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Look for an exchange that supports both fiat and cryptocurrency to simplify buying Solana.
Solana is a blockchain looking to address the scaling issue head-on, allowing users to process a massive number of transactions per second (TPS). To put things into perspective according to Binance Academy, while Bitcoin, Ethereum and Visa currently offer TPS rates of just 7, 30 and 2000 respectively, Solana allows users to facilitate a whopping 50,000 transactions per second. SOL is the native token of the Solana ecosystem and has a maximum supply cap of 489 million tokens. Since the platform makes use of a Proof-of-Stake (PoS) network, participants can stake their SOL coins to become validators within the network as well as earn passive rewards for their efforts.
In August 2021, Solana jumped onto the non-fungible token (NFT) bandwagon, adding it to its hefty list of decentralised finance (DeFi) projects. Its entry into the NFT market is known as the Degen Ape Academy, where users can purchase an avatar (which is a ‘smooth-brained’ ape) and enrol them as a student in the Academy. From there, NFT holders will be able to create and submit artwork to competitions and participate in a customisable kart-racing game with in-built rewards. Upon the NFT platform’s launch, all 10,000 Apes available were sold out within 10 minutes, immediately causing a surge in Solana’s token price.
Well-known celebrities such as Paris Hilton and Gary Vaynerchuk were some of the many to purchase an Ape NFT at launch. According to Euronews over the month of August, the price of SOL rose by 220%, largely on the back of the Degen Ape Academy’s popularity. Users of the platform must use these tokens, held in a compatible Fantom or Sollet wallet, to interact with the community.
Solana (SOL) is the 7th largest cryptocurrency in the world by market cap, valued at $50,044,707,750. The current price of Solana is $166.61, which is 1.960% higher than yesterday. Prices have ranged between $167.28 and $156.88 over the past 24 hours. All prices are listed in US dollars and accurate as of October 17, 2021 11:10 UTC.
Find an exchange to buy, sell and trade SOL by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
|Total SOL supply||488,630,611|
|All time high||US$213.47|
|Notable team members||Anatoly Yakovenko, Greg Fitzgerald|
|Partnerships||Terra, OKEx, MXC|
|Token uses||Platform fees, staking, governance|
You can cash out your SOL with the same exchange you bought it through:
Disclaimer: Cryptocurrencies, including Solana, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of SOL 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 Solana or any other cryptocurrency discussed.
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