$SOL refers to the native cryptocurrency of the Solana blockchain. Solana is a fast, decentralized, and scalable blockchain network that supports a wide range of applications, including non-fungible tokens (NFTs), decentralized finance (DeFi), and decentralized applications (dApps). The SOL token is used for various purposes on the Solana network, such as:
- *Transaction fees*: SOL is used to pay for transaction fees on the Solana network.
- *Staking*: SOL can be staked to participate in the network's proof-of-stake consensus mechanism.
- *Governance*: SOL holders can participate in governance decisions on the Solana network.
Solana's scalability and speed make it an attractive platform for developers.
