What is Solana?
Solana is a high-throughput blockchain that is currently supporting 50–65k transactions per second and 400ms block times, without complex solutions like sharding or layer-two. As the world’s first web-scale blockchain, Solana will unlock a whole new class of performant applications and facilitate larger scale blockchain adoption. Utilizing a revolutionary innovation called Proof of History, Solana is drastically able to outperform any other existing layer 1 and provide fees at $0.00001 per transaction.
What is SOL?
SOL is Solana’s native cryptocurrency, which works as a utility token. Users need SOL to pay transaction fees when making transfers or interacting with smart contract.
The network burns SOL as part of its deflationary model. Like Ethereum, Solana allows developers to build smart contracts and create projects based on the blockchain.
SOL uses the SPL protocol. SPL is the token standard of the Solana blockchain, similar to ERC20 on Ethereum. The SOL token has two main use cases:
- Paying for transaction fees incurred when using the network or smart contracts.
- Staking tokens as part of the Proof of Stake consensus mechanism.
Where to buy SOL?
You can buy SOL on a number of popular exchanges, including the world’s top exchange in terms of trading volume Binance. Also note, there is no minimum requirement to stake LUNA for delegators.
How to delegate SOL (staking)?
To stake SOL tokens, you must use a wallet that supports staking. Not all wallets support staking at this time.