$SOL is the native cryptocurrency of the Solana blockchain, a fast and scalable platform designed for decentralized applications and smart contracts. It is used to pay transaction fees, run smart contracts, and can be staked to help secure the network while earning rewards. Known for its high speed and low costs, Solana has become a popular choice for developers building in the DeFi, NFT, and Web3 spaces. With recent developments like the launch of spot Solana ETFs in Canada, $SOL is gaining increased visibility and credibility in traditional financial markets.