Solana celebrates fifth anniversary with impressive growth, proposed for US digital asset reserve
From Cointelegraph
March 17, 2025 01:33:33 AM:
Solana celebrates its fifth anniversary as one of the most active blockchain networks, processing over 408 billion transactions and nearly $1 trillion in value on decentralized exchanges since its launch in 2020. It has been proposed for inclusion in a US digital asset reserve.
Despite facing challenges during the 2022 bear market and the collapse of FTX, Solana made an impressive comeback in 2023, with its market cap soaring from $3 billion to over $140 billion by January 2025. FTX’s former firm purchased 58 million Solana tokens, valued at $7.4 billion.
Solana’s adoption surged during the memecoin craze, dominating the market with coins like Bonk, Dogwifhat, and Fartcoin. The Official Trump token, launched by Donald Trump’s inner circle, briefly reached a $14.6 billion market cap. Solana became the third-largest adopter of stablecoins behind Ethereum and Tron.
In a strategic move, the Trump administration plans to include Solana in the Digital Asset Stockpile, confirmed through an executive order. Despite its recent setbacks, Solana remains the sixth-largest cryptocurrency with a market cap of $64.5 billion. It is down 56% from its all-time high due to recession fears and weakened market sentiment.
Solana introduced the first major crypto phone, “Solana Saga,” with built-in wallet features. Sales initially started slow but surged after a 30 million BONK airdrop. A newer model, the “Solana Seeker,” was unveiled to enhance memecoin trading. Despite network outages, Solana has seen over 140,000 pre-sales for its phones.
A new independent validator client, Firedancer, is set to launch on Solana’s mainnet in 2025 to address client diversity issues and improve transaction processing. Solana has faced challenges with network outages and block production halts but continues to innovate and adapt to industry demands.
Read more at Cointelegraph: From pandemic origins to US crypto stockpile