By Solana, the high-performance blockchain platform, marked five years since the launch of its mainnet on 16 March 2020.
Over the past half-decade, Solana has established itself as a major player in the decentralised finance (DeFi) sector, achieving more than 408 billion total transactions and nearly $1 trillion in cumulative trading volume.
The network, known for its low fees and high-speed transactions, has expanded significantly, attracting thousands of developers and investors.
Happy 5th birthday Solana fam! 🥳 408+ billion transactions. 1,300+ validators. $987+ billion volume. Thank you to all the relentless founders, devs, and nCMOs around the globe who have made Solana what it is today — 5 years in, we’re just getting started 🎊
As Solana continues to grow, it has solidified its role in the evolving blockchain landscape, surpassing Ethereum in developer interest and gaining recognition in institutional investment circles.
Its recent inclusion in multiple exchange-traded fund (ETF) applications and the upcoming launch of Solana futures contracts by CME Group underscore its increasing mainstream adoption.
Network growth
Since launching its mainnet in 2020, Solana has generated over 254 million blocks and established itself as one of the most active blockchain networks.
The platform operates with more than 1,300 validators, ensuring decentralisation and security while maintaining its reputation for high transaction throughput.
Solana’s DeFi ecosystem has grown substantially, with more than $7 billion in total value locked (TVL) across its protocols, according to DeFiLlama data.
Despite market fluctuations, the network continues to attract developers and investors, positioning itself as a serious competitor to Ethereum.
Solana outpaces Ethereum in developer interest
Developer engagement with Solana has seen a notable surge, surpassing Ethereum as the most popular blockchain for new entrants in 2024.
According to Electric Capital’s 2024 developer report, Solana onboarded 7,625 new developers in the past year, accounting for 19.5% of all new blockchain developers.
This surge highlights the network’s growing appeal due to its speed, low costs, and robust ecosystem.
Many developers see Solana as an alternative to Ethereum, offering a more scalable environment for building decentralised applications (dApps) without the congestion and high fees associated with Ethereum’s network.
The success of Solana’s proof-of-history consensus mechanism, which enhances efficiency by organising transactions chronologically, has played a key role in its ability to support rapid development and adoption.
CME Group to launch Solana futures
CME Group is set to introduce Solana futures contracts, pending regulatory approval.
This move signals increasing institutional interest in Solana as a tradable asset, providing investors with more tools to hedge against price volatility.
The introduction of Solana futures follows its inclusion in multiple ETF applications, further cementing its position as a major player in the cryptocurrency sector.
These developments highlight Solana’s transition from an emerging blockchain network to a mainstream financial asset with growing recognition in traditional markets.
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