SOL/KRW - Solana Korean Won

Solana crypto is a decentralised, peer-to-peer digital currency that aims to revolutionise the face of the traditional financial landscape. Solana crypto enables a faster, more user-driven financial ecosystem that is more economical than what is operating in financial institutions at the moment. Discover more about what crypto is and how it works in our Academy.

Solana is one of the most valuable cryptocurrencies, making it a favourite choice for many investors. You can buy Solana on popular Bitcoin exchanges like Binance, FTX, Coinbase, Kraken, and Gemini. If you prefer using a crypto broker, then eToro is a good platform to use.

Solana is a blockchain protocol that is out on a mission to push the DeFi ecosystem into mainstream use. It also supports NFTs, which have become increasingly popular by the day. Although it offers similar services like base-layer protocol Ethereum, Solana differs from the older smart contract network. It adopts a hybrid blockchain architecture which sees it use a Proof-of-Stake (PoS) consensus mechanism and a Proof-of-History (PoH) timing mechanism. This makes it way faster with a 50,000 throughput, alongside it being low-cost and more environmentally viable than the PoW Ethereum blockchain.

Solana staking operates similarly to all PoS blockchain protocols. Once you pledge and lock your SOL cryptocurrency, you will be securing the network. In return, you will be rewarded with newly minted SOL tokens after settling the base fee from the validator. However, if you have the technical expertise, you can run your own SOL validator node, but for the average person, you can stake your SOL on several platforms like Binance and FTX.

Blockchain-based applications offering DeFi and NFT services run on the Solana blockchain. The Solana blockchain is also compatible with building decentralised autonomous organisations (DAO).

Solana has a base transaction per second (TPS) throughput of 50,000. Founder and CEO Anatoly Yakovenko intends to make the hybrid blockchain protocol even faster and is eyeing the 700,000 TPS mark. This would make Solana the fastest-processing dApp protocol in the blockchain ecosystem.