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Solana Price (SOL)

₹ 15884.8500000000 -2.38 %

Low : ₹ 14648.9300 High : ₹ 15397.1400

Market Cap

₹6.74 T

0.2556 %

All Time High : ₹19286.6600

All Time Low : ₹38.0300

Volume

₹236.93 B

Circulating Supply 445574000
Max Supply --

Solana (SOL) Price Live Chart

Solana (SOL)

Solana is a blockchain platform for decentralized applications and cryptocurrencies. It aspires to provide high-performance decentralized apps (dApps) and smart contracts with fast and scalable solutions. Solana achieves quick transaction processing and low fees by combining a unique proof-of-history (PoH) consensus method with a proof-of-stake (PoS) consensus model.


Solana's architecture is designed to manage high transaction throughput, with the ability to process thousands of transactions per second. As a result, it is well-suited for applications needing quick and efficient processing, such as decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming platforms.


SOL is the Solana network's native cryptocurrency. SOL fulfills a variety of functions throughout the ecosystem, including transaction fees, staking, and network governance.


Because of its scalability and high-speed transaction capabilities, Solana has garnered traction in the blockchain and cryptocurrency world. It has piqued the interest of developers and projects seeking a platform capable of handling large-scale applications with significant transaction volumes.


Founders 

Anatoly Yakovenko (@aeyakovenko) is the driving force behind Solana. His professional career began with Qualcomm, where he quickly rose through the ranks and was promoted to senior staff engineer manager in 2015. Later in his career, his professional path evolved, and Yakovenko began working as a software developer at Dropbox.


In 2017, Yakovenko began work on a project that would eventually become Solana. He collaborated with his Qualcomm colleague Greg Fitzgerald (@garious14) to establish Solana Labs. The Solana protocol and SOL cryptocurrency were released to the public in 2020, attracting numerous more former Qualcomm colleagues in the process.


Solana’s Features

Solana was created in 2020 by Solana Labs and the Solana Foundation. However, Solana has been subject to several outages, and its companies have been subject to a class-action lawsuit regarding the sale of unregistered securities. The Solana Foundation is a non-profit foundation based in Zug, Switzerland, dedicated to the decentralization, adoption, and security of the Solana ecosystem. The Solana Foundation Grants Program is focused on funding efforts to further censorship resistance on the Solana Network Server Program.


High Throughput: Solana is one of the quickest blockchain platforms, capable of processing thousands of transactions per second. It achieves this high throughput by combining the Proof-of-History (PoH) consensus mechanism with the Proof-of-Stake (PoS) consensus model.


Scalability: Because Solana's architecture is built to scale horizontally, as the network grows, so does its capability to handle more transactions and dApps. Because of its scalability, it is well-suited for applications that require quick and efficient processing.


Low prices: Solana strives to keep transaction prices low while maintaining high throughput. This makes it appealing to customers and developers looking for cost-effective solutions.


Smart Contracts: Solana allows smart contract execution, allowing developers to design decentralized applications with programmable functionality. It works with the Solidity programming language, which is popular in the Ethereum environment.


Token (SOL): SOL is the Solana network's native coin. It is used to pay transaction fees, stake coins, and participate in network governance. SOL token holders can also earn incentives by staking their tokens to protect the network.


Ecosystem: Solana has attracted an ever-expanding ecosystem of innovators and projects. It has found traction in a variety of fields, including decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, and others. Solana has been used to build a variety of DeFi protocols, dApps, and NFT platforms, leveraging its speed and scalability.


Use cases of Solana 

DeFi applications, NFTs, gaming apps, real estate applications, and autonomous operations are among the key use cases for Solana. Because of Solana's smart contract feature, developers can create dApps for a wide range of use cases, including financial, gaming, and even real estate. Solana's main innovation is speed, which it achieves through a collection of innovative technologies, including a consensus method known as proof of history (PoH), making it an ideal platform for use cases that include conducting computations, storing data, or transacting at high speed and volume.


Recent updates

On May 31, Solana Labs revealed that 97.4% of stakeholders had accepted the validator client v1.14 version. The platform revealed what v1.14 unlocks and how the upgrade works in a blog post.


Solana Labs emphasizes that the introduction of validator client version 1.14 provides a number of notable upgrades targeted at improving the user experience on the Solana network. It is crucial to note that, while certain features are included in the release, their availability is reliant on the feature gate being activated.


Version 1.14 adds permissionless deactivation of delinquent stakes, addresses the issue of blocks being skipped, and improves overall network speed. It introduces the idea of minimum stake delegation, as well as the creation of a new RPC  for fetching the current minimum stake delegation, awaiting validator governance approval.

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