$SOL HISTORY : Solana was first opened to the public in March 2020,[2] with its first block being created on 16 March 2020.[5][third-party source needed] The Solana blockchain was designed to support smart contracts and decentralized apps in particular.[2][6] Large numbers of simultaneous transactions have contributed to several outages of the Solana blockchain.[6]

In June 2021, Solana Labs sold $314 million worth of its native cryptocurrency, SOL, to a group of funds led by Andreessen Horowitz and Polychain Capital.[7]

On 1 July 2022, a class action lawsuit was filed against Solana. The lawsuit accused Solana of selling unregistered securities tokens in the form of Solana from 24 March 2020, onward and that Solana deliberately misled investors concerning the total circulating supply of SOL tokens. According to the lawsuit, Anatoly Yakovenko, the founder of Solana Labs, lent a market maker more than 11.3 million tokens in April 2020 and failed to disclose this information to the public. The lawsuit claimed that Solana stated it would reduce the supply by this amount, but it only burned 3.3 million tokens.[8]

On 3 August, 2022, 9,231 Solana wallets were hacked[9] and four Solana wallet addresses stole approximately $8 million from victims.[10] The Solana Foundation stated that the hack was caused by digital wallet software from Slope Finance.[10]

In April 2023, Solana Mobile, a subsidiary of Solana Labs,[11] began selling the Solana Saga, an Android smartphone with several Solana-based decentralized apps preinstalled.[12]

In June 2023, the SEC sued Coinbase, alleging that Solana and twelve other currencies offered by the platform failed the Howey Test and qualified as securities. The suit accuses Coinbase of illegally evading requirements for disclosure by offering these tokens. The SEC had previously issued a Wells notice to Coinbase in March.[13][14]

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3 Lucrative Alternatives to Solana (SOL) for Potentially High Returns in 2024

Amidst the volatility of Solana (SOL), investors are seeking alternative prospects with the essential traits for the future of Web3—speed, scalability, and reliability. Three standout projects in this regard are-

1- Retik Finance (RETIK): Empowering

Retik Finance, a rising star in DeFi, seeks to revolutionize digital-era financial transactions. Offering DeFi debit cards, a crypto payment gateway, and partnerships with Visa and Mastercard, Retik ensures secure, private, and swift transactions. With an ongoing presale at $0.06 per token, it has raised $5.6 million, reflecting strong growth and investor interest.

2- Polkadot (DOT): Pioneering

Interoperability As a leading project in blockchain, Polkadot envisions a decentralized Web3 by connecting disparate blockchains. Its recent collaboration with Cardano via the Substrate framework promises a new ecosystem fostering cross-chain communication and integration. Having surged to $5.90 in November 2023, Polkadot is marking significant strides in the market.

3- Avalanche (AVAX): Speedy and Secure Blockchain Platform

Avalanche aims to facilitate swift, scalable, and secure transactions across various applications. Notable achievements include launching a $50 million fund for real-world asset development, partnering with major institutions like JPMorgan Chase and CitiBank, and becoming a primary blockchain platform for GameFi. Its recent 120% surge to $41 underscores its growth trajectory..

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