#solana ⭐️
Solana is an independent single-layer blockchain created as a fast and efficient network based on a smart contract protocol. Since its launch in 2020, the Solana network has been considered a competitor to the Ethereum network, earning the title of "Ethereum Killer."
The network's scalability, along with reduced fees and increased speed, has made it a key choice for many decentralized applications based on NFT tokens (dApps), in addition to decentralized finance (DeFi) and payment systems that rely on digital blockchain.
The Solana network focuses on high transaction throughput and processing in a short time, achieving this through ledger proof technology. Solana claims that the network can process 65,000 transactions per second, making it one of the fastest networks in the field.
The Solana blockchain linearly shards transactions to create a verifiable order that includes all activities on the network, allowing it to achieve the aforementioned speeds. Because of this, there is no need to rely on timestamps from the block creator, nor do network validators need to check the order of transactions.
The Solana network was founded in 2017 by Anatoly Yakovenko, a systems engineer and computer programmer, and Raj Gokal, the current COO of the Solana network. The network operates on a Proof of History (PoH) timing mechanism, which is applied before the consensus layer that operates on a Proof of Stake algorithm.
The native token of Solana, SOL, is primarily used for staking and supporting the validation process, transaction fees, and person-to-person (P2P) payments. It performs these functions through an unlimited supply of tokens. However, the blockchain burns 50% of SOL tokens used to pay transaction fees to maintain a steady rate of annual inflation.
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The current live price of Solana is $149.62 per (SOL / USD) with a current market cap of $77.46B USD. The trading volume over the last 24 hours is $2.65B USD. The price of SOL against USD is updated in real-time. The price of Solana has changed by +1.8% in the last 24 hours. The current available supply of coins for trading in the market is 517.67M.
Best wishes and good luck to everyone.