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What is Solana and how does it work?
Solana is a powerful decentralised 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 |
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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.
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