Take a look at the many innovations, achievements, and milestones that helped make Solana’s 2024 a memorable event. Let’s toast another successful year for SOLid. Grab your favorite beverage and raise it to the progress of SOLid.
A resilient market performance
The comeback is on! SOL didn’t just bounce back in 2024 — it took flight from the ashes, soaring from around $40 a year ago to an all-time high of over $260 in recent days. Who were the critics who questioned SOL’s reliability in 2024? Silenced. Solana has proven its worth, clocking an almost perfect uptime. It also showed the world how it scales without breaking a sweat. Markets took note. The monthly trading volume of the DEX on Solana has surpassed $100 billion, and futures interest is at an all-time record high. Numbers like these don’t lie—this isn’t just a recovery; it’s a victory lap.
Developer-driven growth
Solana’s developer community has done a fantastic job in building a great blockchain. The Colosseum Radar Hackathon, held from Sept. 2 to Oct. 8, 2024, attracted over 13,600 participants — a 63% increase from its predecessor, Renaissance. In addition, developer tools were upgraded in 2024. Realms Governance tools? Check. Check. Double check. Solana developers can now build faster and more intelligently than ever before.
The adoption and expansion of ecosystems
In Q3 2024 the network handled 62,000,000 daily transactions that did not involve voting, with 1.9 millions unique fee-payers every day. It’s not bad at all, is it? The NFTs are also booming. Magic Eden, Tensor and Solana were the main drivers. Solana sold more than $5 billion worth of NFTs in its first quarter this year. Let’s also not forget about stablecoins. Solana has now raised its stablecoin total by $3.8 Billion, thanks to a market cap growth of 151% in the last year. Circle is increasing its USDC backing, and Solana has seized the opportunity to become DeFi’s primary stage.
Decentralization and community spirit
Do you know the real difference that Solana makes? The people — and this year, the network has demonstrated how a vibrant community can be a cornerstone for long-term success. Solana Breakpoint ushered in a number of new initiatives for the network. IRL hubs such as The Shipyard, Bangalore, and The Port, Miami, became the go-to places for collaboration and innovation. And maybe even the occasional Solana branded latte. Validators are supported by initiatives that have maintained a distributed and healthy network. The grassroots marketing campaigns, community initiatives, and memes that are engaging have all helped to increase Solana’s presence in the culture. If 2024 taught us anything, it’s that a blockchain is only as good as its believers — and Solana’s community is second to none.
Sustainable energy and efficiency
As of September 2024, the network cut its carbon footprint by a whopping 69%, going from nearly 8,800 tons of CO₂ in 2023 to just 2,671 tons this year, according to data from the Solana Foundation. It’s the same as removing from the world map 167 Americans average annual CO2 emissions. What is the efficiency of a Solana transaction? Only 0.00412 Watt-hours. Solana has set a new benchmark in the industry. He is a shining example of how technology can help achieve environmental goals.
Cross-chain innovation and innovative use cases
Interoperability? Solana is a master at it. Wormhole, a bridge that allows assets to be moved between blockchains with ease, has been surpassed by Dialect, a tool which takes private wallet-based messages to a whole new level. Mantis was also unveiled as a layer-2 solution at Breakpoint 2020, which promises user-centric trading and seamless cross-chain transaction. Blinks or not? The newcomers have changed the social media game by integrating features like tipping creators of content and minting NFTs into platforms such as X (formerly Twitter). Innovative innovations like this have lower the barriers to entry significantly for beginners while still providing seamless access to experienced users. It’s not bad.
Look forward
Solana continues to grow, despite the fact that 2024 is fast approaching. The institutional market continues to mature, as multiple spot ETFs were filed during this year. Focusing on the decentralized identity with tools like Solana Mobile Stack and advances in governance systems lays the foundation for a future blockchain that is more user-centric and interconnected. It’s clear, whether you are staking SOL or minting NFTs or simply here to see the memes that Solana has bright days ahead. Solana is a company that has a lot to be happy about, from its solid tech to the vibrant community.
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