ETH alternative: Why SOL is getting attention? Solana is a blockchain platform that includes proof of history (PoH) technology to improve speed without sacrificing security. Because of its PoH technology, Solana is one of the fastest blockchains available, with an average processing speed of 2’700 transactions per second. The native cryptocurrency of the Solana network is the SOL token, which is currently in the top ten of all cryptocurrencies for market capitalization. Use cases of SOL Transaction fees. The SOL token is used to pay transaction fees on the Solana network, which are remarkably low thanks to the high throughput of SOL. Transaction fees on SOL average %excerpt%.00025 per transaction. Staking. Like many other cryptocurrencies, holders can
Topics:
Bitcoin Schweiz News considers the following as important: dapp, DApps, NFT, PoH, sol, solana, Token, Token Economy
This could be interesting, too:
Chayanika Deka writes Sky (Formerly Maker) Announces USDS’s Debut on Solana Blockchain
Wayne Jones writes VanEck Europe Enables SOL Staking for its M Solana ETN
Chayanika Deka writes Solana-Based Pump.fun Sells 40,000 SOL Worth .68M in Latest Transaction: Data
Chayanika Deka writes Optimism for Republican Win Drives .2 Billion in Weekly Inflows into BTC, ETH Products
Solana is a blockchain platform that includes proof of history (PoH) technology to improve speed without sacrificing security. Because of its PoH technology, Solana is one of the fastest blockchains available, with an average processing speed of 2’700 transactions per second. The native cryptocurrency of the Solana network is the SOL token, which is currently in the top ten of all cryptocurrencies for market capitalization.
Use cases of SOL
- Transaction fees. The SOL token is used to pay transaction fees on the Solana network, which are remarkably low thanks to the high throughput of SOL. Transaction fees on SOL average $0.00025 per transaction.
- Staking. Like many other cryptocurrencies, holders can stake their SOL for rewards, governance voting and gain eligibility to become a validator.
dApps and smart contracts. Similar to Ethereum, SOL uses smart contracts that support decentralized applications, and there is a tremendous variety of dApps that exist in the SOL ecosystem. - Creating currencies. Many dApps within Solana have created their own currencies, which power their projects. SOL is an attractive blockchain for this use due to its scalability.
Why SOL is getting attention
- ETH alternative. Solana is an increasingly popular alternative to Ethereum thanks to its lower fees and faster speeds.
- Hub for NFTs. With lower congestion than other blockchain platforms, SOL could become a standard for those looking to build and host an NFT marketplace or explore gaming applications in crypto.
- DeFi projects. The Solana ecosystem houses a wide variety of DeFi projects, such as decentralized exchanges (DEX), lending protocols, crypto wallets, investment platforms, and payment systems.
Interested in SOL? You can now buy, sell, swap, and earn rewards ion most crypto exchanges!