**Welcome to Quick Crypto Review Day 3!**
If someone is seeing this for the first time, check out [my last post](https://www.reddit.com/r/CryptoCurrency/comments/n3axd9/30_days_of_quick_crypto_review_day_2_cosmosatom/) where I reviewed Cosmos/ATOM.
Unfortunately, shill score will be removed because I don’t want to offend anyone.
As stated before, I need coins to review. So please let me know which coin to review next. (Some of you guys did! And I will be reviewing them.)
**Also, it’s important to note that the following is not financial advice.**
# DAY 3: SOLANA/SOL
**What is Solana?**
Developed by Yakovenko when he was in a self described “caffeine induced fever dream at 4am”, Solana is a Practical Byzantine Fault Tolerance-based (PBFT) Proof of Stake (PoS) blockchain built from the ground up by Switzerland-based Solana Labs to take one of tech’s biggest challenges: scaling blockchain for global adoption.
Solana could be basically described as a decentalised clock. It uses SHA-256 (Bitcoin‘s hash function) to timestamp transactions when they are added to Solana block. A new block on Solana is generated every 400ms (compared to Ethereum’s roughly 15 seconds and Bitcoin’s 10 minutes). This is described by Yakovenko as Proof of History (PoH).
This allows Solana to process 50-65 000 transactions per second with a theoretical limit of over 70, 000 transactions per second (compared to Bitcoin’s 7 TPS and Ethereum’s 15 TPS).
Solana does not use Delegated PoS. In contrast to other PoS cryptocurrencies, there is [no minimum stake](https://www.youtube.com/watch?v=wSAq1J_MJQQ) required to be a node on the Solana blockchain. While Leader selection is pseudorandom, the amount of SOL you stake also influences your likelihood of becoming a Leader which actually produces blocks.
The key takeaway about Solana is that it allocates **different tasks to different nodes on the network** as needed to optimize speed, and all transactions are timestamped to ensure they are correct.
**What is SOL?**
SOL is the native token of Solana chain. It is used to pay Solana clusters (A group of nodes working for same cause) and burned to pay fees on Solana network. It can also be Staked to be become a Solana Node.
**It is not clear at this, point of time, whether SOL is deflationary or inflationary.**
While private (4) funding rounds started from 2018, a Public ICO was done in March 2020. Solana sold 1.76M SOL at $0.22/SOL. Solana raised over 25 million USD in funding across these five rounds.
This year it has come up on the radar of every trader as SOL saw [monumental gains](https://decrypt.co/69026/solana-sets-new-ath-while-rest-of-market-stagnates) when every other crypto was dropping. This gain in price can be attributed to its new developments in DeFi sector as well as launch of several new projects on the network thanks to Solana Summer. We can also see Solana Foundation partner with several big projects like Chainlink, Terra, Akash and Tether.
1. [Announcement of Solana Season](https://solana.com/news/announcing-solana-season)**:** A global hackathon focused on Web3, DeFi, and NFTs.
2. [Solana partners with FTX](https://www.fxstreet.com/cryptocurrencies/news/solana-partnership-with-ftx-pushes-sol-price-higher-despite-crypto-market-weakness-202104071526): FTX exchange chose Solana to build its new decentralized derivatives exchange called Serum.
3. [Solana Ecosystem receives funding from OKEx](https://www.solana.news/post/solana-ecosystem-receives-further-funding-from-okex-partnerships): A $20 Million funding from OKEx
4. [USDT is now natively supported on Solana](https://decrypt.co/61089/solana-price-pumps-tether-stablecoin-addition): Tether stablecoin is now available on Solana.
Verdict: Solana is striving for a better DeFi for all. And aims to reach a goal of 70000 tps. Alongside with terrific partnerships, strong backing and an active team, we can see SOL rise once again.
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