$SOL is a high-speed blockchain designed to support decentralized applications (dApps) with very low transaction fees. Using a unique technology called Proof of History (PoH), Solana is capable of processing up to 65,000 transactions per second.
Its main token, SOL, is used to pay for transactions, staking, and supporting the Web3 ecosystem such as DeFi, NFT, and GameFi. Solana is known for its efficiency without the need for layer 2 solutions.
Popular projects within its ecosystem include Phantom Wallet, Magic Eden, and Raydium. With high performance and an active community, Solana has become one of the main competitors to Ethereum in the blockchain world.