#TradeFiRevolution Solana is a blockchain platform designed for high transaction speeds and low fees. It utilizes a unique combination of proof-of-stake and proof-of-history consensus mechanisms to achieve this.
SOL is the native cryptocurrency of the Solana blockchain. It's used for:
* Paying transaction fees: Like gas on Ethereum, SOL is used to pay for transactions on the Solana network.
* Staking: Users can stake their SOL to participate in network security and earn rewards.
* Governance: SOL holders may have the right to participate in governance decisions regarding the future of the Solana network.
Solana aims to be a leading platform for decentralized applications (dApps) and has gained significant traction in the cryptocurrency market.