The Launch of Solana at ZebPay

29 December 2021 | ZebPay Trade-Desk

The Launch of Solana at Zebpay

Solana is an extremely purposeful open source project that banks on blockchain technology’s permissionless nature to supply DeFi solutions. whereas the thought and initial work on the project began in 2017, Solana was formally launched in March 2020 by the Solana Foundation whose headquarters is situated in Geneva, Switzerland. 

The Solana protocol is meant to help in the creation of Decentralized app (DApp)  It aims to enhance quantifiability by introducing a proof-of-history (PoH) agreement combined with the underlying proof-of-stake (PoS) consensus of the blockchain. Thanks to the innovative hybrid consensus model, Solana enjoys interest from marginal traders and institutional traders alike. A major focus for the Solana Foundation is to form decentralized finance accessible on a bigger scale. SOL tokens can now be purchased and sold in Zebpay too. 

SOL Snapshot (at the time of writing):

The Solana Foundation has proclaimed that the whole of 489 million SOL tokens is free in circulation. At the moment, 260 million of those have already entered the market. The SOL token distribution is as follows: 16.23% went towards associate initial seed sale, 12.92% of tokens were dedicated to a creation sale, 12.79% of SOL coins were distributed among team members and 10.46% of tokens got to the Solana Foundation. The remaining tokens were already released for public and personal sales or are still to be released to the market. Solana’s price throughout the initial seed sale, persisted Apr 5, 2018, was $0.04. Given the recent ATH, that represents a formidable 5400X come back on investment (ROI).

Investment Analysis:

Solana’s PoH formula uses cryptography to determine a trustless supply of your time for the system whereas maintaining the network’s degree of decentralization. It offers a changeless record of previous events on the blockchain, and this facilitates the written account storage of historical data. However, this isn’t simply restricted to trailing timestamps and native timezones.

The network’s PoH algorithm is employed primarily to confirm node synchrony, as the opposition is employed directly for consensus. It runs in parallel with its PoS layer. This permits nodes to make their own timestamps, with the leader of every node sequencing messages while others method transactions. Once transactions are sequenced and are received from the leader node, the validators/replicators then settle the transactions and publish their signatures as presently as they need confirmation. These confirmations are essential to Solana’s functioning and are thought of as votes by the agreement algorithm. This can be wherever PoS gets to unfold its wings, providing its ballot mechanism to elect the leader on the network. 

Solana’s native cryptocurrency, SOL, has garnered heaps of interest in recent months, significantly throughout the recent crypto rally. SOL works in the same manner as  ETH is employed on Ethereum, however, holders stake the token so as to validate transactions through the PoS agreement mechanism. It conjointly allows users to participate in governance processes, receive rewards and pay gas fees. In the above table, we can see that the growth of SOL tokens has been exceptional this year. Except for the small hiccup faced by the asset in the last quarter of 2020 it has increased by about more than 100% in every quarter this year. The price was close to $9 during the start of 2021 and it is currently trading at $190 which is around a 95% increase. The volume has remained stable barring the dip in December last year. It has accelerated over the period of time and swelled by about 6898%. The market capitalization had a phenomenal rise of about 70310% in just a year. The asset is now at the top 5 coins ranking at fifth leaving behind ADA, DOT in the rank ladder. 

As the world had simply begun handling the COVID-19 pandemic, Solana proved resilient amidst strained economies and international monetary systems. SOL’s value saw high levels of growth over the last year, with several major exchanges together with Binance, Bitfinex, listing the token, and can be now traded against INR in ZebPay too. The network itself witnessed unprecedented growth too, onboarding multiple companies onto its platform, including Chainlink, USDC, USDT, Serum, Terra, and a number of others. Proponents have begun to dub Solana’s consequent “Ethereum Killer,” thanks to its being quicker and additional scalable. The very fact that Solana doesn’t need a layer two resolution to keep up its high performance has additionally allowed several major DeFi comes to begin building on it, together with O3-Swap, Arweave, SolStarter, and Oxygen. outstanding DEX person OpenOcean has also integrated Solana into its platform when receiving a substantial variety of requests to try to do so from the community.

Conclusion

Undoubtedly, the SOL token and its wild appreciation in price probably vie a major role in luring investors onto the network. On the event front, Solana is seeing a lot of wider adoption than several alternative blockchains comes at similar stages in their evolution. 

References:

https://coinmarketcap.com/

https://solana.com/solana-whitepaper.pdf

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