#binance SOL is the native cryptocurrency of Solana, a layer 1 blockchain that supports smart contracts and dApps. Users can earn SOL by contributing to the network, being a node or a validator. The network follows a deflationary model in which SOL tokens are burned as a means of reducing the supply of tokens. Solana uses the SPL protocol as its token standard, which is similar to Ethereum's ERC-20.Â
Token distribution
The initial allocation of SOL was as follows: the initial sale allocated the largest percentage at 15.86%, followed by the founding sale at 12.63% and the validator sale at 5.07%. 1.84% was allocated for strategic sales and 1.60% for public auctions. The team and the foundation were allocated an equal share of 12.50%, while the Community Reserve was allocated the highest percentage at 38.00%.
