Price of Solana
The current price of Solana (SOL) is $148.90 USD, with a market capitalization of $68.63 billion USD. Over the past 24 hours, Solana has seen a trading volume of $2.77 billion USD and a price decline of 7.47%. The circulating supply is 460.95 million SOL. The price of SOL to USD is updated in real-time.
About Solana (SOL)
Solana is an independent Layer 1 blockchain designed to be a fast and efficient network, using a smart contract protocol. Launched in 2020, it is often compared to Ethereum and has been dubbed âThe Ethereum Killerâ.
Solanaâs scalability, low transaction fees, and high-speed capabilities make it popular for NFT-based decentralized applications (dApps), decentralized finance (DeFi), and digital blockchain-based payment systems.
The network achieves high transaction throughput and rapid processing times through its Proof-of-History (PoH) technology, enabling it to process up to 65,000 transactions per second. This is accomplished by linearly hashing transactions to establish a verifiable order, eliminating the need for block creator timestamps or validator transaction order checks.
Co-founded in 2017 by Anatoly Yakovenko and Raj Gokal, the Solana network operates on a PoH mechanism and a proof-of-stake (PoS) consensus layer. The native token, SOL, is used for staking to support validation processes and to pay transaction fees. Solana burns 50% of the SOL used in transaction fees to manage inflation, with the other 50% awarded to transaction validators. Holders of sufficient SOL can become validators or delegate their tokens to support the network and earn staking rewards. SOL prices are updated live on Binance.
A significant security breach on August 3, 2022, impacted the Solana network, with decentralized wallet apps Phantom and Slope reporting the attacks. Approximately $8 million in SOL was stolen from around 8,000 wallets, which interacted with iOS and Android applications. The source of the hack and potential reimbursements for affected wallet owners remain undetermined.
