Solana blockchain experienced a significant outage that disrupted its mainnet, causing concerns about the platform’s stability. This incident occurred during a period of market volatility for SOL and adds to a history of similar outages, leading to criticisms and raising doubts about the future of the blockchain.

Read Also: Unexpected Response: Cardano Creator Ends it All With XRP Community

Starting on February 6th, the outage halted transactions on Solana mainnet. This is not the first time the blockchain has faced such challenges. These repeated outages raise concerns about Solana’s ability to handle increasing demand and maintain reliable operations, especially with its growing user and developer base.

Cardano Creator Throws Jab At Solana Network

Charles Hoskinson, the founder of Cardano, couldn’t resist taking a dig at Solana during this troublesome time. He posted a widely shared tweet featuring a meme that seemed to poke fun at Solana’s struggles.

This isn’t the first instance of Hoskinson criticizing Solana, indicating a longstanding rivalry between the two projects. While some see it as playful banter, others view it as unprofessional and potentially damaging to the broader crypto community.

This always works https://t.co/5kVRVGFM4l pic.twitter.com/X9yJXcETQn

— Charles Hoskinson (@IOHK_Charles) February 6, 2024

Market Jitters and Expert Opinions

The outage coincided with a period of market volatility, causing the price of SOL to drop significantly. This decline reflects investor concerns about the stability and prospects of the Solana blockchain.

Well-known figures like Max Keiser, a prominent Bitcoin advocate, took to Twitter to criticize Solana, calling it “centralized garbage” and predicting its downfall. While it’s important to approach such statements with caution, they contribute to the prevailing negative sentiment surrounding Solana at this time.

$SOL is centralized garbage. It’s illegal to trade unregistered securities and garbage like Solana in #ElSalvador — to protect Salvadorans from scammers, frauds and cons line SOL ETH ADA BNB AVAX FAB + 20,000 other shitcoins. https://t.co/F6Z6uz2Hmm

— Max Keiser (@maxkeiser) February 6, 2024

It’s important to remember that a single outage does not define an entire project. Solana has a vibrant ecosystem with many active projects and developers. The blockchain team is actively working to address scalability and reliability concerns, continuously striving for improvements.

However, recent events serve as a stark reminder of the challenges Solana faces and the need for ongoing enhancements and transparent communication within its community.

Read Also: Cardano (ADA) Reaches New Height of Network Uptime: 1760 Days without an Outage

Open Dialogue and Collaboration

The heated exchange between Charles Hoskinson and Solana highlights the necessity of constructive dialogue within the crypto industry. While healthy competition drives innovation, solely focusing on the shortcomings of individual projects hinders collective progress.

Open discussions, collaboration, and a shared vision for the future of blockchain technology are essential to overcome the complex challenges and unlock the full potential of this transformative technology.

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Disclosing Solana’s blueprint, the co-founder noted, “There is nothing stopping developers from creating Layer 2 solutions on Solana. However, Solana aims to synchronize a global atomic state machine as fast as the laws of physics allow.”

Will @solana ever require Layer 2 solutions? There's nothing stopping developers from creating Layer 2s on Solana. However, Solana's aim is to synchronize a global atomic state machine as fast as the laws of physics allow.

In this end state, any Layer 2, side chain, or…

— toly (@aeyakovenko) January 5, 2024

Read Also: Solana Co-founder Yakovenko Warns Against “ETH Killer” Narrative

Describing why the Solana platform seems bent on Layer 1 solutions, Yakovenko explained that Layer 2, coupled with other technological innovations like side chains, data availability validating bridges, and zero-knowledge proof valadium, have never enhanced Solana’s hunger for achieving a global atomic state.

Part of the co-founder’s tweet read thus, “In this end state, any Layer 2, side chain, or zero-knowledge proof valadium amounts to the same thing; they are external execution environments that cannot ensure atomic composition with the rest of the Layer 1 state.”

While Yokovenko seemed to have highlighted some technological innovations as not being integral to Solana’s pressing aim, he still acknowledged them as welcomed developments in the coin’s ecosystem. 

Reiterating Solana’s Commitment To Layer 1 Scaling 

Concluding his post, Yakovenko emphasized Solana’s desire to navigate through Layer 1. The co-founder noted that Solana remains bent on improving the single virtual machine instance on Layer 1, adding that the Solana blockchain can achieve such a feat via future hardware upgrades. 

Yakovenko’s submission speaks volumes of Solana’s pattern of hoping to drive considerable expansion projects from the foundation. The revelation is expected to excite crypto enthusiasts, especially SOL users, as they will be motivated to keep a close tab on the cryptocurrency, with hopes that events eventually unfold positively.

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Read Also: Solana Co-Founder: People Will Stop Using Bitcoin If It Doesn’t Move To Proof of Stake

Meanwhile, in other news, renowned crypto influencer Ben Armstrong, popularly known as Bitboy, dropped Solana’s price prediction for the year. 

The crypto influencer envisioned a bullish price trajectory for Solana (SOL), predicting a potential $1,000 price high for the token in 2024. Intriguingly, Bitboy noted that the $1,000 price target won’t be Solana’s peak price for the year, adding that the coin boasts the potential to soar above $1,000.

Per SOL’s data on Coincodex, the digital asset is changing hands at approximately $95.74, reflecting a 1.8% jump in price in the past 24 hours.

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In a recent interview on Token Terminal’s YouTube channel, the Solana co-founder said he is optimistic that the blockchain is capable of handling the world’s needs in relation to blockchain technology.

Read Also: Solana Co-Founder Says “We Want To Synchronize the World at the Speed of Light”

In the course of the conversation, Yakovenko said although Solana has all it takes to manage a huge number of users, it still lacks the applications that could attract larger numbers of users.

“I can definitely see [Solana] handling all of the world’s needs because when you look at today’s bandwidth infrastructure around data centers, the one gigabit is the free tier. You get a box, they give you one gigabit for free and it costs less than a dollar per terabyte of egress right now, so bandwidth is ridiculously cheap right now…

“Every two years there’s a new generation, so from my perspective, I think we can already handle hundreds of millions of users and we have an abundance of capacity. We don’t have the applications to actually attract those users yet…

Read Also: Everything You Should Know About the Solana-Powered Web3 Smartphone, Saga

“Helium created close to a million IoT (Internet of Things) hot spots, that’s really cool. Think about virtual tokens moving around between people with cryptography impacting the physical world, there’s literally a close to a million antennas generated from that, and they’re going to attempt to do the same thing with 5G.

“Hivemapper, on the other hand, is trying to map the entire world like Google Street View and there’s 60 million kilometers in the world. They’re already at [a] 2 million kilometers map, they just crossed that, they’re growing.”

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Unlike other popular blockchain systems which can have poor transaction speeds and high fees during peak usage periods, Solana allows users to execute transactions rapidly.

In this article, we’ll look at what Solana is, how it operates, and what makes it unique in the blockchain space. We’ll also explore how to trade Solana and discuss if it’s a worthy investment for you.

What is Solana Blockchain?

Solana is a blockchain platform launched to host decentralized, scalable applications. Solana was launched to wipe out the issue of scalability and time needed to reach a consensus on transaction orders.

The Solana blockchain achieves its consensus with the help of proof-of-history (PoH) and Proof of Stake (PoS) unlike other cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) which use Proof-of-Work (PoW). With the help of Proof of History (PoH), Solana uses hashed timestamps to verify when transactions occur. 

The blockchain is powered by its native cryptocurrency — SOL. SOL is used for the payment of transaction fees within the Solana ecosystem and is also used for staking to contribute to the governance of the platform.

On the one hand, Solana has major similarities with Ethereum but it improves upon its functionality. On the other hand, Solana has many advantages over Ethereum in terms of transaction processing speed and lower transaction fees. 

Reportedly, Solana can process up to 65,000 transactions per second, and its average cost per transaction is $0.00025. While Ethereum can only perform less than 15 transactions per second, with average transaction fees of around $1.68.

Solana blockchain has a quality of cryptographic timestamping that can regulate network traffic. Thus, Solana prides itself as the fastest blockchain. Additionally, the blockchain platform supports smart contracts and non-fungible tokens (NFTs). 

Brief History of Solana 

Solana’s idea started in November 2017. It was proposed in a 32-page whitepaper and later launched on March 16, 2020. The popular blockchain was built by Solana Labs, a team of software engineers with Anatoly Yakovenko as their lead. Some of the contributors include Eric Williams, Greg Fitzgerald, and Raj Gokal.

Solana Price History 

Solana (SOL) is a digital currency that functions exclusively online. SOL launched in 2020 and began trading at less than $1 per coin. Since then, its price has risen extremely fast, rising to above $200 before dropping alongside other cryptocurrencies for most of 2022.

When SOL launched initially, it had a total supply of 500 million tokens but there is no capped maximum supply. At the time of writing, SOL has a circulating supply of 383,611,821 SOL and a total supply of 543,375,172 SOL.

Of the initial 500 million SOL supply, the team held 12.79%, 10.46% went to the Solana Foundation, 12.92% was allotted to a founding sale, 16.23% to an initial seed sale, and the rest to public and private sales.

Solana is listed among the top 10 largest cryptocurrencies by market capitalization, at the time of writing.

Is Solana a Good Investment? 

Solana has potential. With the speed and low costs it offers, it has positioned itself as a faster, cheaper alternative to Ethereum. Although Solana has grown to some extent, its market cap is still just a fraction of Ethereum’s. 

That an investor can stake Solana is another added advantage to them. Investors will earn more SOL tokens based on the amount they stake. 

However, this doesn’t mean that investing in Solana is not risky. We advise you to only invest in crypto if you are comfortable with the risk and to invest the amount you can afford to lose. 

Conclusion

Solana is an innovative blockchain platform with fast transaction speeds, cheap costs, and scaling possibilities. Its distinct consensus algorithm, Proof of History, distinguishes it from other prominent blockchain platforms, and it has received substantial industry backing. 

Solana has the potential to play an important role in the future of decentralized banking and other blockchain-based applications, thanks to its developing ecosystem and growing variety of use cases.

Yet, like with any cryptocurrency investment, it is critical to conduct research and comprehend the dangers. Crypto markets are volatile, thus investment should be done with prudence and adequate financial planning at all times. It is also essential to evaluate the long-term possibilities of any investment rather than just the short-term rewards.

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In an interview with Austin Federa, head of communications at Solana Foundation, during Breakpoint Lisbon 2022, Yakovenko discussed how the blockchain project strove to maintain uptime, especially in June this year.

Read Also: Solana Unveils First Physical Store Dedicated to Web3 in New York City

He then analyzed Solana’s four biggest problems, stating that if they are successfully solved, the ultimate goal of the blockchain will be realized.

Sharing the major goal of Solana, Lisbon, he said, “We want to synchronize the world at the speed of light.”

According to Yakovenko, the implementation of the second client of the Solana blockchain, with a different code base, should be able to prevent further issues on the network.

He said, “The probability of the same kind of bug incurring in both is probably zero.”

Solana co-founder also discussed issues with spamming on the network, which can be attributed to the low transaction fees it offers. He mentioned that a number of projects, such as QUIC, have helped in preventing the issue.

Read Also: Everything You Should Know About the Solana-Powered Web3 Smartphone, Saga

The biggest of the challenges mentioned by the Solana co-founder is how to have multiple block producers operate simultaneously. He said if this major issue can be resolved, it should be able to drastically improve the speed of the network.

Other three major issues highlighted by Yakovenko are (1) formal verification, which refers to the security guarantees on the network (2) type-rich bytecode, which refers to how different parts of the network talk to each other (3) dynamic pricing for storage, a way for validators to manage how much the Solana blockchain grows in size.

Yakovenko also hopes to see the separation of the block production process from the transaction execution process.

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According to PeckShieldAlert, the hack is likely due to the exploit of an unresolved supply chain issue.

PeckShieldAlert tweeted, “The widespread hack on Solana wallets is likely due to the supply chain issue exploited to steal/uncover user private keys behind affects wallets. So far, the loss is estimated to be $8M, excluding one illiquid shitcoin (only has 30 holds & maybe misvalued $570M).”

#PeckShieldAlert The widespread hack on Solana wallets is likely due to the supply chain issue exploited to steal/uncover user private keys behind affects wallets. So far, the loss is estimated to be $8M, excluding one illiquid shitcoin (only has 30 holds & maybe misvalued $570M) pic.twitter.com/aTGNsTc6d8

— PeckShieldAlert (@PeckShieldAlert) August 3, 2022

Meanwhile, the price of Solana (SOL) has been unstable in the market since the exploit happened. At the time of writing, SOL is trading at $38.60, with about a 4% price downtrend in the last 24 hours.

Read Also: Solana Network in Fresh Outage. Here’s what Solana Team Is Doing To Mitigate the Situation

Users from across the world have been reporting the disappearance of their Solana funds from their respective wallets.

According to an expert who sounded a note of warning earlier today, users can be on a safer side by revoking all Trusted Apps in their Phantom wallet.

He wrote, “There’s a widespread exploit going on Solana right now, draining wallets left and right. There’s no official word yet, but revoke all Trusted Apps in your Phantom wallet right now to be on the safe side.”

According to some Solana profiles and service providers on Twitter, the hack seems not just affecting only a specific protocol, but a widespread issue. So, this could become more complicated than people think.

Blockchain auditor, OtterSec, Solana Network in Fresh Outage. Here’s what Solana Team Is Doing To Mitigate the Situation over 5,000 wallets have been drained.

What makes the matter worse, according to OtterSec, is that the transactions were signed by the actual owners, suggesting that the hack has to do with a private key compromise.

Read Also: Solana Unveils First Physical Store Dedicated to Web3 in New York City

The firm said the hack affected multiple wallets, including “Phantom, Slope, Solflare, TrustWallet – across a wide variety of platforms. FOR USERS, please move your assets to a hardware ledger or a centralized exchange,” adding that “there’s also been evidence of this issue affecting ETH users, although it seems less widespread.”

Per the team behind Solana, engineers from multiple ecosystems and security firms are currently investigating the affected wallets on the Solana blockchain.

The handle named Solana Status on Twitter pointed out that there is no evidence hardware wallets were also compromised.

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First Retail & Educational Space Dedicated to Web3

In a bid to improve its reach, Blockchain Network Solana (SOL) just launched its physical store; a first of its kind located at 20 Hudson Yards in New York City on Thursday, 28th of July 2022. According to Vibhu Norby, Solana Spaces CEO, the physical store’s main aim is to educate people about crypto and onboard newcomers.

The Solana Spaces is launched in partnership with Solana Foundation, Phantom, STEPN, Orca, Magic Eden, Metaplex, Degenerate Ape Academy, and many more.

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“Solana Spaces NYC is now open: Solanaspaces.com. We’re the world’s first retail & educational space dedicated to Web3,” the Twitter update read.

Solana Spaces NYC is now open: https://t.co/jZcZ99l5Cj

We’re the world’s first retail & educational space dedicated to Web3.

Brought to you in collaboration with @solanafndn, and partners @phantom, @stepnofficial, @orca_so, @magiceden, @metaplex, @degenapeacademy and more. pic.twitter.com/VoKnrIMmWP

— Solana Spaces (@solanaspaces) July 28, 2022

Read Also: Top Canadian Exchange Enables Cardano (ADA), Solana (SOL), Polkadot (DOT) Trading

Visitors to the store will have access to different tutorials, programming, and experiences for new entrants into crypto, often offering unique rewards for participation. 

Using a seed phrase booth, customers will be able to create their own Solana Phantom wallets. Visitors who complete the educational courses on Solana projects can gain access to a wide range of NFTs and cryptocurrencies, including USD Coin (USDC).

Additionally, the store will feature interactive art installations, a demonstration of Solana’s upcoming Saga phone, crypto “lifestyle” products like hoodies and T-shirts, and a selection of the ecosystem’s NFT collections. The store also offers a 50 percent discount on purchases up to $200 when using the Solana Pay app, and it plans to rotate the customer experiences.

More updates

Solana Spaces will be the first of its kind in the crypto industry, which has traditionally favored digital over physical products. As part of its other forays into the physical world, the company unveiled a Solana-branded smartphone last month.

The company via its official Twitter account also noted that every month, they’ll be introducing new limited edition drops and products and also dropping new updates.

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In a new report, DappRadar reveals that Solana is recording outstanding performance in the NFT space despite the overwhelming downturn in the crypto market.

Although there is a decline in the trading volume of other blockchains, including Ethereum (ETH), Solana (SOL) trading volume has been increasing, says DappRadar.

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The report also says that Solana (SOL) also outperformed other blockchains in terms of sales count.

DappRadar’s report reads in part:

“Solana and Avalanche emerged as the clear winners with an increase in trading volume (despite the crypto pullback) of 21% and 15%.

Incumbent blockchains such as Ethereum, Binance Smart Chain (BSC), and Polygon (MATIC) suffered heavy losses of 41%, 22%, and 59%. While absolute, the low point was reached for Flow and Ronin, which saw a pullback of 71% and 84%…

Read Also: Everything You Should Know About the Solana-Powered Web3 Smartphone, Saga

“Despite the depreciation of many tokens, the trading activity persisted on many blockchains. Solana, again as the clear winner, almost doubled its sales count by 98%, while Ethereum and BSC stayed pretty much on par with 2% and -4%, respectively. The same could not be said for the rest of the blockchains, which suffered losses of up to 75%…

“Although Ethereum has historically been the primary blockchain for NFTs, Solana has been growing as a viable alternative for new NFT projects due to relatively low gas fees and low barriers to entry.

“Magic Eden, the leading marketplace for Solana-based NFTs, has seen a record influx of traders due to the launch of many successful Solana-based collections like Okay Bears. The Solana marketplace DApp boasts 0% listing fees and only 2% trading fees. This quarter, Magic Eden accounted for 10% of all NFTs transactions.”

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Anatoly Yakovenko, Solana co-founder communicates that “the most powerful self-custody experiences in crypto – the ones where users are signing transactions as easily and often as they can send emails – have been stuck on desktop.” He adds that “the only companies with the resources to materialize the self-custody mobile future we are all dreaming of, Apple and Google, have had no updates to give on their roadmaps for crypto.”

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On this premise, Anatoly Yakovenko claims that it is high time web3 developers started building for mobile usage instead of just building around mobile usage. By doing so, crypto will tend to go mobile to a greater extent, considering that almost 7 billion people make use of smartphones.

In accordance, the Solana Labs engineering team began the process of building a premium web3 mobile hardware experience in 2021. The positive outcome of this action is seen in the Saga and Solana Mobile Stack releases.

Solana Mobile Rolls Out Saga

In an event held in New York on June 23, Solana Mobile, a subsidiary of Solana Labs, was excited to roll out its flagship web3 Android mobile phone named Saga. Also, Solana Mobile teamed up with OSOM to integrate Solana Mobile Stack (SMS) on Saga.

With Saga, Solana Labs aims to set an exotic standard for web3 experience on mobile. Categorically, the Android mobile phone is designed and manufactured by OSOM, a leading Android development company.

More so, Saga possesses unique properties which include a 6.67″ OLED display, 12 GigaByte RAM, 512 GigaByte storage, and Snapdragon® 8+ Gen 1 Mobile Platform.

Meanwhile, Saga pre-order is open, with delivery set to be done in the first quarter of 2023. From the announcement, pre-orders impose a $100 fully-refundable deposit fee, which will be applied to the anticipated final cost of $1,000.

Interestingly, a Saga Pass NFT is on its way. This NFT will only be available to early adopters of the Saga smartphone, with preference to be given to developers, degens, and power users.

Additionally, with this Saga Pass NFT, users get to participate in the governance of the Solana Mobile Stack platform.

Read Also: Solana Network in Fresh Outage. Here’s what Solana Team Is Doing To Mitigate the Situation

Solana Mobile Stack (SMS)

Solana Mobile Stack (SMS), launched alongside Saga is a framework for Android, which enables developers to create rich mobile experiences for wallets and applications on Solana. 

Per the launch announcement, SMS also contains a “Secure Element” for users to manage private keys. In other words, Solana Mobile Stack incorporates a Seed Vault that facilitates instant signing of transactions, while keeping private keys separated from wallets, applications, and the Android operating system.

That way, users’ security and ownership of digital assets are greatly guaranteed. Other initial features that come with the Solana Mobile Stack include a Mobile Wallet Adapter, Solana Pay for Android, and the Solana dApp Store.

Here is what Raj Gokal, co-founder of Solana said about the Solana Mobile Stack;

“Developers can now bring the power of Solana to the computers in our pockets, not just our backpacks. Solana can revolutionize so much of what we do every day, but we need to open the possibilities for decentralized apps on our mobile devices in order for this potential to be realized.” 

Furthermore, with this open-source software toolkit for Android, users can mint NFTs anywhere, play web3 games on Solana, participate in token-gated mobile commerce experiences based on owned digital assets, and transact for goods and/or services with their securely held digital assets.

Crypto Community Reacts

However, these developments by Solana have been welcomed with mixed reactions by the crypto community. Many industry giants and crypto projects like StepN, Magic Eden, Okay Bears, Orca, Phantom, etc have all shown adoption for SMS. On the other hand, some industry players like Charles Hoskinson have criticized the Saga smartphone move, capitalizing on the frequent outages of the Solana blockchain.

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The pseudonymous analyst shared his opinion regarding Solana (SOL) network issues during a discussion on the crypto channel Digital Asset News.

Read Also: Solana Network in Fresh Outage. Here’s what Solana Team Is Doing To Mitigate the Situation

The crypto analyst, who is only known as “Guy”, confidently stated that Solana will overcome the setbacks due to its strong ecosystem of developers and investors behind its growth and development.

According to Guy, large holders of Solana (SOL) are not bothered by the network outages, and so neither is he.

Coin Bureau host noted:

“I think Solana still has legs. It’s still in beta. I see these outages as battle testing of the network. They’re concerning. They’re not a good look. It’s not something we like to see, but every blockchain has its own weak points, its own failings and these outages seem to be Solana’s…

“I’m confident because they’ve got an enormous amount of backing. They’ve got a heck of a lot of developers working on it. Apparently, it’s actually quite difficult. It’s one of the trickier ones to actually develop on. I think Anatoly said it’s a bit like eating glass.

Read Also: Popular Analyst Shares Reasons Why Solana (SOL) Remains the Top Ethereum (ETH) Competitor

“I mean, that would be my only real concern about it, but you know, it’s got this amazing TPS, which is attracting people to build on it. Those projects that are building on it are also attracted by all that capital that’s there, that’s behind it…

“There’s an interesting clip from the Algorand conference last November and a bunch of VCs [venture capitalists] are talking there and they kind of mentioned in passing that institutions, they’re not at all bothered about Solana’s downtime and for me, that’s that says quite a lot. I think the smart money still believes in the project, and so do I.”

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