Rise of Solana and The Third ETF.

It is magic that Solana rise to become a contender in a realm dominated by giants like Bitcoin and Ethereum.

It was middle of 2017, amidst the fever of the crypto boom, Solana sprouted from the minds of Anatoly Yakovenko and his team.The concept was straightforward yet ambitious to create a blockchain capable of unmatched speed and scalability.

Yakovenko, a former Qualcomm engineer, proposed a new timekeeping technique for decentralized networks called Proof of History, which would become the backbone of the Solana protocol.

The basic concept grows by time and in March 2020 the official launch of Solana's main net beta marked a critical milestone. In an era where digital transactions were becoming more prevalent, Solana offered a glimmer of ultra-fast transaction capabilities, processing over 50K / second where Bitcoin's seven and Ethereum's fifteen.

The narrative of Solana took a more dramatic turn in 2021. The shadows of bull market took SOL an explosive increase in value, peaking at an all-time high that captured the attention of investors and developers alike. Solana touches $260 in January of 2021 and This surge was not just a reflection of market trends but also the growing ecosystem on Solana, including DeFi applications and non-fungible tokens, or NFTs.

Speaking of ecosystems, the play-to-earn and write-to-earn applications on Solana are transforming traditional gaming and content creation paradigms. Games like Star Atlas and Aurory have pioneered a new era where players can earn real value through gameplay. Similarly, write-to-earn platforms leverage Solana’s high-speed, low-cost transactions to reward content creators directly and transparently.

we are gazing into 2024 and the predictions for Solana are cautiously optimistic. Despite facing network congestions and outages in the past, continuous improvements and an expanding developer community suggest a robust trajectory. The focus remains on enhancing network stability and usability key factors that could drive its adoption further.

Is Solana better than Bitcoin?

The question is not about being better but rather about offering different solutions. Bitcoin, the first cryptocurrency, is often seen as digital gold, a store of value. But Solana, on the other hand, aims to revolutionize how applications and transactions use blockchain, emphasizing speed and efficiency. So the characteristics of Solana are much better and in higher side then Bitcoin.

The journey has not been without turbulence. The soaring market of Solana has faced its share of challenges, from network outages to security concerns. These incidents have tested investor confidence but also led to significant protocol enhancements and a more resilient network.

The Third ETF.

We know that SEC approved first ETFs for Bitcoin and second one for Ethereum ( in process). The experts like Standard chartered have strong believe that the third ETF will be by Solana possibly in next year. A brokerage firm said that Solana can follow the path of Ethereum to be strong contender for ETF commodity. This will boost it's store value and main stream player capability. Due to highest Market Cap after BTC and ETH, SOL is logical pick for the third ETF.

Final Thoughts.

Solana's journey from a mere idea to a blockchain powerhouse is a testament to innovation and persistence. Its ability to process transactions at lightning speed, coupled with a growing array of applications, sets a promising stage for its future. Whether it's transforming financial systems or redefining gaming and content creation, Solana continues to push the boundaries of what's possible in the blockchain space.

The road ahead is long and uncertain, but for Solana, the potential is sky-high, and the journey has only just begun.

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Note: The article also published on Bulb.

Cheers,

Amjad.