Solana (SOL) is a high-performance layer one blockchain known for its speed and low transaction costs, aiming to scale decentralized applications. Its unique consensus mechanism known as Proof of History (PoH) works in conjunction with Proof of Stake (PoS) to achieve high throughput, processing thousands of transactions per second with near-finality reaching up to 400 milliseconds.

The SOL token is the native cryptocurrency, essential for paying transaction fees within the network. It also plays a crucial role in securing the network through staking, where SOL holders can delegate their tokens to validators and earn rewards. While Solana does not yet have a fully established token-based governance model, SOL is expected to be used for voting on future network upgrades. With its focus on scalability and a growing ecosystem of DeFi, NFTs, and other applications, Solana aims to be a leading platform for Web3 development.