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My Solana thesis for 2024 and ecosystem overview
Solana has been a conversation starter in DeFi circles for nearly half a decade now. Since its inception in 2017 by Anatoly Yakovenko, Solana’s journey has been marked by notable highs and challenging lows; 2022 proved to be a crucible. Plagued by network outages and facing the headwinds of a tumultuous market, the platform encountered skepticism and intense scrutiny.
Netizens were even calling it Slowlana. It was bad.
Source: Twitter
As we close out 2023, the narrative surrounding Solana has shifted towards recovery and potential. The burning question in the minds of seasoned DeFi participants is whether Solana has not only weathered the storm but emerged stronger, poised to redefine its role in the DeFi ecosystem. According to information from DeFiLlama, Solana is still the top Non-EVM blockchain by TVL.
Source: DeFiLlama
In this article, we will explore the technical enhancements Solana has implemented post-2022, scrutinize its current market dynamics, and evaluate the evolving landscape of its DeFi and yield farming ecosystem in order to answer the question: where is Solana headed in 2024?
In the aftermath of a challenging 2022, Solana has shown signs of a robust recovery and resurgence in 2023. This section delves into key aspects of Solana’s rebound, focusing on technical network improvements, market performance, total value locked in DeFi, and developer engagement.
Solana has undergone multiple significant improvements since October 2022, which include a smooth release of v1.14 to the mainnet. This was part of the improvements to the software upgrade process proposed after an outage on February 25, 2023, which occurred during a previous software upgrade. Notably, according to Solana’s most recent performance report, the network has experienced 100% uptime since this…
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