Should You Build on Solana? An Ultimate Overview

Launched in 2020, Solana is designed to provide significantly higher transaction throughput at the base layer than many other Layer 1 (L1) blockchains.

Its ability to enable near-instant transactions with minimal costs and high energy efficiency has made Solana a compelling choice for developers and users, contributing to its growing popularity.

Key Highlights

How Solana Works

Solana is a high-performance Layer 1 blockchain that leverages Proof-of-History (PoH), a variant of Proof-of-Stake (PoS), to enhance transaction processing. PoH timestamps each transaction, enabling real-time processing without traditional block structuring. This approach, combined with the Tower Byzantine Fault Tolerance (BFT) algorithm, ensures transactions are both secure and efficient.

Additionally, Solana employs the Solana Virtual Machine (SVM) to run programs written in Rust and compiled to WebAssembly (WASM). This setup allows for high performance and parallel processing, setting it apart from other virtual machines in the blockchain space.

Recent Developments in Solana

New Node Clients

• Firedancer

Developed by Jump Crypto, enhances performance with modular architecture, advanced networking, and hardware acceleration. Firedancer aims to bring Solana to 1,000,000 TPS and help prevent outages.

• Mithril

Developed by Overclock, written in Golang, lowers hardware requirements and improves accessibility for running nodes.

Solana Blinks

These allow crypto transactions to be integrated directly into websites via shareable, metadata-rich links, enabling actions like buying NFTs, swapping tokens, or sending payments without leaving the current application. Check the video below.

ZK Compression

Introduced by Helius and Light Protocol, this technology reduces storage costs by grouping multiple accounts into a single verifiable summary (Merkle root) while maintaining data integrity.

Solana L2s and Rollups

• Grass: A browser-based DePIN project using ZK proofs for data verification.

• Iron Bank: Developing an institutional onchain bank using the SVM.

• MagicBlock: Introducing Ephemeral Rollups for scalable onchain games.

• Sonic: Building a modular SVM chain for games.

• Zeta Markets: Launching a DeFi rollup to improve user experience and transaction speeds.

Why Choose Solana?

A key feature of Solana is its focus on atomic composability, enabling multiple smart contracts and operations to execute together as a single, indivisible transaction on one chain.

Unlike Ethereum's early Layer 2 solutions, which faced interoperability and fragmentation challenges, Solana's base layer approach avoids these issues. Atomic composability allows for seamless and efficient interactions between smart contracts within its ecosystem, ensuring a cohesive and unified user experience without the need for asset bridging.

For founders, this means developing on Solana can lead to more streamlined and integrated applications. The ability to execute complex operations in a single transaction reduces the potential for errors and enhances efficiency.

Building on Solana

For project founders considering building projects on Solana, several factors make it an attractive choice

Top Solana Projects

• DRiP: A digital collectibles subscription platform.

• Jito: Popular liquid staking protocol.

• Jupiter: Leading decentralized exchange aggregator.

• Metaplex: DIY NFT minting and storefront platform.

• Magic Eden: Multichain NFT marketplace with Solana support.

• Phantom: The most popular Solana wallet.

• Pump.fun: Leading memecoin launchpad.

• Squads: Popular multisig deployer.

• Sanctum: Liquid staking tokens platform.

• Star Atlas: A first-person space shooter game.

Solana continues to grow, offering robust solutions for developers and users, solidifying its position as a key player in the blockchain space. Traditional companies like Visa, Stripe, and Shopify are increasingly building on Solana, and recent ETF filings by VanEck further legitimize the chain.

For those looking to develop innovative and scalable projects, Solana provides a solid and supportive environment to bring your ideas to life. If you're considering building on Solana, get in touch with us. We're ready to help bring your project to the masses.