What is the Solana crypto project ?
Let’s take a closer look at the Solana project, namely :
- Who is behind Solana ?
- Why a new blockchain and what are its advantages ?
- What are the projects related to Solana and where is the roadmap ?
The Solana Foundation
The Solana project is supported by the Solana Foundation. It is a non-profit organization that ensures the security, decentralization and growth of the Solana network.
Their goal is to offer an ecosystem based on a high-performance blockchain : inexpensive, fast and secure.
One of the main roles of the Solana Foundation is to ensure an uncensored project (unlike Ethereum, see box): for this a few thousand certified validators form the nodes of the network and ensure its security.
What is censorship?
When some of the validators of a network do not agree with the project, they can then censor it: they no longer ensure the rules of operation of the network and a branch (fork) must then be created. For example, Ethereum Classic (ETC) was born out of a lack of consensus among the validator community in late 2017, this new branch of Ethereum (ETH) was then born.
If Solana is very fast and secure, it is thanks to the validation provided by this network of decentralized and certified validators.
The Solana blockchain : a real ecosystem
The young Solana project started in 2020 has great ambitions and stands as a direct competitor to Ethereum.
The Solana blockchain offers inexpensive (low cost) and super-fast transactions. It integrates smart contracts that enable web3 applications : DeFi, NFT, Play-to-Earn games or other dApps.
The ecosystem allows more modest projects to be carried out on Solana: small tokens, NFT games, etc. The Solana ecosystem can also connect to other networks, such as Ethereum or Cardano.
Projects built on Solana crypto
There is the Phantom browser wallet at the heart of the Solana ecosystem : it will allow you to store your SOL tokens as well as the other tokens hosted on the Solana blockchain such as Saber or Serum. You can also store USDC (Coinbase’s stablecoin, available on the platform).
What is a stablecoin?
It is a stabilized token (linked to another token which ensures this stability). It is backed by a fiat currency like the dollar (a dollar against a token). We mainly find Tether (USDT) and USDC.
Thanks to Phantom, you will have access to dApps, DeFi and you will be able to store your NFTs (collectible artworks) :
- You can find the popular STEP’N app that rewards you in crypto for your market or run kilometers, and which allows you to collect NFTs of futuristic sneaker shoes.
- You will also be able to access Mango, a DeFi application allowing you to invest in a plethora of investment options.
- You can use web3 applications like Audius, music streaming platform.
The entire Solana ecosystem is available from their website http://solana.com and their various social networks.
The roadmap is reached for now ! It is the success of the various dApps on the platform that will tell whether Solana will remain on top.
Which wallet for Solana ?
You can of course invest in the Solana token via your favorite exchange platform such as Binance or Bybit, or via brokers such as eToro and Bitpanda. Thanks to the popularity of Solana you can find it on all the resellers on the market.
To access the full potential of Solana (dApps, DeFi and NFT) you will need a browser wallet connected to the Solana network such as Phantom. You will be able to store your Solana tokens and participate in dApps.
Investing in Solana in 2022 : opinion and prediction
Where is the price of Solana today and why is it potentially a good investment in 2022 ?
Solana’s course follow-up
Launched at a value of less than $1 in 2020, Solana has seen impressive growth until November 2021 with an ATH at over $250.
Investors have rarely seen such a surge for a new project, Solana in two years climbed to the top steps (now number 9 in terms of market capitalization).
Since then, it has followed the downtrend with a rebound in March 2022 to just under $150 (second key value). Since March 2022 the downtrend is global and Solana is no exception.
It fluctuates between $35 and $45 today. Does that mean it’s a “low”? Everything will depend on the possible rebound of Bitcoin, which is carrying the market, and on the progress of the Solana project.
Why buy Solana today?
After such a long downtrend (since November 2021) and the arrival of Bitcoin on key values ($30,000), many are thinking of a rebound in the crypto market to come.
You can take advantage of the low price to return Solana to your capital in DCA. This spring’s altcoin drop only took Solana down to just $35 (other values crashed between X10 and X100). This reflects the vigor of the Solana ecosystem.
What is the DCA purchase?
L’achat DCA c’est quoi ?
When the market is down or stagnant, we talk about buying DCA: you buy each time at a lower price, while hoping to exceed the first purchase and achieve a new ATH in the long term.
Some think that Solana has lived its “time to shine” and that other blockchains are entitled to their fad like Cardano. There are always detractors, but in our view there is room for different major blockchains in the crypto world, especially since dApps bridge different blockchains.