Solana

Investing.com
Currency in
USD
129.079
+1.905(+1.50%)
Real-time Data
Day's Range
125.655130.600
52 wk Range
98.507294.816
Bid/Ask
-
Vol (24H)
2.55B
Market Cap
66.11B
Day's Range
125.655-130.6
52 wk Range
98.507-294.816
Max Supply
-
Circulating Supply
SOL509.92M
Rank
6
Technical
Strong Sell
Sell
Neutral
Buy
Strong Buy
Strong Sell
Daily
Weekly
Monthly
More
Type:Currency
Group:Minor
Base:Solana
Second:US Dollar
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FAQ

What Is Solana Crypto?

Solana is a high-performance blockchain platform designed for decentralised applications (dApps) and crypto transactions. Its native cryptocurrency, SOL, is used to pay for transaction fees and participate in network staking. Solana is known for its scalability, offering fast transaction speeds and low costs compared to other blockchains like Ethereum. It uses a unique consensus mechanism called Proof of History (PoH), which, combined with Proof of Stake (PoS), allows the network to process thousands of transactions per second, making it an attractive choice for developers and users.

Discover more about what crypto is and how it works in our Investing Academy.

How To Buy Solana Crypto

To buy Solana (SOL), start by choosing a reputable cryptocurrency exchange that supports it, such as Binance, Coinbase, Kraken, or KuCoin. After selecting your exchange, create an account by providing your email, setting a password, and completing the identity verification process. Once your account is set up, deposit funds by linking a payment method such as a bank account, debit/credit card, or transferring other cryptocurrencies. With your account funded, you can place an order to buy Solana either at the current market price or by setting a custom price with a limit order.

After purchasing Solana, it's important to store it securely. You can keep it on the exchange, but for better security, consider transferring it to a private wallet. Options include software wallets like Phantom or more secure hardware wallets. Always ensure you are using a trusted exchange and wallet to protect your assets from potential risks.

What Makes Solana Unique?

Solana is unique for its use of Proof of History (PoH) alongside Proof of Stake (PoS), allowing for high-speed, low-cost transactions and enabling the network to process over 65,000 transactions per second. This scalability makes the Solana ecosystem attractive for developers building decentralised applications (dApps) and decentralised finance (DeFi) platforms.

With its fast performance and minimal fees, Solana is well-suited for large-scale applications without compromising security or decentralisation.

How Does Staking Work With Solana?

Solana staking involves locking up your SOL tokens to help secure the network and validate transactions, in return for earning rewards. To stake, you delegate your SOL to a validator, which is responsible for processing transactions and maintaining the blockchain. Validators with more SOL delegated to them have a higher chance of being selected to validate blocks, but the tokens remain in their owner's control throughout.

Rewards are distributed based on the amount of staked SOL and the performance of the chosen validator. You can easily stake using wallets like Phantom, Solflare, or hardware wallets like Ledger, which support staking within the Solana ecosystem.

What Solana Wallet Should I Use?

When choosing a Solana wallet, consider options based on security, ease of use, and your specific needs. For secure storage, hardware wallets like Ledger offer offline protection for your SOL tokens. For convenience and frequent transactions, software wallets such as Phantom or Solflare are popular choices within the Solana ecosystem. These wallets are user-friendly, allow easy access to decentralised applications (dApps), and provide staking options directly within the wallet.

If you prefer a mobile solution, Trust Wallet supports Solana and offers access on both Android and iOS. Choose a wallet that best fits your transaction frequency and security requirements.

How Fast Is Solana?

Solana is one of the fastest blockchain platforms, capable of processing over 65,000 transactions per second (TPS). This high-speed performance is made possible by its unique Proof of History (PoH) consensus mechanism, which timestamps transactions, allowing them to be processed much faster than on traditional blockchains.

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. Solana’s fast transaction speeds make it ideal for decentralised applications (dApps) and large-scale crypto projects that require quick, low-cost transactions.
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