda Research. (Source: Twitter)
• Decentralization and Security:
  • Solana’s unique architecture and consensus mechanisms ensure a high degree of decentralization, making it resistant to censorship and attacks.
  • Its PoH mechanism provides cryptographic proof of the sequential order of transactions, enhancing security and trust in the network.

Challenges Facing Solana

• Network Reliability and Stability:
  • Despite its high performance, Solana has experienced several network outages and periods of slow transaction processing, raising concerns about its reliability.
  • In September 2021, a widespread outage affected the Solana network, causing delays and frustration for users and developers. (Source: The Block)
• Decentralization Concerns:
  • While Solana aims to be decentralized, some critics argue that its validator distribution and staking requirements may lead to centralization.
  • “Solana’s staking requirements and validator distribution could lead to centralization, which would undermine the security and resilience of the network,” says Emin Gün Sirer, a blockchain researcher and professor at Cornell University. (Source: Twitter)
• Regulatory Uncertainty:
  • Like other cryptocurrencies and blockchain platforms, Solana faces regulatory challenges and uncertainty, which could impact its growth and adoption.
  • “Regulatory clarity is crucial for the growth of Solana and the broader blockchain industry,” says Michael Sonnenshein, CEO of Grayscale Investments. (Source: CoinDesk)
• Market Volatility and Adoption:
  • Solana’s native token, SOL, is subject to market volatility and price fluctuations, which can impact its value and adoption.
  • “Market volatility and adoption are significant challenges for Solana and other cryptocurrencies,” says Brad Garlinghouse, CEO of Ripple. (Source: CoinDesk)
• Competition and Market Saturation:
  • The blockchain landscape is crowded with numerous projects and platforms vying for users, developers, and investment.
  • “Solana faces intense competition from other high-performance blockchains, such as Cardano, Polkadot, and Avalanche,” says Meltem Demirors, Chief Strategy Officer at CoinShares. (Source: CoinDesk)

In conclusion, Solana offers numerous advantages, including unparalleled speed, low cost, interoperability, and a strong developer ecosystem. However, it also faces several challenges, such as network reliability, decentralization concerns, regulatory uncertainty, market volatility, and competition. As the Solana ecosystem continues to grow and evolve, addressing these challenges will be crucial for its long-term success and adoption.

How to Get Started with Solana

How to Get Started with Solana

Embarking on your Solana journey is an exciting step into the world of high-performance blockchain technology. This beginner-friendly guide will walk you through the process of setting up a Solana wallet, buying SOL tokens, and participating in the Solana ecosystem.

Step 1: Set Up a Solana Wallet

1. Choose a Wallet: Solana supports various wallets, such as Phantom, Sollet, and Ledger. For this guide, we’ll use Phantom, a popular browser extension wallet.

1. Install Phantom: Visit the Phantom website (https://phantom.app/) and click on “Add to Chrome” (or your preferred browser) to install the wallet.

1. Create a Wallet: Open the Phantom extension and click on “Create New Wallet.” Follow the prompts to create a new wallet, ensuring you securely back up your seed phrase.

Step 2: Buy SOL Tokens

1. Access an Exchange: To buy SOL tokens, you’ll need to access a cryptocurrency exchange that supports SOL. Popular options include Binance, FTX, and Kraken.

1. Deposit Funds: Deposit stablecoins (like USDT or USDC) or other cryptocurrencies into your exchange account to facilitate your SOL purchase.
2. Buy SOL: Navigate to the SOL/USDT (or your preferred pair) market and place a buy order. Once your order is filled, you’ll own SOL tokens.

Step 3: Transfer SOL to Your Wallet

1. Withdraw SOL: From the exchange, withdraw your SOL tokens to your Phantom wallet address. To find your address, open Phantom and click on “Receive” to copy your address.

1. Confirm the Transfer: After initiating the withdrawal, confirm the transaction on the exchange and wait for the network confirmation. Your SOL tokens will appear in your Phantom wallet once the transfer is complete.

Step 4: Participate in the Solana Ecosystem

1. Stake Your SOL: To earn rewards and contribute to the network’s security, you can stake your SOL tokens. Connect your Phantom wallet to a staking platform like Solana Beach (https://solana-beach.io/) to start staking.

1. Explore dApps: Solana’s ecosystem is home to numerous decentralized applications (dApps) in various categories, such as DeFi, NFTs, and gaming. Visit Solana’s dApp directory (https://solana.com/dapps) to explore and interact with these applications.

1. Send and Receive Transactions: With your Phantom wallet set up and SOL tokens in hand, you can now send and receive transactions on the Solana network. To do so, simply connect your wallet to the recipient’s address and follow the on-screen prompts.

By following these steps, you’ll be well on your way to becoming an active participant in the Solana ecosystem. Whether you’re interested in staking, exploring dApps, or simply sending transactions, Solana offers a wealth of opportunities for users and developers alike.

Future of Solana

As one of the fastest-growing blockchain platforms, Solana’s future holds immense potential, with a focus on scalability, adoption, and innovation. Let’s explore the upcoming technological advancements, partnerships, and growth opportunities for Solana.

Upcoming Features and Developments

• Enhanced Scalability:
  • Cloudbreak: An upcoming update that will enable horizontal scaling, allowing the network to process even higher transaction volumes.
  • Pipeline: A feature that will enable parallel processing of transactions, further improving Solana’s speed and efficiency.
• Improved User Experience:
  • Seahorse: A command-line interface (CLI) tool for deploying and managing smart contracts, making it easier for developers to interact with the Solana ecosystem.
  • Phantom Mobile: A mobile version of the popular Phantom wallet, enabling users to manage their assets and interact with dApps on-the-go.
• Cross-Chain Interoperability:
  • Wormhole: A cross-chain messaging protocol that will enable seamless asset transfers between Solana and other blockchains, such as Ethereum and Binance Smart Chain.
• Decentralized Storage:
  • Sky: A decentralized storage solution built on Solana, providing users with a censorship-resistant and affordable way to store and share data.

Strategic Partnerships and Integrations

• FTX: Solana has partnered with cryptocurrency exchange FTX to launch Serum, a decentralized exchange (DEX) built on Solana for fast and low-cost trading.
• Google Cloud: Solana has collaborated with Google Cloud to provide a managed blockchain service, making it easier for enterprises to deploy and manage Solana-based applications.
• Meta (formerly Facebook): Meta has chosen Solana as one of the blockchains it will support for its upcoming non-custodial wallet, enabling users to interact with dApps and NFTs on the Solana ecosystem.

Expert Predictions

“Solana is well-positioned to become a leading blockchain platform for the next generation of decentralized applications. Its unparalleled speed, scalability, and affordability, combined with a strong developer ecosystem and growing partnerships, make it an attractive choice for users, developers, and investors alike.” – Sam Bankman-Fried, CEO of FTX and Alameda Research (Source: CoinDesk)

Looking Ahead

Solana’s future appears bright, with a roadmap filled with innovative features and strategic partnerships. As the platform continues to grow and evolve, it has the potential to reshape the blockchain landscape, enabling faster, more affordable, and more accessible decentralized applications.

By focusing on scalability, adoption, and innovation, Solana is poised to become a critical component of the Web3 infrastructure, powering the next generation of decentralized finance, non-fungible tokens, gaming, and more.

Key Points: Solana – The High-Performance Blockchain

• Unparalleled Speed and Scalability:
  • Solana can process up to 65,000 transactions per second (TPS), making it one of the fastest blockchains available.
  • Its unique architecture and consensus mechanisms (Proof of History and Proof of Stake) enable high-speed, low-latency transactions.
• Low Cost and Energy Efficiency:
  • Solana’s transaction fees are among the lowest in the industry, with average costs ranging from 0.00025 to 0.0025.
  • Its energy-efficient consensus mechanisms consume significantly less energy than proof-of-work (PoW) blockchains, contributing to its environmental sustainability.
• Strong Developer Ecosystem:
  • Solana’s user-friendly ecosystem, rich set of developer tools, and growing community make it an attractive choice for building decentralized applications (dApps).
  • The platform supports various programming languages, including Rust and JavaScript, catering to a wide range of developers.
• Growing Adoption and Partnerships:
  • Solana’s high performance and affordability have attracted numerous projects and partnerships in the decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, and data sharing sectors.
  • Strategic partnerships with exchanges, cloud providers, and technology giants (e.g., FTX, Google Cloud, and Meta) further enhance Solana’s growth potential.
• Addressing Challenges and Limitations:
  • While Solana offers numerous advantages, it also faces challenges such as network reliability, decentralization concerns, and regulatory uncertainty.
  • To ensure long-term success, the Solana ecosystem must address these challenges and maintain a balance between growth, innovation, and security.

Practical Advice

• Get Started with Solana: Set up a Solana wallet, buy SOL tokens, and participate in the ecosystem by exploring dApps, staking your SOL, or developing your own projects.
• Stay Informed: Keep up-to-date with the latest developments, partnerships, and news from the Solana ecosystem to make informed decisions about your involvement.
• Diversify Your Portfolio: While Solana offers attractive opportunities, consider diversifying your cryptocurrency portfolio to manage risks and capitalize on other promising projects.

Quote to Remember

“Solana is the first blockchain that can actually scale to the needs of the global economy.” — Anatoly Yakovenko, Founder of Solana (Source: TechCrunch)