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Solana (SOL) News - Coinspeaker

Stay informed about the latest Solana (SOL) news, including market updates, partnerships, innovations, and other related events.

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SOL SOL
$137.4
Market Cap $77.37 B
24h Volume $6.18 B
24h Low/High $136.7 / $142.9
1h 0.06%
24h -0.48%
7d 9.07%

Solana SOL $137.4 24h volatility: 0.5% Market cap: $77.37 B Vol. 24h: $6.18 B has become one of the most influential blockchain platforms, with its native SOL token having a larger market capitalization than most of the market. Co-founded by Anatoly Yakovenko, the network was officially launched in 2020, two years after publishing its whitepaper. The main aim of Solana is to improve network and transaction scalability by supporting a high throughput – over 60,000 transactions per second (tps).

The high scalability makes the Solana blockchain one of the most preferred platforms for decentralized applications (dApps) and non-fungible tokens (NFTs). Solana achieves scalability through a unique consensus mechanism called Proof of History (PoH). The mechanism creates a cryptographic timestamp that establishes transaction order before adding them to the blockchain. This way, transactions are processed much faster than other networks.

The scalability provided by the Solana blockchain is attractive not only to users but also to creators developing essential dApps. The blockchain hosts notable tools, including the decentralized exchange (DEX) platform Serum and automated market maker (AMM) Raydium. Also, Solana offers Solana Pay, a payment framework that allows businesses to execute cheaper digital transactions.

With a growing library of applications and an active developer community, Solana is unsurprisingly a popular blockchain option. Its position is expected to improve as Solana capitalizes on its scalability solutions to attract more users and developers, which helps to maintain its position as a trusted player in the decentralized ecosystem.

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FAQ on Solana (SOL) News

What is Solana used for?

Solana is a high-performance network designed to bring speed and efficiency to several blockchain applications, including payments, finance, NFTs, and gaming. The SOL token is also sometimes used as an investment channel by investors who understand the inherent risks.

How is Solana so fast?

Solana achieves its high speed through a unique consensus mechanism called proof-of-history (PoH). Unlike the proof-of-work (PoW) algorithm used by Bitcoin and the proof-of-stake (PoS) used by Ethereum, the PoH consensus mechanism achieves high throughput by using timestamps to establish transaction order, before processing. This way, blockchain validators do not require extensive communication and can process transactions quickly. 

Is Solana a good investment?

Like many other cryptocurrencies, Solana’s history of healthy price upticks has created several millionaires over time. However, all holders and would-be investors should note that pre-investment research is essential because of the risks cryptocurrencies carry.

How much Solana do I need to be a validator?

There is no minimum amount of SOL required to be a validator. However, the more SOL tokens staked, the higher the chance of being selected to validate transactions and earn rewards.