Solana is a blockchain platform that uses a proof-of-stake mechanism to power smart contract functionality. Its native cryptocurrency is SOL.

Solana was launched in 2020 by Solana Labs, a company founded by Anatoly Yakovenko and Raj Gokal in 2018. The blockchain has experienced several major outages, suffered a hack, and was the subject of a class action lawsuit alleging that Solana was selling unregistered securities and misleading investors about the number of tokens. The SEC also filed a lawsuit against the cryptocurrency exchange, arguing that Solana should be regulated as a security.

Solana’s total market cap was $55 billion in January 2022. However, it fell to around $3 billion by the end of 2022 after FTX went bankrupt. Following the overall crypto market rally in 2023, its market cap has risen to $7 billion.