# Solana

By [Daniil](https://paragraph.com/@daniil-2) · 2023-04-12

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**Solana** is a [blockchain](https://en.wikipedia.org/wiki/Blockchain) platform which uses a [proof-of-stake](https://en.wikipedia.org/wiki/Proof-of-stake) mechanism to provide [smart contract](https://en.wikipedia.org/wiki/Smart_contract) functionality. Its native [cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency) is **SOL**.

Solana was launched in 2020 by Solana Labs, which was founded by Anatoly Yakovenko and Raj Gokal in 2018. The blockchain has experienced several major outages, was subjected to a hack, and a [class action lawsuit](https://en.wikipedia.org/wiki/Class_action) was filed against the platform.

Solana's total [market cap](https://en.wikipedia.org/wiki/Market_capitalization#Cryptocurrencies) was US$55 billion in January 2022, however by the end of 2022 this had fallen to around US$3 billion following the [bankruptcy of FTX](https://en.wikipedia.org/wiki/Bankruptcy_of_FTX). Following the general rise of the cryptocurrency market in 2023, its market cap rose to $7 billion.

[https://opensea.io/assets/0x05dFe8db15EA58Cf7Cc1186d29b17b91E74f5778/2](https://opensea.io/assets/0x05dFe8db15EA58Cf7Cc1186d29b17b91E74f5778/2)

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*Originally published on [Daniil](https://paragraph.com/@daniil-2/solana)*