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SOL is the native cryptocurrency of the Solana blockchain platform. Launched in March 2020, Solana is a high-performance, open-source blockchain designed to support decentralized applications (dApps) and crypto projects at scale.
Key Features of Solana (SOL):
Speed: Solana can process over 65,000 transactions per second (TPS), making it one of the fastest blockchains.
Low Fees: Transaction fees are typically under $0.01, making it highly cost-efficient.
Proof of History (PoH): Solana introduces a unique consensus mechanism called Proof of History, which enhances time-stamping and improves throughput.
Ecosystem: Solana supports a growing ecosystem of DeFi, NFT, Web3, and gaming projects.
Use Cases of SOL:
Paying for transaction fees on the Solana network.
Staking to help secure the network and earn rewards.
Used in dApps built on Solana for payments, governance, and rewards.
Summary:
SOL powers one of the most scalable and efficient blockchains in the crypto world. With strong developer support and a thriving ecosystem, it is often considered a competitor to Ethereum in the race for Web3 dominance.
