$SOL Solana is a high-performance Layer-1 blockchain, noted for its exceptional speed, minimal costs, and ability to support decentralized applications (dApps), DeFi, and NFTs with ease. It utilizes a unique hybrid consensus mechanism—Proof-of-History combined with Proof-of-Stake—that allows for quick transaction confirmation and scalability.

Background and Features

Origin: Founded by Anatoly Yakovenko and Raj Gokal, Solana Labs launched the platform's mainnet in March 2020. Validation clients in Java and C++, such as Firedancer, developed by Jump Crypto, have improved the network's resilience and performance.

Performance: Solana can process thousands of transactions per second at costs often less than a cent. This makes it particularly attractive for NFT markets, microtransactions, and high-frequency DeFi applications.

Drawbacks: Despite its strengths, the platform has experienced major outages in the past, raising concerns about its reliability and centralization.