Solana Coin review details (SOL)



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Solana is the native coin on one of the fastest blockchains in the world - Solana blockchain. Apart from the Solana coin, over 400 projects spanning DeFi, NFTs, Web3 and more is available on Solana blockchain (discover more here).

The price of the Solana coin has been volatile in the end of 2021 and beginning of 2022 and here we describe the coin, what it stands for, the utility, reputation and available websites where you can buy and trade Solana on exchanges and platforms.
SOLUSDT (-1.04%)
$40.87
August 18, 2022, 3:00 pm [UTC]


›› Buy/Sell the Solana Coin here

 

Having the highest speed and the lowest transaction costs at the same time has made many new tokens consider Solana instead of Ethereum. The main negative with SOL is the rather high inflation, since there is no fixed amount of coins and increasing supply every year.

 

Briefly about Solana Coin

Currently run by the Geneva Solana Foundation, Solana has gained steady popularity as it uses the proof of stake protocol which requires less energy and time. The platform, unlike other popular cryptocurrency projects, majorly focuses on the aspect of time. It prides itself in being a high-performance blockchain that ensures that all the smart contracts and decentralised apps (DApps) are well supported. Most people describe it as the fastest programmable blockchains that was founded in 2017. Four years down the line, the platform is a good investment.

A scalable, super fast decentralized blockchain.CryptoLists.com
 

A speed and cost focused blockchain, that is available for tokens, NFTs, DeFi and Web3. It's made to handle more transactions than any other cryptocurrency, with 400 millisecond block times. With better and faster hardware, we'll see an even quicker Solana. But few other coins can handle anything near 50 000 transactions per second.

 

Utility of Solana Coin?

Some of the top reasons that people choose to invest in Solana, include but are not limited to:

High Performance
One of the main reasons people invest in Solana is its high performance. The platform can process more than 50,000 transactions per second with an average latency of fewer than 3 seconds. In addition, it can handle over 1 million cryptocurrency transactions without any slowdown or congestion.

Scalability
Solana is also scalable thanks to the use of its second layer, based on the Proof of Stake protocol. This allows it to handle more transactions on cryptocurrencies as more nodes are added to the network.

Security
SOL has a very secure network due to its two-layered blockchain architecture and the use of Proof of Stake. The main goal of the network is to provide communication security due to its lightning speed connection.

Passive income
Using the Proof of Stake protocol, you can easily earn commissions by staking your tokens so that you can run a delegate node. Besides, it encourages people to hold their tokens as they have the opportunity to earn more rewards on the crypto investment.

DApp support
Solana supports a wide range of DApps which can be run on its platform. This allows developers to create and deploy their applications without any problems.

Community-driven
The SOL project is community-driven, and this can be seen from the way it allows people to vote for delegates that can then help run the network. This gives them a sense of belongingness and encourages more people to buy tokens.

Solana Coin Price details




Very speculative and theoretical potential data
Last updated: August 18, 2022, 2:58 pm
›› SOL tokenomics and social media
 

Advantages at Solana Coin

+ Can handle up to 50 000 transactions per second.
+ Incredible low fees, often below 0.01 USD per transaction.
+ Proof-of-Stake (PoS) to maximise rewards and efficiency.
+ Lots of NFTs and smart contracts can be built on SOL.
 

Disadvantages

- Development could be faster: Many implementations remains.
- Solana's inflation is 5.78% in 2021 and 4.9% in 2022.
- Hardware setup for mining Solana is rather expensive.
- In September 2021, Solana experienced intermittent instability.
 

Costs

▪ Rated at 10/10

It's one of the crypto coins with the lowest true costs. You can often get away with 1 cent (0.01 USD) per transaction, compared to 80 USD or more for Ethereum during peak hours. For that reason, may go with SOL instead of any other cryptocurrency. However, the main drawback is the inflation. In 2021, inflation for Solana is 5.78%, while it will decrease by 15% in 2022 and go down to 4.9%. For every other year, the inflation will go down with 15% until reaching 1.5% where it will stay indefinitely.

 

Reputation and Buzz

▪ Reputation rated at 9/10
▪ Buzz rated at 9/10

The reputation is improving every year for Solana, that's gone from nobody in 2019 to one of the top 6 cryptocurrencies in 2022. Likewise, the buzz been huge lately and the 3000 USD tickets to Solana Breakpoint in Lisbon 2021 was sold out long before the event took place and selling way more expensive on the second hand market. We expect a similar or even bigger buzz for Solana in 2022.

 

Some of the developers involved in Solana Coin

▪ Rated at 10/10
The logos below represent some of the developers who have been involved in Solana Coin. Check out the developer about page, by clicking the logo. There you can see what coins they have developed and at what exchanges, brokers and trading platforms their coins are available.
Anatoly Yakovenko logo
 

FAQ

What blockchain does Solana use?

SOL uses two-layered blockchain architecture. The first layer is the Proof of History registry which was built on top of the proof of work protocol "Proof-of-Work". The second layer mainly focuses on Proof of Stake as it brings about consensus among all the nodes in the network. This gives it high-performance capabilities and allows it to scale horizontally. The platform also employs a unique voting system that allows delegates to vote on proposed changes without risking their tokens. Besides, the delegates can be voted out if they do not meet the required standards.

What is the highest value Solana ever had?

The highest that SOL has been is 259 USD per coin. This was on 6 November 2021. It was an exciting time but Solana quickly took a turn after that.

How does SOL verify transactions?

The platform has validators. These are systems that store all the signatures of all the recently confirmed transactions. This ensures that they are not processed more than once. Afterwards, validators give a JSON RPC endpoint for queries.

How many transactions per second does Solana process?

From Crypto Lists understanding - SOL is the fastest platform with more than 400 millisecond block times. It allows for over 50,000 transactions per second and each costs 0.00025 USD.

Can SOL be mined?

No. Considering that SOL uses the proof of stake protocol, it cannot be mined.

Does Solana have a max supply?

Yes, SOL has a maximum supply of 500 million tokens.

›› Trade the Solana Coin here›› Buy/Sell the Solana Coin here

Screenshots from Solana Coin

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More sites where to buy/sell/trade Solana Coin

Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.
SOL, SOL/USD
SOL/USD CFDs
BNB/SOL, BUSD/SOL, ETH/SOL, MATIC/SOL, SOL, SOLO, WSOL, WSOL/BUSD, WSOL/SOL
SOL/BTC, SOL/USDT, SOL/LTC, SOLO/BTC, SOLO/USDT, SOLO/LTC
SOL/USDC, SOL, SOL/USDT
MSOL/USD,CRYPTO, SOL/BTC,CRYPTO, SOL/USD,CRYPTO, SOL/USDT,CRYPTO
 

Solana Coin details and tokenomics

Solana Coin Ticker: SOL
Contract address: n/a
Type of crypto: solana-token
Launch/ICO Date: March 24, 2020
Resources & Social media
 

Other tokens or coins to check out

Since you are interested in Solana Coin, you may also want to check out the coin(s) or token(s) below?
Solana Coin Newsflash
    Solana Breakpoint tickets are liveSolana Breakpoint tickets are live
    Monday, 1 Aug 2022 1:29 am
    Ticket for the highly anticipated Solana Breakpoint go live to bring the Solana Community back together. The conference is in Lisbon, Portugal from 4th November to 7th November 2022. Ticket information is as follows: Early Bird 3-Day Pass is available until August 4th for $900. Regular 3-Day Pass sales will begin on August 4th for $1...
    Read the full newsflash


    Solana blockchain has been down for 8 hoursSolana blockchain has been down for 8 hours
    Wednesday, 1 Jun 2022 11:14 pm
    The native Solana coin is down 11.5%, trading at just about 40 USD. The problem for Solana is an outage that kept the entire Solana network down for 8 hours, as can be seen at the latest block transactions. Generally speaking, the bear market continues for most other crypto pairs as well, including Bitcoin (-6.4%), ETH (-7.6%) and Luna (-23%). Among the daily winners, we have Waves (+10%) and the OP token that is up 33%. Ready for trading? Try OP trading at Crypto dot com today!...
    Read the full newsflash


    The price of Solana is falling sharplyThe price of Solana is falling sharply
    Tuesday, 24 May 2022 4:21 pm
    Solana, the 9th biggest cryptocurrency by market cap, is down 9.6% today and trading around $47.5. Some prominent technical analysts that Crypto Lists spoke with indicate that SOL can reach $25-30 level, which currently is the strongest support. The upside is however also big, with all time high at 262 USD in November, 2021. Keen on going long or short in Solana? Give Kucoin a try today!


    Two scalable blockchains gaining supporters: Near & SolanaTwo scalable blockchains gaining supporters: Near & Solana
    Tuesday, 3 May 2022 11:42 am
    Near Protocol and Solana Network have been gaining popularity among crypto enthusiasts in the last months, and there are very good reasons for that. The development of Solana started in 2017, but the network went live in 2020. This blockchain aims at improving scalability by adding a proof-of-history consensus on top of the proof-of-stake consensus. The SOL coin also enjoys speedy transactions and low transfer costs. Solana has a market cap of over $28 billion and is ranked as the eighth most important cryptocurrency...
    Read the full newsflash


    Too many NFT transactions on Solana Network?Too many NFT transactions on Solana Network?
    Saturday, 30 Apr 2022 9:35 pm
    The Solana blockchain experienced a performance issue on Saturday with a sudden surge in NFT transactions. The blockchain came to a complete halt and had to be restarted. The network was completely offline for about eight hours, and in this period, no blocks were produced. A report indicated that the congestion resulted from the activity of bots that were trying to blind mint NFTs, after which they would sell them on secondary markets.
    It is interesting to note that Ethereum also experienced a flood of transactions over the weekend as Ape DAO members tried to mint NFT land parcels. However, Ethereum transactions did not stop; the gas fees simply went up significantly. Solana does not have a fee system that can discourage...
    Read the full newsflash

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