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Market

Solana

SOL

Solana

SOL

$138.83

-3.02%

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About Solana

Solana Price Summaries

Solana's price today is $138.83, with a 24-hour trading volume of $4.04B. SOL is -3.02% in the last 24 hours. It is currently -5.38% from its 7-day all-time high of $146.71, and 12.63% from its 7-day all-time low of $123.26.SOL has a circulating supply of 559.9M SOL.

What is Solana?

Solana is a high-performance, single-chain blockchain protocol that prioritizes scalability without compromising on decentralization or security. Built by a team of networking engineers, its core innovation lies in a combination of two consensus mechanisms: **Proof of History (PoH)** and **Proof of Stake (PoS)**. The project aims to become the leading blockchain for modern internet applications that require high throughput and low fees.

A Brief History of Solana

The idea for Solana was conceived by **Anatoly Yakovenko** in November 2017. He published a white paper detailing a new timekeeping method for distributed systems called Proof of History. Yakovenko recognized that a major bottleneck in blockchains like Bitcoin and Ethereum was the time required for nodes to agree on the order of transactions. PoH, he argued, could solve this by creating a historical record that proves the occurrence of an event at a specific moment, thereby streamlining the transaction sorting process.

In February 2018, Yakovenko, along with former Qualcomm colleague Greg Fitzgerald, released a prototype of the first open-source implementation of his white paper. They, along with another former Qualcomm colleague, Stephen Akridge, and others, co-founded the project. They named it Solana, inspired by the beach in San Diego where they had all lived and surfed. The Solana mainnet officially launched in March 2020.

How Solana Works

The core of Solana's scaling solution is its decentralized clock, **Proof of History (PoH)**. PoH is not a consensus mechanism on its own but works in conjunction with **Proof of Stake (PoS)**. It uses a cryptographic function to create a verifiable sequence of events, effectively acting as a global, trustless timestamp for the network. This eliminates the need for nodes to constantly communicate to agree on the time and order of transactions, significantly increasing network efficiency.

This innovative architecture allows Solana to achieve incredibly high transaction speeds, with a theoretical capacity of over 700,000 transactions per second (TPS). This high throughput and low cost per transaction make it particularly appealing for applications that demand speed and efficiency, such as high-frequency trading.

What is Solana Used For?

Solana is a general-purpose blockchain that is a direct competitor to Ethereum. It provides a platform for developers to build applications using the Rust programming language, which is different from Ethereum's Solidity or Vyper. End-user applications on Solana include:

* **Decentralized Finance (DeFi):** The network's speed and low fees are ideal for DeFi protocols, including decentralized exchanges (DEXs) like Serum, lending platforms, and other financial services.

* **Non-Fungible Tokens (NFTs):** The low transaction costs make minting and trading NFTs on Solana much more affordable for a wider audience.

* **Gaming:** Solana's high throughput and low latency are perfect for blockchain-based games and the metaverse, which require fast, real-time interactions.

**SOL**, Solana's native cryptocurrency, has two main functions: it is used to pay for transaction fees and for staking, which helps to secure and support the network.