August 30, 2021

Solana token price broke the $100 mark

On Monday, August 30, the price of the native token of the Solana project (SOL) momentarily reached the level of $102. Over the past 24 hours, the asset gained 4.4%
On August 16, SOL renewed its high at above $60 and entered the top 10 crypto-assets by capitalization.

Recall that in June, Solana Labs, a developer of the blockchain of the same name, raised $314 million in a private token sale. The round was led by Andreessen Horowitz and Polychain Capital, with participation from Alameda Research, CMS Holdings and others.

What is Solana?

Solana is a project developing a scalable blockchain protocol for creating decentralized applications and smart contracts.
Solana's founders are former Qualcomm employee Anatoly Yakovenko, former BREW developer Greg Fitzgerald and particle physics PhD Eric Williams.

In 2017, Yakovenko published a draft white paper in which he presented the Proof-of-History (PoH) blockchain synchronization algorithm. Later, Yakovenko and his former Qualcomm colleague Greg Fitzgerald created a blockchain in the Rust programming language that uses PoH as an "internal clock. In February 2018, Yakovenko and Fitzgerald published the official white paper version of the project and launched the first internal test network.

In 2018, Yakovenko and Fitzgerald founded a company now known as Solana Labs. The project team includes former programmers from Google, Microsoft, Qualcomm, Apple, Intel and Dropbox.

The founders named the project Loom, but later renamed it Solana to avoid confusion with the Level 2 Loom Network solution. The project is named after Solana Beach, a town thirty minutes from San Diego where Anatoly Yakovenko lives.

Between April 2018 and July 2019, the project raised more than $20 million in venture capital investment through several closed tokenseals. In the third quarter of 2020, the public test network of the Tour de SOL project was launched. In March 2020, the beta version of the main network launched.

In June 2020, the project created the Solana Foundation, an organization aimed at developing the Solana ecosystem and adopting decentralized technologies. Solana Labs gave the Solana Foundation 167 million SOL tokens and the rights to all intellectual property.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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