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SOL
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About SOL

What is Solana (SOL)?

Solana is a high-speed, decentralized, open-source, public blockchain built with smart contract execution to host dApps with high scalability, throughput, efficiency, and low transaction costs. It is one of the fastest blockchain networks in the crypto market as of 2022 and supports several leading decentralized apps (dApps) across decentralized finance (DeFi), gaming, NFTs, and Web3.

SOL is the native token of the Solana ecosystem and features among the top cryptocurrencies by market cap. Its value has skyrocketed since 2021 on account of the rising adoption of the Solana blockchain by dApps. In addition, some of the dApps running on the Solana network have gone on to garner several users, increasing the on-chain activity of the blockchain and driving the Solana price and market cap higher.

Solana claims a block time of 400 milliseconds which is expected to reduce even further as its infrastructure becomes more powerful with time. In addition to the high speed on offer, transactions on the Solana network are extremely cheap, with low fees under $0.01, making it an attractive alternative to Ethereum which continues to experience scalability issues because of high gas fees.

These factors have made Solana one of the most attractive ‘Ethereum killers’ in the market, driving more developers to build dApps on its platform that operate with higher efficiency. In addition, it boasts a network of thousands of nodes spread across the globe, which makes the Solana blockchain censorship-resistant and guarantees high security to data and assets.

How Does Solana Work?

The Solana blockchain leverages an innovative hybrid consensus model involving a Proof-of-Stake (PoS) mechanism called Proof-of-History (PoH) to secure its network and promises a throughput as high as 65,000 TPS. The PoH processes work quite similar to that of a PoS network, using validators to verify transactions and add new blocks to the chain. However, it takes the concept a step further by choosing a leader ahead of each slot to make the system of transaction validation even more efficient and makes Solana unique.

Nodes vote on blocks and confirm the legitimacy of the transactions being recorded or added to the blockchain. These votes get sent to the leader among the validators who is responsible for tallying the votes before creating a new block of transactions.

Solana uses the Proof-of-History consensus mechanism with an aim to solve the blockchain trilemma, or the three key challenges of decentralization, security, and scalability, offering all three without any compromise. The combination of Proof-of-Stake and PoH records successful operations, letting the Solana network not only offer higher throughput and scalability but also ensure true decentralization and security throughout its network.

The Solana blockchain offers security through the use of a 256-bit secure hash algorithm (SHA) to record data within its network in an encrypted manner. In addition, it ensures composability thanks to its single global state even as the network expands, ensuring that dApps will never need to depend on Layer 2 scaling solutions, unlike in the case of Ethereum.

History of Solana and SOL

Solana’s founder Anatoly Yakovenko published the blockchain’s whitepaper in late 2017, proposing the new consensus mechanism Proof-of-History which could offer higher levels of scalability than Bitcoin and Ethereum offered at the time. The development on the network started in February 2018 when Anatoly partnered with his former colleague from Qualcomm, Greg Fitzgerald, to release Solana’s first internal testnet along with its official whitepaper.

The founding team of Solana consists not only of these two former Qualcomm employees but also engineers who previously worked at Apple. Solana was originally called Loom but then underwent a rebranding to distinguish it from Loom Network, a Layer 2 scaling solution for Ethereum.

Private token sales helped the Solana team of developers raise more than $20 million towards its development between Q2 2018 and Q3 2019. The Series A round of funding in late July 2019 saw the network raise around $20 million from Multicoin Capital, Distributed Global, Blocktower Capital, Foundation Capital, Blockchange VS, Slow Ventures, NEO Global Capital, Passport Capital and Rockaway Ventures.

The mainnet beta launch of the Solana blockchain took place in March 2020, followed by the release of its public incentivized testnet in Q3 2020. A public token auction on CoinList helped the network raise an additional $1.76 million just before its mainnet launch.

How to Buy Solana (SOL)

As one of the top cryptos by market capitalization and trading volume, Solana (SOL) is listed on most of the leading centralized cryptocurrency exchanges, DEXs, and DeFi protocols worldwide. One of the easiest ways to buy Solana is through KuCoin, by following the steps listed below:

1. Open an Account With KuCoin

Register for an account on KuCoin, if you are new to our platform. Do remember to complete your KYC verification after logging into your account for the first time. Doing so can unlock access to all our services and features.

2. Use Your Fiat Currency to Buy Crypto For Trading

It’s now time to add crypto funds to your KuCoin trading account. Head over to the KuCoin Fast Trade page to buy cryptocurrency using over 70 different payment methods, including Visa, Mastercard, PayPal, and SEPA.

You can also purchase crypto for your trading account through the KuCoin P2P service or by interacting with third-party sellers directly on our platform.

3. Buy SOL on KuCoin With Existing Cryptocurrency

You can also transfer your existing cryptocurrency holdings to trade Solana on KuCoin. All you need to do is to transfer your crypto from your external wallet into your KuCoin trading account to start using it.

4. Trade SOL/USDT on KuCoin

After funding your trading account, head over to the KuCoin Spot Trading section to look for the SOL/USDT crypto trading pair. Do check the latest Solana price, SOL market cap, 24-hour trading volume, and all the latest news on the crypto before trading it.

Enter the number of USDT you wish to exchange for SOL coin and verify the number of tokens you can receive and the trading fees you will be charged. Once you have verified all the information, click on Buy to confirm the trade order.

5. Receive and Store SOL Securely

It will take a few minutes for your trading account to be funded with the Solana crypto you have just purchased. Once it enters your account, you can continue to hold it on KuCoin or you can transfer it to an external wallet for added security.

FAQ

Is Solana’s SOL a Good Investment?

The Solana protocol offers a robust ecosystem for the development of Web 3.0 applications. As a result, an increase in the adoption of such technologies among users can drive up the demand for the Solana blockchain among developers and make it a worthwhile investment to include in your crypto portfolio.

The SOL price can see an increase as more dApps launch on the blockchain and gain traction among users. Thanks to its high throughput and scalability, the Solana network offers a highly attractive alternative to Ethereum for dApp developers, which is one of the strongest advantages that support its growth in value.

The Solana price can also enjoy growth amid a bullish sentiment toward the crypto market. Whenever the price of leading cryptos like Bitcoin and Ethereum rise, investor confidence receives a boost which drives up interest in leading altcoins, SOL included.

How High Can Solana Go?

Solana is among the top 10 cryptocurrencies by market cap and has enjoyed quite the wild price action through the second half of 2021. It shot to fame, powered by the bull run in the crypto market and the rising adoption of its ecosystem by dApp developers looking to escape the high transaction costs and network congestion issues on Ethereum.

It hit an all-time high (ATH) of above $260 in November 2021, although the bearish mood towards digital assets brought down the Solana price into early 2022. Since its launch, SOL has enjoyed an ROI of over 18,000%, making it one of the strongest performing altcoins in the crypto market lately.

There is also rising interest in Solana crypto among institutional investors, which could potentially help the SOL price reclaim its ATH and rise even higher. As more mainstream investors buy Solana, the value of the asset could pick up further.

However, keep in mind that there is no surefire way to make an accurate Solana price prediction over any period of time. You can, however, increase your chances of profit while trading Solana by performing fundamental, technical, and sentiment analysis of the SOL price action before entering a new trade.

What is Solana (SOL) Used For?

The SOL token is the native digital asset of the Solana blockchain and serves many purposes, including:

Pay Transaction Costs

SOL is the cryptocurrency in which users and developers pay transaction costs for using the Solana network. As of June 2022, the transaction costs on the network are around $0.00025 per transaction.

Staking

You can stake your SOL crypto to increase the security and resilience of the Solana blockchain. In addition to staking to become a validator who verifies transactions and adds new blocks, you can also delegate your SOL stake to existing network validators. In return, you can earn rewards and grow your Solana investment.

Cryptocurrency to Trade and HODL

Solana is one of the top cryptocurrencies in terms of market cap, liquidity, and trading volume. As a popular digital asset among investors, you can trade SOL against other cryptocurrencies or hold it over the long term to increase the value of your trading portfolio. Always ensure that you check the current price of Solana, market cap, trading volume, and fundamentals before placing a new trade in SOL.

Earn Passive Income on KuCoin

You can earn attractive returns on your Solana holdings by lending liquidity in SOL to the KuCoin Exchange. Head over to the KuCoin Crypto Lending section and select the SOL token from our list of offerings. Enter the number of SOL you wish to lend and select the duration (choose from 7 days, 14 days, or 28 days). You can then see the daily interest rates we offer and get an estimate on the profits you could make.

How to Stake Solana Crypto

Keep in mind that Solana does not yet have its own official wallet, as of June 2022. You can, however, stake Solana through other supported wallets.

Here’s how to stake SOL and generate a stream of passive income from holding this cryptocurrency:

  1. Buy Solana via a crypto exchange like KuCoin.
  2. Transfer your SOL tokens from your KuCoin trading account and into an external wallet that supports Solana staking.
  3. Create a staking account on the wallet of your choice that allows you to stake Solana.
  4. Select the validator you wish to delegate your staked tokens to.

Sit back and claim your staking rewards at regular intervals and grow your SOL holdings.

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2022-07-01 20:29:16  (UTC+8)
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