Solana

Solana is a blockchain platform which uses a proof-of-stake mechanism to provide smart contract functionality. Its native cryptocurrency is SOL. Solana was launched in 2020 by Solana Labs, which was founded by Anatoly Yakovenko and Raj Gokal in 2018. The blockchain has experienced several major outages, was subjected to a hack, and a class action lawsuit was filed against the platform. Solana's total market cap was in January 2022. However, by the end of 2022, this had fallen to around $3 billion following the bankruptcy of FTX. Following the general rise of the cryptocurrency market in 2023, its market cap rose to $7 billion. Characteristics According to the company's white paper, Solana runs on a proof of stake model. The New York Times and Financial Times described the coin as an alternative to Ethereum.