About SolanaFM

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Some time ago, Solanafm co-founder Fathur Rahman gave detailed explanations about the rise of Solanafm in an interview, talked about how they followed the path of starting a crypto company as a student and creating a protocol in the Solana ecosystem.

SolanaFM was founded by undergraduate students of Singapore Management University. The trio, who met during the college summer break, searched for interesting crypto hackathons to work on, and that’s when they stumbled upon the Solana Season Hackathon in May. In fact, Fathur started his crypto journey by purchasing the first Ethereum in 2019, and then after meeting the other two co-founders of SolanaFM, Nicholas and Bing Huang, they entered the Solana network, in short, it was started with the coming together of these three friends. Now, we are searching the answer of What is SolanaFM?

What is SolanaFM?

SolanaFM is basically a background/back engine that Solana uses to store and extract data quickly and efficiently. Until today, it has been recorded that SolanaFM stores 1 petabyte worth of data, which is equal to 1000 terabytes.  

These use cases typically appeal to organizations. As a provider of Solana data, SolanaFM provides data to institutions through various metrics on user ratios, retention data, TVL and much more to enable institutions to make informed and logical decisions to participate in the Solana ecosystem, which shows how transparent their ecosystem is.

Why Did They Want to Build on Solana?

SolanaFM determined that there was no suitable data provider for Solana at the time. Things changed when the team realized that of the three routes they could take the DeFi, NFT and infrastructure route, the latter was the most important. 

They saw serious potential from the Solana community before the 2021 Bull period, and it made it easier for them to make decisions about it when they saw how they had fully formed the potential. In addition, lightning-fast transaction speeds and low transaction fees were a different element that supported the ideas of entering the Solana network.  There are different factors among the reasons, in fact, the main ones are Solana, which conducts hackathons that provide in-team tools and incentives in 2021, and with the great increase in the number of new wallets in the Solana ecosystem, they saw a great upward trend, and the factors played a role in this decision.

Innovation and Adoption

As you know, innovation is indispensable in the crypto sector and takes place in every corner of crypto, but adapters are also needed to benefit from innovation. Providing widespread visibility for any project works hand in hand and consistently.

Solana has extensive innovation resources through hackathons and has now implemented phantom wallet and SolanaPay, which could be where the next wave in the ecosystem could appear. 

Summary

Nicholas Chen is the CEO of the Wallis and Futuna Singapore-based SolanaFM project. The income of SolanaFM, which has 25 employees, is 5 million dollars. The SIC code of SolanaFM, which advances its work in the Financial Software and crypto sector, is 73.737

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