Solana (SOL) Price

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About Solana (SOL)

Solana is a blockchain platform designed to host decentralized, scalable applications. Founded in 2017, it is an open-source project currently run by the Solana Foundation based in Geneva, while the blockchain was built by San Francisco-based Solana Labs.

Solana is much faster in terms of the number of transactions it can process and has significantly lower transaction fees than rival blockchains like Ethereum. The cryptocurrency that runs on the Solana blockchain—also named Solana (SOL)—soared almost 12,000% in 2021 and, at one point, had a market capitalization of over $75 billion, making it one of the largest cryptocurrencies by this measure at the time. In 2024, SOL remained one of the largest cryptocurrencies by market cap.

Solana's design uses algorithms to remove performance bottlenecks caused by blockchain software. This makes it scalable, secure, and decentralized. There is speculation that its architecture might allow for a limit of 710,000 TPS on a standard gigabit network and up to 28.4 million TPS on a 40-gigabit network.

Solana's blockchain operates on both a proof-of-history (PoH) and proof-of-stake (PoS) consensus model. PoS permits validators (those who validate transactions added to the blockchain ledger) to verify transactions based on how many coins or tokens they hold; PoH allows those transactions to be timestamped and verified very quickly.