Solana - a highly functional open source project that uses blockchain technologies to provide decentralized finance (DeFi) solution.
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Description of the Solana project
While the idea and initial work on the project started in 2017, Solana was officially launched in March 2020 by the Solana Foundation, headquartered in Geneva, Switzerland. The Solana protocol helps to facilitate the creation of decentralized applications (DApps). It aims to increase scalability by introducing Proof of History (PoH) consensus, coupled with the blockchain’s underlying Proof of Stake (PoS) consensus.
Thanks to its innovative hybrid consensus model, Solana has attracted the interest of both small and institutional traders. A significant focus of the Solana Foundation - on providing greater access to decentralized finance.
Project uniqueness
One of the significant innovations - a concept that provides greater protocol scalability, which, in turn, improves usability.
Why you should trust this coin defi project:
| Time | Solana is known in the cryptocurrency space for the incredibly short processing times that blockchain offers. The hybrid protocol can significantly reduce the verification time for both transactions and the execution of smart contracts. |
| Fees | The protocol helps both small users and corporate clients. One of Solana's biggest promises to customers is that they won't be surprised by the increase in fees and taxes. |
The protocol has low transaction costs while guaranteeing scalability and fast processing. The launch of the Degenerate Ape NFT collection has seen the price of SOL hit an all-time high of over $60. Since then, it has been growing largely due to higher developer activity in the Solana ecosystem, greater institutional interest, the growth of the DeFi ecosystem, as well as the rise of NFTs.
Buying of tokens
The Solana Foundation has announced that it will be a total of 489 million SOL tokens in circulation. At the moment, about 260 million of them have already entered the market. The distribution of SOL tokens is as follows:
- 16.23% went to the initial sale;
- 12.92% of the tokens - to the sale of the main part;
- 12.79% of SOL coins go to the team members;
- 10.46% of the tokens were donated to the Solana Foundation.
You can buy SOL tokens on most exchanges. One of Solana's trading options is on Binance as it has the highest trading volume of SOL/USDT. Next comes Coinbase, FTX, Bilaxy and Huobi Global.