SOLANA
Solana ($SOL) is an open-source blockchain platform designed to facilitate decentralized applications with high scalability. Originating in 2017, it was officially launched in March 2020 by the Solana Foundation, headquartered in Geneva, Switzerland. Solana's protocol introduces a hybrid consensus model, combining proof-of-history (PoH) with the underlying proof-of-stake (PoS) consensus of blockchains. This innovative approach allows Solana to achieve transaction speeds of up to 50,000 transactions per second, a significant leap compared to Ethereum's 15 transactions per second. Solana's energy efficiency is also noteworthy, with each transaction consuming energy equivalent to a few Google searches. The cryptocurrency associated with Solana, SOL, witnessed a remarkable surge in 2021, with its market capitalization reaching over $66 billion at one point. However, by October 3, 2022, its market cap had decreased to approximately $11.71 billion. Solana's unique proof-of-history concept, introduced by co-founder Anatoly Yakovenko in a 2017 white paper, enables the verification of the order and passage of time between events, enhancing the speed and efficiency of the blockchain. As of September 2022, Solana has processed over 100 billion transactions at an average cost of $0.00025 per transaction. Solana's GitHub repository indicates active development, with a focus on scalability, security, and decentralization. The platform's architecture can theoretically handle up to 710,000 TPS on a standard gigabit network. The repository also emphasizes compliance with applicable laws and regulations, highlighting the project's commitment to ethical and legal standards.
SolanaFM Secures a Seed Funding Round Worth $4.5M
World-class Blockchain explorer SolanaFM has secured a seed funding round worth $4.5 Million in partnership with various leading venture capital firms
Jump Crypto to Build New Validator Client for Solana
Following the growing security breaches on the Solana Blockchain network, Jump Crypto, a start-up known for many things in the digital currency ecosystem, from system redesign to investment, is set to help the protocol build a new validator client.
Phantom Wallet Says Solana Hack Did Not Come From Systems
Blockchain wallet services provider Phantom has shared the update from its investigation into the security breach that affected top hot wallets built on the Solana protocol last week.
Thousands of Solana Wallets Hacked, Estimates of Damage Unclear
The hack on Wednesday was executed after a flaw was exploited to suck out cryptocurrencies from 8,000 crypto wallets where owners stored their funds, the Solana Foundation announced.
Solana NTF Marketplace Magic Eden Is Expanding to Ethereum Blockchain
Expansion into the Ethereum blockchain is set to enable Magic Eden to integrate Ethereum NFTs into its platform.
Crema Finance Hacker Returns Stolen Crypto Following Negotiation
Crema Finance has received 6,064 ETH ($7 million) and 23,967 SOL ($870,000) from a hacker who had stolen 69,422.9 SOL and 6,497,738 USDC stablecoin (roughly $9 million) following a negotiation.
Only1 Launches First Web3.0 Social NFT Platform Built on Solana
Only1, a decentralized web3 social platform, is set to revolutionize how consumers use the social media landscape. Only1 pivots into a creator economy solution to eliminate intermediaries and allow creators to monetise their content easily.
Solana Introduces Web3 Mobile Phone Saga
Solana Labs subsidiary Solana Mobile has announced the launch of the mobile phone "Saga" set for launch in 2023.
South Korea's Crypto Tax Delayed Until Jan 2025
Crypto tax on digital assets in South Korea will be further delayed by another two years, according to an announcement from an official of the Ministry of Economy and Finance tax policy.
NFT Trading Platform Magic Eden Raises $130m at $1.6B Valuation
NFT marketplace Magic Eden has raised a new $130 million in a Series B funding round, increasing its valuation to $1.6 billion.