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What is Solana and how does it work?
Solana is a powerful decentralized blockchain network that has been designed to facilitate scalable user-friendly applications powered by smart contract technology. It is considered the world's fastest blockchain right now, with a dynamic ecosystem that has grown exponentially in the second half of 2021 thanks to the low transaction cost and high scalability it offers when compared to main rival Ethereum. Over 400 projects now reside on Solana, across various DeFi, Web 3 and NFT fields, and many more are moving over from other chains as Solana's adoption continues to accelerate.
The price of Solana hit a record high of over $200 per SOL coin in September 2021, making it one of the best-performing crypto assets of the year.
Solana's SPL tokens are the equivalent of Ethereum's ERC20 assets and have been specifically designed for DeFi applications.
Solana (SOL) price chart
Solana at a glance
Ticker symbol
SOL
Use
Platform fees, staking, governance
Notable team members
Anatoly Yakovenko, Greg Fitzgerald
Notable partnerships
Terra, OKEx, MXC
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Werner Vermaak was a technical writer and blockchain consultant with an extensive 20-year marketing resume across Taiwan, the UK and South Africa. He came across Bitcoin and cryptocurrency in Taiwan during mid-2017 and has worked with several companies and projects in the areas of crypto security, regulations, custody and new fields such as DeFi, NFTs and Web 3.0 since. Werner has a business degree from Stellenbosch University and postgraduate qualifications in strategic marketing from the AAA School of Advertising. Werner enjoys geeking out on new technology and pondering the mass adoption of digital assets.
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