Solana is one of the biggest Layer 1 alternatives (i.e. the smart contract platforms that emerged after Ethereum). Like Ethereum, Solana is used to power an array of web3 dApps, DeFi, NFTs and more.
Using a novel Proof-of-History consensus mechanism in tandem with a traditional Proof-of-Stake model, Solana claims to be the world’s fastest major blockchain, with the capacity to process more than 50,000 transactions per second at a per transaction cost of less than $0.01.
SOL is the native token of the Solana network. It’s used to power dApps and pay for transaction costs on the network. New SOL tokens are distributed to those who stake their coins to help secure the network.
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