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Solana (SOL) is a high-performance, open-source blockchain designed for scalability and speed. Founded in 2017, it utilizes a unique hybrid consensus mechanism combining Proof-of-Stake (PoS) with its innovative Proof-of-History (PoH) to achieve fast transaction speeds and low fees, theoretically capable of over 50,000 transactions per second.
SOL is the native cryptocurrency of the Solana network, used for transaction fees, staking, and governance. Its market capitalization ranks it among the top cryptocurrencies. Solana aims to support decentralized applications (dApps) and has gained popularity in DeFi and NFTs. While it boasts impressive technology, the network has experienced occasional outages, raising concerns about its reliability.
