Solana (SOL) is a high-speed blockchain designed for fast, low-cost transactions and applications that run without intermediaries. Its cryptocurrency, SOL, is used to pay transaction fees and to secure the network through staking.
Solana (SOL) — last 30 days
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How Solana began
Solana was proposed by Anatoly Yakovenko, who published a white paper in 2017 describing Proof of History, a way for network computers to agree on the order of events without waiting to communicate. The Solana mainnet beta launched in March 2020.
How it works
Solana combines Proof of History with proof of stake. Validators lock up, or stake, SOL to secure the network and process transactions, and the shared record of the order of events lets them agree quickly. Blocks are produced in slots of around 400 milliseconds, which keeps confirmation times short and fees low.
What Solana is used for
Solana hosts decentralised finance (DeFi) applications for lending and trading, NFT marketplaces, blockchain games, and payment applications. Developers build on Solana mainly with the Rust programming language, and its smart contracts are called programs.
Staking and supply
SOL has no fixed supply cap. New SOL is issued to validators and stakers as rewards, while a portion of transaction fees is burned, so the total supply can rise or fall depending on network activity.
Risks
SOL’s price is volatile. The network has experienced outages in which transaction processing stopped and validators restarted the network, and smart contracts and DeFi applications carry the risk of bugs, hacks and losses. Regulation differs by country.
Frequently asked questions
Who controls Solana?
No one. It is maintained by its open-source software and the network of validators and node operators who run it.
What is SOL used for?
SOL pays transaction fees, secures the network through staking, and is used across Solana applications for payments and DeFi.
Can I build on Solana?
Yes. It is an open platform: anyone can deploy a program or use its applications without permission.
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