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Learn more about Solana
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Solana (SOL) price has declined today.
Solana (SOL) is priced at $137.70 today, with a 24-hour trading volume of $1,958,548,924.99. It is reflecting a 2.74% decline over the last 24 hours and a 7.37% decline over the past 7 days. With a circulating supply of 447 Million SOL, Solana’s current market cap is at $61,589,121,789.44.
Solana (SOL): A Breakdown
The Solana Foundation, based in Geneva, Switzerland, began developing it in 2017 and officially launched it in March 2020.
Solana’s protocol allows developers to create decentralized applications (DApps) and addresses scalability issues using a unique combination of proof-of-history (PoH) and proof-of-stake (PoS) consensus mechanisms.
Solana attracts small-time traders and institutional investors by utilizing this hybrid consensus model.
An important goal for the Solana Foundation is to make decentralized finance accessible to a broader audience.
The Visionaries
The driving force behind Solana is Anatoly Yakovenko. He began his career at Qualcomm and became a senior staff engineer manager. Yakovenko later joined Dropbox as a software engineer.
In 2017, Yakovenko initially embarked on a project that evolved into Solana. Subsequently, he partnered with his former Qualcomm colleague, Greg Fitzgerald, to found Solana Labs.
Later on, with the collaboration and involvement of several ex-Qualcomm associates, the Solana protocol and SOL token were unveiled to the public in 2020.
What Sets Solana Apart
Anatoly Yakovenko created Solana’s key feature: the proof-of-history (PoH) consensus mechanism. This idea greatly boosts how much the protocol can scale and how easy it is to use.
Solana is known in the crypto world for its fast processing times. Its mixed protocol quickly checks transactions and runs smart contracts.
These benefits, along with its ability to scale and low transaction costs, attract a lot of attention from big investors.
Despite its praised speed and performance, Solana has hit some bumps in the road. Repeated outages have slowed its progress toward becoming the “Visa of crypto.” Some people have also criticized its ecosystem for seemingly favoring venture capital investors in its tokenomics.
The Circulating Supply
The Solana Foundation plans to release 489 million SOL tokens. Right now, about 412 million SOL tokens are in the market.
Solana first sold its tokens on April 5, 2018, at $0.04 per token.
Securing the Solana Network
Solana uses a special mix of two systems, proof-of-history (PoH) and proof-of-stake (PoS), to keep its network safe.
Proof-of-history keeps track of successful actions and the time between them to make sure the blockchain can be trusted. It’s a key part of Solana’s system.
On the other hand, proof-of-stake checks the work done by proof-of-history by approving each block of actions it creates.
This mix of systems makes Solana stand out in the blockchain world.
Where Can You Purchase Solana (SOL)?
To acquire SOL tokens, most exchanges offer trading options.
Options include:
It is essential to remember that investing in cryptocurrency, like any other investment opportunity, carries its risks.
Most Used
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Binance is a great combination of low fees, deep liquidity and multiple cryptocurrencies and trading pairs. We have tested every aspect of it and it STILL holds its reign as the top exchange in the world. In our view, it is the perfect crypto exchange for both newbies and advanced traders alike.
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Biggest exchange in the world.
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Industry's lowest trading fees.
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Advance trading options like leverage trading.
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600+ crypto options, 150+ for the US.
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Lucrative on-site staking options.
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Hiccups in account verification.
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Less regulated than some competitors.
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The corporate structure is not transparently.
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For traders interested in exchanges with high liquidity, Huobi is a great choice. The exchange gives traders a low fee of 0.2% and gives addition discounts by holding the Huobi Token (HT). Huobi supports more than 700 crypto assets and have deposit and withdrawal of fiat currency. The downsides are regulatory compliance issues and bad customer support.
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High liquidity.
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Supports fiat currency.
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Low fees.
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High number of supported cryptocurrencies.
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Regulatory challenges.
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Wash trading accusation.
Common Solana price pairs include:
- SOL/USD
- SOL/GBP
- SOL/AUD
- SOL/JPY
- SOL/EUR
To see the live Solana price in your preferred fiat currency, use our Coinweb converter on the Solana currency page or the exchange rate converter page.
Solana is a cryptocurrency developed by the Solana Foundation that allows developers to make decentralized apps and aims to make decentralized finance available to more people by using a unique technology setup.
Anatoly Yakovenko, who worked at Qualcomm and Dropbox, created Solana. He started the project in 2017, and later, with Greg Fitzgerald and other former Qualcomm colleagues, launched Solana in 2020.
Solana is known for its fast processing times and low transaction costs, thanks to its unique technology called proof-of-history, which helps it handle many transactions quickly and efficiently.
The Solana Foundation has released around 412 million SOL tokens out of a planned 489 million. The initial price of a SOL token during the seed sale on April 5, 2018, was $0.04.
You can buy SOL tokens on various exchanges like Binance, Huobi Global, and Coinbase. Always remember that investing in cryptocurrency involves risk.
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