l Token SOL: Beyond a Cryptocurrency.
The native token of the Solana network is $SOL, and its role is fundamental for the operation and security of the blockchain. Similar to $ETH in Ethereum, $SOL has multiple uses. Primarily, it is used to pay transaction fees within the network, which as we mentioned, are extremely low. Additionally, $SOL holders can participate in the network's Proof of Stake (PoS) mechanism, staking their tokens to validate transactions and secure the blockchain, in exchange for rewards. This incentivizes participation and contributes to decentralization. $SOL is also used for governance, allowing its holders to vote on proposals that affect the future of the network. It is the beating heart of the Solana ecosystem.
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