Buy Solana

Solana (SOL) is a high-performance blockchain platform built for speed, designed to run apps and process transactions quickly and at low cost. Its native cryptocurrency is called SOL.

Like Ethereum, Solana is a programmable blockchain that supports smart contracts, which are pieces of code that automatically run when certain conditions are met. Developers use it to build decentralised applications across areas such as decentralised finance (DeFi), NFTs, payments and blockchain games.

What sets Solana apart is its focus on throughput. It is designed to handle a very high number of transactions per second with low fees, which is why it is often used for applications that need to process a lot of activity at once. Solana is maintained by a global network of computers that verify transactions and keep a shared public record on the blockchain.

What is Solana used for?

Solana is used to run decentralised applications and move value quickly across its network. SOL is the asset used to pay for transactions on the Solana network, including sending tokens, interacting with apps and using smart contracts.

Solana transaction fees are typically very low compared with many other networks, which is part of its appeal for high-volume activity such as trading, payments and gaming. A portion of each transaction fee is removed from circulation, or burned.

Solana is also used for staking. Solana uses a system called Proof of Stake, combined with a feature known as Proof of History that helps order transactions efficiently. Holders can stake SOL to help secure the network and, in return, may earn staking rewards.

Unlike Bitcoin, Solana does not have a fixed maximum supply. New SOL is issued through network inflation that started higher and gradually decreases over time toward a lower long-term rate. Because some fees are burned, the overall supply can change depending on network activity and protocol rules.

The history of Solana

Solana was founded by Anatoly Yakovenko, an engineer who designed a method called Proof of History to timestamp and order transactions more efficiently. The aim was to build a blockchain that could scale to high speeds without sacrificing security.

The Solana network produced its first block in March 2020. Its core technical ideas were first set out in the Solana white paper, which introduced Proof of History as a way to increase throughput.

Since launching, Solana has grown into one of the most widely used blockchains, particularly for applications that benefit from fast, low-cost transactions. People buy SOL for many reasons, including using Solana applications, paying network fees, staking, or gaining exposure to the Solana ecosystem. You can read more in our guide to what Solana is and how it works.