Layer-1 Blockchain Solana has been celebrating its fifth year since the launch of the Mainnet in its 2020-one of the largest chains through transaction activity and one of the few selected cryptocurrencies included in a proposed US digital asset stock.
Since Solana’s first block was built on March 16, 2020, the network was processing more than 408 billion transactions and nearly $ 1 trillion value in decentralized exchange-established itself as one of the leading blockchains of the industry’s layer-1.
Source: Solana
Here are some of the most prominent milestones of the Solana Ecosystem since Solana Labs CEO Anatoly Yakovenko and Solana co-founder Raj Gokal publicly launched the public in 2020.
Solana was born like the Covid-19 hit hit
While Solana’s origins could be traced back to late 2017 when Yakovenko released a white paper describing a method of caution for blockchains called “Proof of History,” but Solana was not launched until March 2020-right as the world began to take emergency measures against Covid-19 Pandemic.
The high-speed, low-cost layer 1 Solana Blockchain Launch is assisted by crypto dedicated to venture capital firm Multicoin Capital, which is leading a Financing round for Solana, which brought nearly $ 20 million worth of token sales to token in July 2019.
Source: Okx
Additional funds poured as soon as possible, and within 20 months of launch, Solana was named as a potential “Ethereum killer” like this Strength With a $ 77.8 billion market cap at the peak of the 2020-2021 Bull Cycle.
Solana hit hard by the 2022 bear market, falling FTX – but bouncing back
The 2022 bear market, in conjunction with the catastrophe Crypto Exchange FTX.
Sam Bankman-Fried Firm bought nearly 58 million Solana tokens-currently worth $ 7.4 billion-from Solana Labs and the Solana Foundation and “far the most serious” layer 1 that FTX helps scale, fortune Says In an April 2022 report.
FTX filed for chapter 11 losses on November 11, 2022, and is still in the process of unlocking Hundred -a million dollars costs staked solana tokens from FTX purses. Solana’s price fell to $ 8.30 on December 29, 2022.
Despite the uprising, 2023 marked the start of Solana’s wonderful return, seeing its market cap increased nearly 50-fold from $ 3 billion to more than $ 140 billion on January 19, 2025.
Memecoin Craze captures Solana’s adoption to the next level
One of the biggest factors behind Solana’s return was the Crypto Memecoin Craze that took place between late 2023 and 2024 – a $ 100 billion market led by Solana.
There are many memecoins of Solana like bonk (Bonk), Dogwifhat (Wif). MEMECOIN LAUNCHPAD PUMP.FUN It has been one of the most popular crypto platforms for Memecoin lovers.
Only pump.fun has RAKED to over $ 540 million in income in the last 12 months and even Ethereum exceeded more than 24 -hour intervals At some point.
Solana is home to many of the largest memecoins through the market cap. Source: Co ringecko
No Solana Memecoin, however, gained more attention than the official Trump (Trump) token launched by internal president Donald Trump’s Inner Circle on January 17-which grew stronger in a $ 14.6 billion markets in two days Before it falls.
Trump’s memecoin briefly pushed Solana Decentralized Finance (DEFI) total amount locked to $ 14.2 billion, just walking in Ethereum, Defillama Data Shut up.
Happy th -5 birthday @solana 🥳
Congratulations to 5 years of building and sending the greatest tech to bless our industry 🫶
Malets at the top 🎉 pic.twitter.com/clkv3eepn9
– Pump.fun (@pumpdotfun) March 16, 2025
Solana blockchain became the third largest adopter for stablecoins behind Ethereum and Tron.
Solana announced the first major crypto phone
In May 2023, Solana released the first major crypto phone, called “Solana Saga.”
The sales for the Android device with a built-in crypto wallet began to slow but skyrock after a 30 million bonk airdrop Attracting memecoin lovers to make a purchase.
Solana also announced a newer, Shinier Solana “Seeker” Smartphone in September To better facilitate memecoin trading and accrue token rewards.
While most reviewers say Solana’s phones lack the technical capabilities of an iPhone or Google Pixel, Solana has seen more than 140,000 presales for two products.
The Solana Seeker Phone is currently in priced at $ 500.
Solana Seeker Phone hardware specifications. Source: Solana Mobile
Solana, however, has also been injured by many network outages within a five-year span-jumino in making a block in 20 hours In some cases.
Solana validators have been forced to restart the network on many occasions when network activity progresses.
A new independent validator client called Fireredancer is set to live on Solana’s mainnet once in 2025 to meet the differences of Solana’s client. It is touted as a great solution In “Quic” —a protocol developed by Google data that has failed To process Solana transactions for a dozen times.
Solana is set to include in Trump’s Digital Asset Stockpile
The Trump administration said it would include Solana in the digital asset stockpile, which it confirmed by a Executive order on March 7. This is the youngest cryptocurrency on the list.
The digital asset stockpile will first use the cryptocurrency that has been eliminated in government criminal cases.
Related: Solana proposal to cute inflation rate of up to 80% failed to be passed
The US does not appear to hold Solana, According to At the Crypto analytics firm Arkham Intelligence. However, the White House said it would complete an audit of crypto assets.
Trump first announced that Solana would be a US reserve reserve on March 2.
Source: Donald Trump
However, he eventually established a Bitcoin-only reserve and the digital asset stockpile, which appears to include Solana in addition to Ether (Eth), XRP (XRP) and cardano (Ada).
Solana is currently priced at $ 128.17-the sixth largest cryptocurrency with a market cap of $ 64.5 billion. Solana drops 56% from all times high as the wider market continues to navigate by the fear of retreating and Poor market of the latter.
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