Solana, a blockchain platform, has joined Chainlink to build an oracle that updates incredibly fast with decentralized oracle solution.
“We recently saw market failures due to congestion on Ethereum, including oracle failures,” Solana CEO and founder Anatoly Yakovenko said, adding:
“What we’re building with Chainlink is a high-frequency oracle that can give a price update every 400 milliseconds — and because of our capacity, we shouldn’t see those kinds of market failures on our network. It’s solving a fundamental problem that we see in the decentralized exchange space.”
Currently a popular network choice for DApps, Ethereum’s blockchain was blocked by an influx of Ethereum-based Tether (USDT) transactions in September 2019.
Solana Says Aiming Scalability
Co-founder Vitalik Buterin came forward in late 2019 stating that Ethereum’s fork in Istanbul would eventually support 3,000 transactions per second, or TPS. The Solana allegedly alls nearly 60,000 TPS.
Solana, in general, is a layer-one blockchain solution which aims to provide high scaling amounts without sharding. “We are scaling with hardware with Moore’s Law,” Yakovenko said. “We’re like a non-sharded layer, one that’s ridiculously scaled.”
8 Million Coins Offered in Auction
On March 23, Solana offered 8 million of its coins for sale in a Coinlist auction in the Netherlands, calling for a 90 percent price guarantee, Solana COO Raj Gokal said. Noting the current volatility of the market, Gokal explained the sale of Solana achieved surprising success. Solana’s auction sold off 1.6 per cent of the 500,000 coin supply total of the project.
“We have cleared the $0.22 auction,” Gokal said.
“Everyone gets the same price at the end,” he noted, explaining the process further. “The bids came in from anywhere between $4 and $0.04 in pre-bidding, and by the time the price got down to $0.22 — that was where there was enough demand to clear the 8 million tokens that were available.”
The market essentially reached a balance with the available supply, settling at a price of $0.22—equivalent to the highest price bidders were willing to pay, while still ensuring that all 8 million coins would be sold.
Solana garnered a total of at least $1.76 million from the coin auction, although the total could be slightly higher due to minor price increment issues, including Gokal.
Yakovenko also explained the Staking Guarantee for Solana, built to shelter early investors.
Gokal said of Solana’s SOL coin:
“It’s actually continuously redeemable for 90% of the auction clearing price, for 12 months — but the only way to register for this price guarantee is to actually stake your tokens. We have record on-chain of that registration, and then it requires continuous staking from the registration to the time that you want to redeem for that 90% price guarantee.”