The blockchain of layer 1 Solana has marked its fifth anniversary since its launch of its main network in 2020. Over the years, it has become one of the most active blockchain networks by volume of transactions and is one of the few cryptocurrencies offered for inclusion in a reserve of American digital assets.
Since the first Solana block was built on March 16, 2020, the network has treated more than 408 billion transactions and nearly 1 dollars billion for decentralized exchanges – establishing itself as one of the main layers of layer 1 in the industry.
Source: Solara
Here are some of the most notable stages of the Solana ecosystem since its launch by the CEO of Solana Labs, Anatoly Yakovenko and the co-founder of Solana, Raj Gokal, to the public in 2020.
Solana was born just when the pandemic blow Covid-19
While Solana’s origins date back to the end of 2017 when Yakovenko published a white paper describing a timing method for blockchains called “proof of history”, but Solana was only launched in March 2020 – just when the world began to promulgate emergency measures against the Cavid -19 pandemic.
The high-speed and low-cost launch of the Solana layer 1 was assisted by the venture capital company focused on the venture capital-capital crypto-capital, leading a funding for Solana, which brought about $ 20 million in private token sales in July 2019.
Source: Okx
Additional funding was poured shortly after, and within 20 months of the launch, Solana was praised as a potential “ethereum killer” when he climbed a market capitalization of $ 77.8 billion at the top of the bull cycle 2020-2021.
Solana struck hard by 2022 on the bear market, the collapse of the FTX – but bounced back
The 2022 bear market, associated with the catastrophic collapse of the EXCHANGE FTX Crypto, landed the solara market capitalization at 3 billion dollars – a huge 96% drop in its previous peak – at the end of 2022.
The former company of Sam Bankman Fried bought approximately 58 million Solana token – worth 7.4 billion dollars – in Solana Labs and the Solana Foundation. Solana was “by far the most serious” in layer 1 that FTX helped on the scale, Fortune said in an April 2022 report.
The FTX has filed a bankruptcy file of Chapter 11 on November 11, 2022 and is still unlocking hundreds of millions of dollars of Solana Jalon tokens from FTX wallets. Solana’s price fell at $ 8.30 on December 29, 2022.
Despite the backhand, 2023 marked the impressive return of Solana, which saw its market capitalization increased by almost 50 times by 3 billion to more than $ 140 billion on January 19, 2025.
Same Craze passes the adoption of Solana to the next level
One of the main reasons for Solana’s return was the craze of Crypto even which took place between the end of 2023 and 2024 – a 100 billion dollars market that Solana dominated.
Several Solana Memecoins such as Bonk (Bonk), Dogwifhat (WIF), Fartcoin (Fartcoin) and the Grassouillant Penguins (Pengu) reached stock market capitalizations of several billion dollars at the beginning of 2024 – at the time of the pump launching the solela same.
Pump.fun alone has collected more than $ 540 million in income in the last 12 months and even exceeded Ethereum over 24 hours intervals at certain times.
Solana is home to many of the biggest guys by market capitalization. Source: Flirtatious
No Solara Memecoin, however, has drawn more attention than the official Trump token (Trump) launched by the inner circle of President Donald Trump on January 17 – which climbed on a market of $ 14.6 billion in the two days before crashing.
Trump Memecoin briefly pushed Solana Decentralized Finance (DEFI) The total value locked at $ 14.2 billion, which is happening only Ethereum, according to Defilma data.
Happy 5th birthday @Solana 🥳
Congratulations on 5 years of construction and shipping the greatest technology to have ever honored our industry 🫶
Manlets at the top 🎉 pic.twitter.com/clkv3epn9
– Pump.fun (@pumpdotfun) March 16, 2025
Solana’s blockchain has also become the third largest adopter of Stablecoins behind Ethereum and Tron.
Solana unveils the first major cryptographic phone
In May 2023, Solana published the first major cryptographic phone, called “Solana Saga”.
Sales of the Android device with the integrated cryptographic portfolio started slowly, but arose after a 30 million terminals prompted the same lovers to make a purchase.
Solana also unveiled a new SOLANA “Seeker” smartphone more recent last September to better facilitate trading samecoin and the accumulation of token rewards.
While most examiners say that Solana phones do not have the technical capacity of an iPhone or a Google Pixel, Solana has seen more than 140,000 presale for both products.
The Solana Seeker phone is currently at a price of $ 500.
Material specifications of the Solana Seeker phone. Source: Solana Mobile
Solana, however, was also plagued by several network failures during her five -year period – interrupting the production of blocks for 20 hours in some cases.
Solana validators have been forced to restart the network several times when network activity has increased.
A new independent validator client called Firedancer should be posted on the principal of Solana in 2025 to tackle the diversity problems of Solana customers. It was presented as a solution higher than “Quic” – a data transfer protocol developed by Google which has failed to treat transactions on Solana over a dozen times.
Solana should be included in Trump’s digital asset stocks
The Trump administration says it will include Solana in the stock of digital assets, which it confirmed by a decree of March 7. It is the youngest cryptocurrency on the list.
The stock of digital assets will initially use the confiscated cryptocurrency in government criminal affairs.
In relation: Solana’s proposal to reduce the inflation rate up to 80% fails to pass
The United States does not seem to hold Solana, according to the Crypto Arkham Intelligence analysis company. However, the White House said it would finish an audit of Crypto Asset Holdings.
Trump initially announced that Solana would become an American reserve asset on March 2.
Source: Donald Trump
However, he then established a Bitcoin reserve only and the stock of digital assets, which seems to include Solana in addition to ether (ETH), XRP (XRP) and Cardano (ADA).
Solana is currently at a price of $ 128.17 – the sixth cryptocurrency with a market capitalization of $ 64.5 billion. Solana is down 56% compared to its top of all time while the wider market continues to sail in the fears of the recession and the weakened feeling of the market in recent times.
Review: Comparison 2025: Is Ethereum ready to catch up with Bitcoin and Solana?
