Solana Labs Founded to Address Blockchain Scalability Challenges
Solana was created to address the limitations of existing blockchains, which were slow and expensive. Key points include:
- Anatoly Yakovenko, a former Qualcomm engineer, founded Solana Labs in 2018.
- Introduced proof-of-history (PoH) to enable simultaneous transaction processing, improving efficiency significantly.
- Raised approximately $20 million from venture capitalists for early development.
- Mainnet beta launched in March 2020, gaining traction for its low-cost, high-speed transactions ideal for DeFi and gaming.
- Secured $314 million funding in June 2021, leading to rapid ecosystem expansion with projects like Serum and Raydium.
- Price surged to $260 by the end of 2021, marking Solana as a top-five cryptocurrency by market cap.
Upcoming segments will cover challenges faced by Solana after its rise.