Solana

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Project overview

Developed by Solana Labs to address blockchain performance bottlenecks, Solana is a proof-of-stake Layer 1 blockchain known for its high-performance, low transaction fees and scalability features. It also has smart contract capabilities allowing users to build decentralised applications and blockchain solutions on the protocol.

Solana first emerged when co-founder Anatoly Yakovenko published the Solana whitepaper in late 2017. Following fundraising efforts, the Solana network underwent several testnet stages before launching its mainnet beta in March 2020.

Technology

Solana’s technology operates on both a proof-of-history (PoH) and proof-of-stake (PoS) consensus model. Solana achieves its high throughput with PoH by allowing transactions to be timestamped and processed in parallel. This significantly decreases the need for validators to communicate to agree on the order of transactions, as seen in other proof-of-work blockchains. Solana uses Tower Byzantine Fault Tolerance (Tower BFT) within its PoS framework to quickly reach consensus among validators.

Solana has launched several products, including the Solana Mobile Stack, the Web3 smartphone Solana Saga, and Solana Pay, a permissionless payment ecosystem. Firedancer, a new validator client was was also released to improve the network’s security and decentralisation efforts.

Token supply model

Solana’s token supply model is designed to encourage holders to stake or delegate their tokens to validators and thereby improve the security of the network. In return for staking, tokenholders receive a portion of the newly minted SOL.

Solana adopts a unique supply inflation schedule, which started at 8 percent in February 2021 (Solana’s official launch) and is gradually decreasing by -15 percent each year until it reaches a fixed value of 1.5 percent per year (i.e. the long-term inflation rate).

Solana also implements a burning mechanism where 50 percent of the transaction fees are burned, while the other 50 percent go to validators that process the transactions. High on-chain activity may lead to deflation if the burned fees surpass the newly issued SOL tokens.

Key value drivers

The growing demand for high-performance and scalable blockchains is what makes Solana a preferred choice for many AI, DePIN, and trading apps. For instance, when dealing with NFTs or DEX transactions, during periods of high network activity, users often find themselves unable to afford the exorbitant gas fees, some of which far exceed the price of NFT or transaction itself. These instances push users towards networks like Solana, where smaller transactions remain practical and affordable.

Solana is also keeping up with the growing relevance of blockchain interoperability, with solutions like Solana EVM (Ethereum Virtual Machine) and deBridge enabling decentralised applications and transactions from Ethereum (and other chains) to run on Solana.

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The information in this publication pertaining to Sygnum Bank AG (“Sygnum”) is for general information purposes only, as per date of publication, and should not be considered exhaustive. This publication does not consider the financial situation of any natural or legal person, nor does it provide any tax, legal or investment advice. This publication does not constitute any advice or recommendation, an offer or invitation by or on behalf of Sygnum to purchase or sell any assets. No elements of precontractual or contractual relationship are intended. While the information is believed to be from accurate and reliable sources, Sygnum makes no representation or warranties, expressed or implied, as to the accuracy of the information. Sygnum expressly disclaims any and all liability that may be based on such information, omissions, or errors thereof. Any statements contained in this publication attributed to a third party represent Sygnum‘s interpretation of the data, information and/or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party. Sygnum reserves the right to amend or replace the information, in part or entirely, at any time, and without any obligation to notify the recipient of such amendment / replacement or to provide the recipient with access to the information. Simultaneously, there is no obligation of Sygnum to inform recipients of information, if before provided information later becomes outdated, inaccurate or obsolete, unless otherwise provided by applicable law. The information provided is not intended for use by or distributed to any individual or legal entity in any jurisdiction or country where such distribution, publication or use would be contrary to the law or regulatory provisions or in which Sygnum does not hold the necessary registration, approval authorization or license. Except as otherwise provided by Sygnum, it is not allowed to modify, copy, distribute or reproduce, display, license, or otherwise use any content for commercial purposes.

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