An article to help you understand: The exciting story of SOL's rise from obscurity to a market cap of 120 billion. After the meme boom fades, how will SOL play out in the future?
The birth of Solana: a dream about speed and innovation. Like Vitalik from ETH, the founder of SOL also has Soviet roots, founded in 2017, inspired by high-performance time synchronization technology. Core selling points: extremely low transaction fees (at $0.01) and high throughput (theoretically processing 65,000 transactions per second). Against the backdrop of high Gas fees on Ethereum, Solana attempts to solve scalability issues through technological innovation.
Early collaboration between SOL and FTX
As early as 2020, SOL and FTX collaborated.
1. Serum: In 2020, SBF collaborated with Solana to launch the DEX Serum built on the Solana blockchain.
2. Solana Ecosystem: FTX supported multiple projects and ecosystem development within the Solana ecosystem.
3. Direct Investment - Apart from early undisclosed investments, it reportedly provided $3.14 in 2021, and FTX is said to hold 13% of Solana's circulating supply.
In summary, SBF's support for SOL is undoubtedly that of a favored child, openly endorsing it.
Launch of testnet and mainnet
In March 2020, Solana's mainnet beta version went live. After SOL was launched, its price remained below $1 until 2021, when the bull market began, pulling SOL from $2 to $250 in November. Several reasons contributed to this:
1. Bull Market + Technical Advantages: In 2021, during the raging bull market, ETH gas fees soared to hundreds of dollars, and SOL, being cheap and fast, perfectly catered to the demand.
2. Investment Boom: Solana has attracted numerous investors, including well-known institutions and individual investors, with support from Alameda Research and SBF.
3. Ecosystem Expansion: A large number of DeFi projects, NFT platforms, and dApps have chosen Solana as their infrastructure.
SOL's outage issues - Major outage incidents of Solana:
September 2021: The IDO of Grape Protocol experienced downtime for several hours.
January 2022: Surge in on-chain activity, with transactions stalled for 18 hours.
May 2022: Robot attacks caused a 7-hour network interruption.
June 2022: Consensus failure led to network interruption, causing a sharp decline in SOL prices.
September 2022: Network interruption lasting over 13 hours, with DeFi projects facing liquidation risks after restarting.
February 2023: Significant performance decline in Solana's mainnet beta, leading to a drastic slowdown in transaction speeds.
FTX Bankruptcy: Solana's darkest hour
In 2022, FTX's collapse directly dragged SOL down from $200 to $10, with a large amount of SOL being sold off, shaking community confidence. The mainnet experienced frequent outages (7 times in 13 months), and technical stability was called into question.
Meme Season: Why choose Solana?
Starting in 2023, SOL experienced a surge in memes.
1. Low Cost: Minting on Solana is cheap and fast.
2. High Traffic: Community enthusiasm is high for Raydium, Jupiter, and Orca, whose cumulative trading volume once accounted for over 50% of total DEX on the network.
3. Wealth Myth Label: The emergence of pumpfun especially simplified the entry barriers for users, leading to explosive growth in Meme projects.
Ecosystem Prosperity: Beyond memes, what else can SOL develop?
1. DEX Boom: Raydium, Jupiter, etc., accounted for 50% of total DEX trading volume on the network.
2. NFTs: Low minting costs plus popular projects like degods have led more projects to choose Solana.
3. DePIN: Emerging track, many choose to launch on the Solana chain. 4. Payments and Infrastructure: Solana Pay, Helium, and X-pay shared yesterday.
That's all for today. During the bull market phase, many people hope to establish a communication channel. If you really can't navigate the crypto world on your own, don't force yourself, come find me for guidance, understand the latest information, strategize, embrace the bull market, improve your win rate, and say goodbye to being trapped at high positions.
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