With a current market value of $32,87 USD, Solana has seen a 24-hour trading volume of $822,409 USD. Our conversion of SOL to USD is live and constantly updated. Solana has lost 0.34% of its value in the last day. With a current market cap of $11 601 554 249 USD, it is currently ranked #9 on CoinMarketCap. There are currently 352 987 548 SOL in circulation, and data on the maximum supply is unavailable.
If you’re looking to buy Solana right now, the best places to do so are on the cryptocurrency exchanges Binance, BTCEX, OKX, Deepcoin, and Bybit. On our crypto exchanges page, you’ll also find a list of others.
Can you please explain Solana (SOL) to me?
Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized financial (DeFi) solutions. SOL was officially launched in March 2020 by the Solana Foundation in Geneva, Switzerland, although the idea and preliminary work on the project began in 2017.
Check out our in-depth exploration of SOL to learn more about this endeavor.
The SOL protocol’s main goal is to make developing decentralized applications (DApps) easier. By combining the blockchain’s underlying proof-of-stake (PoS) consensus with a new proof-of-history (PoH) consensus, this approach hopes to make blockchains more scalable.
Solana’s novel hybrid consensus model has piqued the interest of both retail and institutional investors. One of the main goals of the SOL Foundation is to make it easier for more people to use decentralized financial systems.
What Are the Names of SOL’s Original Founders?
To understand SOL, you must first understand its most pivotal figure: Anatoly Yakovenko. At Qualcomm, where he began his professional career, he rose rapidly through the ranks, eventually becoming senior staff engineer manager in 2015. Yakovenko later changed careers and started working as a software engineer for Dropbox.
In 2017, Yakovenko started working on a project which would later materialize as SOL. He collaborated with Qualcomm colleague Greg Fitzgerald to launch Solana Labs. Since the Solana protocol and SOL token came out in 2020, more and more former Qualcomm employees have been interested in them.
What Sets Solana Apart from Other Companies?
Solana incorporates Anatoly Yakovenko’s proof-of-history (PoH) consensus as one of its key innovations. Due to this idea, the protocol can be scaled to a higher level, which improves its usability.
In the cryptocurrency community, Solana is well-known thanks to the blockchain’s lightning-fast transaction times. Transaction and smart contract validation times are drastically reduced with Solana’s hybrid protocol. Solana’s lightning-fast processing times have also piqued the interest of many large institutions.
Solana is designed to accommodate both individual and business users. One of the promises Solana makes to its customers is that there will be no sudden increases in taxes and other charges. The protocol is designed so that it can scale and process data quickly while maintaining low transaction costs.
Solana has moved up to the number seven spot as of September 2021, thanks to its high ranking on CoinMarketCap and the fact that its creators, Anatoly Yakovenko and Greg Fitzgerald, have a lot of experience in the industry.
This followed a remarkable bull run in which the price of Solana increased by more than 700% from the middle of July 2021 onwards. As a result of increased developer activity in the Solana ecosystem, increased institutional interest, the expansion of the DeFi ecosystem, and the growth of the NFTs and gaming vertical on Solana, the price of SOL soared above $60 with the release of the Degenerate Ape NFT collection and has continued to rise ever since. By September 9, 2021, the cost of a single Solana capsule had risen to $216, its all-time high.
Due to its high performance and speed, Solana has been heralded as a possible alternative to Ethereum as the leading smart contract platform. But the network has been experiencing frequent outages, which has hurt its value and ambitions to become the “Visa of crypto.” On top of that, its ecosystem is said to unfairly reward VCs with token economics.
This has led to a retrace in the price of SOL as of February 2022, and more short-term bearish price action cannot be ruled out. But with strong backing from exchanges like FTX, Solana should rise in value over time.
Can You Tell Me How Many Solana (SOL) Coins are Currently in Flow?
The Solana Foundation has announced that a total of 489 million SOL tokens will be released into circulation. About 260 million of these have already been released into circulation.
Here is how the SOL tokens will be doled out: A total of 16.23% was allocated to the seed sale, 12.92% to the founding sale, 12.79% to the team members, and 10.46% to the Solana Foundation. The rest of the tokens are either already available for purchase by the public or will be made available in the near future.
At the first seed sale on April 5, 2018, solana cost $0.04. That’s a whopping 5400X ROI considering the recent ATH (ROI).
How Is the Solana Network Secured?
Solana is distinguished from other consensus mechanisms by its use of both proof-of-history (PoH) and proof-of-stake (PoS).
The SOL protocol relies heavily on proof-of-history because it processes the vast majority of transactions. To guarantee the trustlessness of the blockchain, Proof-of-Work (PoW) keeps track of the intervals of time between successful transactions.
Proof-of-stake (PoS) consensus is used to keep an eye on the PoH processes and verify the integrity of each block sequence they generate.
Solana is a unique thing in the blockchain world because it uses two different ways to reach a consensus.
Where Can You Buy Solana (SOL)?
SOL tokens can be purchased on most exchanges. SOL is a popular venue for trading Solana due to its high SOL/USDT volume ($753,103,225 as of September 2021).
After that, we have Coinbase, which processes $343,872,841 in daily trades. Other options to trade SOL include FTX, Bilaxy, and Huobi Global. Of course, like any other investment opportunity, putting money into cryptocurrency is not without its share of potential downsides.