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Despite much controversy and heated debates around availability, scaling, reliability and UX, Solana (SOL) is an inevitable part of the global blockchain scene and a critical element of the dApps segment.
Solana (SOL) celebrates Genesis Day: Mainnet transactions kicked off four years ago
Four years ago today, on March 16, 2020, Solana (SOL), a major smart contracts platform, started its mainnet operations. As such, the Solana (SOL) community is celebrating Genesis Day for the fourth time.
As per the celebration announcement shared by Solana Foundation, the blockchain processed 254 million blocks that included 276 billion transactions. As of printing time, the blockchain decentralization is safeguarded by over 1,600 validators.
Solana (SOL) is home to 248 decentralized applications (dApps), DappRadar tracker says. The Jupiter exchange and Raydium are the largest DeFis in terms of trading volume.
SOL, the core native cryptocurrency and gas asset of the Solana (SOL) blockchain, remains the fifth largest crypto by market capitalization. Valued over $85.5 billion, Solana (SOL) exceeds XRP, its closest competitor, by over 150%.
Also, Solana (SOL) is responsible for a significant part of the global DeFi TVL metric. Investors locked over $4 billion in Solana’s DeFis so far.
2024 might be year of Solana (SOL), here’s why
As such, Solana (SOL) is the fourth largest blockchain by TVL, only surpassed by Ethereum (ETH), Tron (TRX) and BNB Smart Chain (BSC).
In 2024, Solana (SOL) is frequently called one of the most obvious potential beneficiaries of the starting bull run. It is entering the rally without ties to the infamous FTX/Alameda ecosystem. Also, it managed to attract airdrop farmers and meme coin enthusiasts in Q4, 2023.
At the same time, for a large part of the cryptocurrency community, Solana (SOL) remains the only viable alternative to the EVM ecosystem despite being criticized for periodical outages.
