The Journey of Solana: From Startup to Superpower

By RafiOnChain | Tales From the Chain | 17 May 2025


A blockchain that was once called "dead" is now shaping the future of crypto.


🚀 It Started With a Clock: Solana’s Vision in 2017

In late 2017, amidst the buzz of Ethereum and Bitcoin, Anatoly Yakovenko, a former Qualcomm engineer, published a whitepaper that very few paid attention to.

His idea? A “Proof of History” system that could timestamp transactions before consensus — like embedding a synchronized clock into blockchain tech.

🧠 Think about that for a second: most blockchains were arguing about who said what, and when, and Anatoly just wanted to make time flow naturally inside the chain.

This wasn’t some fork or layer-2 idea — it was a whole new L1. Fast. Cheap. Decentralized. Scalable.

Thus, Solana Labs was born.


💻 2018–2020: Building in the Shadows

While the rest of crypto was recovering from the 2018 bear market, the Solana team was grinding.

  • 2018: Prototype working

  • 2019: Fundraising & testnet

  • March 2020: Solana Mainnet Beta launched

No fancy parties. No aggressive shilling. Just builders building.

In fact, Solana was launched with no chain-halting hype, no "ETH killer" branding — just a tech-driven promise: 50,000 transactions per second at sub-cent fees.


🌊 2021: Solana Goes Parabolic

This was the year everything changed.

🔹 NFTs arrived on Solana
🔹 DeFi protocols like Raydium, Orca, and Saber took off
🔹 VC funding exploded
🔹 The Solana ecosystem went from 100 projects to over 400+

And then came Degenerate Ape Academy — the NFT mint that nearly broke the network. That moment proved that people were hungry for speed, UX, and low gas.

Solana was suddenly mainstream. Big influencers started tweeting about it. Memes were flying. The token price soared to over $250.

It felt like Ethereum’s 2017 moment, but smoother and faster.


🧨 2022: The FTX Collapse and a Wake-Up Call

Solana’s rise was unstoppable — until it wasn’t.

In November 2022, FTX collapsed. And with it, a huge chunk of Solana’s credibility.

Why?

  • FTX’s founder, Sam Bankman-Fried (SBF), was a vocal Solana supporter.

  • Alameda Research held a significant amount of SOL tokens.

  • Major Solana-based tokens were on FTX.

When FTX crumbled, Solana's price crashed from $200+ to under $10.

The media called it a "zombie chain." VC funding dried up. NFT projects fled. TVL (Total Value Locked) dropped 90%+.

Everyone wrote Solana off.


🧱 2023: Builders Stayed, Memes Revived It

While the price chart was bloody, something rare happened: Solana builders didn’t leave.

🛠️ Projects like:

  • Phantom (wallet UX)

  • Jito (MEV & staking)

  • Marinade (liquid staking)

  • Tensor (NFT marketplace)

…kept building.

Then came BONK — a memecoin that started as a joke, but re-ignited on-chain activity. Followed by $WIF (dogwifhat), and soon Solana was once again:

  • Trending on crypto Twitter

  • Dominating NFT leaderboards

  • Becoming the #1 memecoin chain

TVL started climbing. New wallets were created. SOL began rising again.

It wasn’t VCs. It wasn’t FTX. It was the community that brought Solana back.


🔁 2024–2025: The Rise of the “Solana Cycle”

Solana in 2025 isn’t just alive — it’s thriving.

  • Jupiter became the best DEX aggregator

  • drip.haus started a creator revolution

  • Saga Phone went from meme to momentum

  • Firedancer — a new validator client by Jump Crypto — is almost ready

And NFT projects like Mad Lads, SMB Gen3, and even memecoins with art have made Solana fun again.

Today, Solana is:

✅ Fastest L1 with real users
✅ Home of viral launches (like Pump.fun)
✅ Getting mainstream attention (Visa, Shopify, Worldpay integrations)
✅ Reclaiming top 5 positions in crypto rankings


🌠 Where Does Solana Go From Here?

If history tells us anything, it’s this:

  • Solana thrives under pressure

  • It attracts the most creative builders

  • And it always bounces back stronger

With better tooling, real apps, and an ever-growing community, Solana is ready for the next bull cycle.

Whether you're here for memecoins, NFTs, dApps, or just curious — this is just the beginning.

 

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RafiOnChain
RafiOnChain

Hey, I’m RafiOnChain — a crypto enthusiast, storyteller, and Web3 explorer. I write about the strange, the deep, and the unexpected. Stick around if you love unique stories and on-chain vibes.


Tales From the Chain
Tales From the Chain

Welcome to Tales From the Chain — a space where crypto meets creativity. I’m Rafi, sharing original stories, thoughts, and insights inspired by Web3, blockchain, and the digital world. No fluff, no hype—just raw ideas straight from the ledger.

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