|Original author(s)||Anatoly Yakovenko, Greg Fitzgerald, Stephen Akridge, Raj Gokal|
|Developer(s)||Solana Labs & Solana Foundation|
|Source model||Open source|
|Ledger start||March 16, 2020|
|Block time||400 milliseconds|
|Circulating supply||355,284,696.192 SOL (as of 10 October 2022)|
|Exchange rate||US$33.38 (as of 4 November 2022)|
|Market cap||$11.98B (as of 4 November 2022)|
Solana is a public blockchain platform with smart contract functionality. Its native cryptocurrency is SOL.
Solana was proposed in a white paper Anatoly Yakovenko published in November 2017. This paper described a technique called "proof of history".[non-primary source needed] On 16 March, 2020, Solana's first block was created. In June 2021, Solana raised a $314 million funding round led by Andreessen Horowitz.
On 3 August, 2022, it was announced that the Solana ecosystem had been targeted by hackers, affecting 9,231 Solana wallets. Four Solana wallet addresses took approximately $4.1 million in total from victims. All wallets affected were at one point created, imported, or used in the Slope wallet applications on iOS and Android. Security researchers discovered that Slope wallet sent sensitive account data to its remote servers in clear text.
In November 2022, the price of Solana dropped by 40 percent in one day following the FTX liquidity crisis since Solana was backed by Alameda Research and was its second-largest holding.
On July 1, 2022, a class action lawsuit was filed against Solana. The lawsuit accused Solana of selling unregistered securities tokens in the form of Solana (SOL) from March 24, 2020, onward and that Solana deliberately misled investors concerning the total circulating supply of SOL tokens.
According to the lawsuit, Anatoly Yakovenko, the founder of Solana Labs, lent a market maker more than 11.3 million tokens in April 2020 and failed to disclose this information to the public. The lawsuit claimed that Solana stated it would reduce the supply by this amount, but it only burned 3.3 million tokens.
Solana achieves consensus using a proof-of-stake mechanism and its model, known as "proof-of-history" mechanism. Proof of history enables the network to operate faster because nodes do not need to communicate to validate a block. The Solana whitepaper describes this design as a decentralized clock. Proof of history enables network participants to have a high degree of certainty that an event took place at a specific moment in time. An example of proof of history is when a person takes a picture of today's newspaper with the date and time recorded so that it can be used to verify the newspaper in the future.
Like various other blockchains, Solana can run smart contracts. Solana's execution environment is based on eBPF, which allows the Rust, C, and C++ programming languages to be used.[third-party source needed]
Solana has experienced multiple outages in 2021 and 2022.
On 14 September, 2021, the Solana blockchain went offline after a surge of transactions caused the network to fork, and different validators had different views of the state of the network. The network was brought back online the next day on 15 September, 2021. The Solana blockchain again went offline on 1 May and 31 May, 2022. The outage at the beginning of the month lasted roughly seven hours, and the one at the end of the month lasted about four and a half hours.
On 30 April and 1 May, 2022, Solana experienced major outages due to being taken offline by bots. On 1 June, 2022 Solana reportedly suffered another outage due to a bug in how the blockchain processes offline transactions. On 1 October, 2022, the Solana network went down for 6 hours due to a single misconfigured node.