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Solana (SOL)

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About · Solana

Solana is an ultra-fast layer-1 blockchain, launched in March 2020 by Anatoly Yakovenko (formerly at Qualcomm). It aims to compete with Ethereum on raw performance: up to ~65,000 theoretical transactions per second with cent-level fees, thanks to a combination of Proof of History (a cryptographic timestamping mechanism) and Proof of Stake. That speed makes it the playground of choice for NFTs, memecoins (BONK, WIF, etc.) and high-frequency DeFi. Solana suffered several network outages in 2022 that hurt its reputation, but it came back strong in 2024, driven by the memecoin boom. SOL is used to pay fees and to stake to secure the network.

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