Solana is a public, open-source, and decentralized blockchain platform. It is powered by a combination of proof of stake and proof of history. Its internal cryptocurrency is SOL. It was launched in 2020 by Solana Labs, founded in 2018 by Anatoly Yakovenko and Raj Gokal.
Bloomberg sees Solana as a "potential long-term competitor to Ethereum." Like Ethereum, Solana can interact with smart contracts. The Solana platform has become increasingly popular due to the perception that the blockchain will be relatively easy to use when run by a large number of computers, its mining efficiency, and its scalability. In particular, perceived scalability is what leads many to believe it will be an effective DeFi platform. Solana's ability to scale comfortably at around 50,000 transactions per second is also faster than its larger competitors.
