What is $SOL and the Solana blockchain?
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#Solana ( $SOL ) is a highly scalable, open-source blockchain network that supports decentralized applications and can process over 50,000 transactions per second. Founded by Anatoly Yakovenko in 2017, #Solana launched its mainnet beta version in 2020 and has quickly become one of the fastest growing layer 1 blockchain platforms in the cryptocurrency market.Unlike first-generation blockchains like Bitcoin and Ethereum that can only process 10-15 transactions per second, #Solana leverages innovative technologies like Proof of History and Tower BFT to achieve lightning fast speeds while still maintaining decentralization. This makes it ideal for building scalable dApps – especially in the areas of DeFi, NFTs, Web3 and gaming.One of Solana’s standout features that developers love is that it costs less than $0.01 per transaction – significantly lower than Ethereum’s average of $2-10 per transaction. This enables it to onboard the next billion Web3 users that may find Ethereum unusable due to high gas fees.Solana’s native cryptocurrency is #SOL . It powers the blockchain, pays for transactions, incentivizes validators and can be used for stake pooling. #SOL supply is currently at 566 million and new tokens are minted each year via inflation rewards at a rate of around 8% to validate transactions.Moving forward, Solana aims to scale to over 700,000 transactions per second through improvements like pipelines, Cloudbreak and Archivers. If achieved, many analysts predict SOL’s market cap could one day rival Ethereum’s and see substantial growth in 2024 as adoption continues rising exponentially.
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