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What it does: Solana is a fast programmable blockchain that runs various decentralized applications.
Management team: Co-founder and CEO Anatoly Yakovenko had worked in designing systems for semiconductor giant Qualcomm and Dropbox before starting Solana. He was joined by two former Qualcomm colleagues, Greg Fitzgerald and Stephen Akridge.
Date launched: Solana launched on Mainnet Beta in March 2020.
Market cap: Over $21 billion (CoinMarketCap, August 23, 2021).
Notable investors: Backers include Andreessen Horowitz and Polychain.
Should you buy?
If you're buying Solana because you're hoping for another 100% jump next month, you might want to think again. Solana may be a good long-term choice, but it's never a good idea to invest in the hope of making a quick buck. Instead, look at the fundamentals and use them to evaluate how Solana stacks up against other investment opportunities.
It is relatively new, so it's difficult to analyze past performance. But it does have strong leadership and has attracted reputable investors. And there are already over 400 projects on the Solana network. Some of the projects like Serum, Chainlink, USDC (the Circle stablecoin), and Audius are well known in the crypto world.