Solana, the high-performance layer-one blockchain, has officially marked five years since its mainnet launch on March 16, 2020. The network has rapidly evolved into a major player in the blockchain space, boasting over 1,300 validators, nearly $1 trillion in trading volume, and more than 408 billion total transactions.
Happy 5th birthday Solana fam! 🥳
— Solana (@solana) March 16, 2025
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 🎊 pic.twitter.com/p89PynhjpJ
Network Growth and Performance
Founded by Anatoly Yakovenko in 2017, Solana was designed to achieve scalability while maintaining decentralization. By combining proof-of-stake (PoS) and proof-of-history (PoH) mechanisms, the network enables high-speed transactions at minimal cost.
Since its launch, Solana has produced over 254 million blocks and has gained significant traction in decentralized finance (DeFi). According to DeFiLlama, Solana’s total value locked (TVL) in DeFi protocols currently exceeds $7 billion. Additionally, its stablecoin market capitalization stands at $11 billion, slightly lower than its February 2025 peak of $12.6 billion. However, its overall market capitalization has dropped from a high of $127.5 billion to $65 billion, reflecting broader market conditions.
Rising Developer Interest and Institutional Adoption
Solana has witnessed increasing developer activity, surpassing Ethereum as the most popular blockchain for new developers in 2024. According to Electric Capital’s 2024 Developer Report, 7,625 new developers joined the Solana ecosystem, accounting for 19.5% of all new blockchain developers.
Institutional adoption is also on the rise. CME Group is set to launch Solana futures contracts on March 17, pending regulatory approval, allowing investors to hedge their exposure. Additionally, several asset managers have filed for Solana-based exchange-traded funds (ETFs), signaling growing mainstream recognition.
The Firedancer Upgrade: Boosting Scalability
Solana is gearing up for its next major upgrade with Jump Crypto’s Firedancer client. This high-performance validator is expected to significantly enhance transaction throughput and network resilience. After debuting its testnet version in September 2023, the full release is anticipated by the end of 2025. Experts predict that Firedancer could push Solana’s transaction speed to an unprecedented one million transactions per second.
🪙Solana's major upgrade Firedancer will go live "end of Q2." The upgrade is expected to help Solana scale towards its goal of 1 million transactions per second (TPS).
— Kader Calls (@kadercalls) March 17, 2025
With increasing developer activity and institutional backing, Solana remains a leading force in the cryptocurrency market, paving the way for future innovations.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
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