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Solana is a decentralized blockchain that is built to enable the development of scalable, user-friendly apps for the world. It is the fastest blockchain that exists in the world and the fastest-growing ecosystem in crypto, with over 400 projects spanning DeFi, NFTs, Web3, and more.
While the idea was introduced in 2017 and initial work on the project began in the same year, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland. The Solana protocol is designed to facilitate decentralized app (DApp) development. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain. Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale. The idea seems interesting, let's see if it is worth putting money on it or not.
Solana was one of the most beneficial cryptocurrencies for investors over the past year with a 5,112% increase in price, which is way more than its similar projects in the "Solana Ecosystem, Smart Contract Platform" category. Solana also exceeded the total crypto market in terms of Return On Investment (ROI), which saw the number of 3,718% as its ROI. Looking monthly, Solana's investors enjoyed a profit of 336% during the last month. For more details about Solana's ROI, see our report here.
Projects with public Github accounts have more transparency and reliability. Generally, you want to invest in the projects with multiple contributors and commits (this means they are busy working and building the project and just pumping their coins). For Solana, there are 173 contributors to the project according to its Github account. Our report on Solana's technical development and contributors can be found here.
Solana was very successful in gaining public attention. Our report on Solana's popularity, which can be seen here, shows that its Twitter account saw an increase of 265% over the past six months, from approximately 150k to more than 500k followers. Solana's Reddit subscribers also increased sharply by 616%, while its Telegram channel users saw a relatively slight increase of 33%. Solana's popularity report can be found here.
With more than $52 billion, Solana is ranked 6 among all cryptocurrencies in terms of market capitalization. Our data indicate that overall, its market capitalization has been increasing over the past six months. Also, Solana's price saw an increasing trend during the same period, which led to the peak of $191.51 on September 9, 2021. Liquidity is another important factor while analyzing cryptocurrencies, which represents how easy it is to sell your coins if the market is falling. Solana's liquidity score is 75% more than the market's average score. You can see our full report about Solana here.
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