Solana Coin (SOL) Review (9.4/10⭐)

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Having the highest speed and the lowest transaction costs at the same time has made many new investors consider Solana instead of Ethereum. The main negative with SOL is the rather high inflation, since there is no fixed amount of coins and increasing supply every year.

 

A Bit About Solana Coin

Currently run by the Geneva Solana Foundation, Solana has gained steady popularity as it uses the proof of stake consensus mechanism, which requires less energy and time. The platform, unlike other popular cryptocurrency projects, majorly focuses on the aspect of time. It prides itself in being a high-performance blockchain that ensures that all the smart contracts and decentralized apps (DApps) are well supported. Most people describe it as the fastest programmable blockchains founded in 2017. Four years down the line, the platform is still a very good investment given its massive potential.

A scalable, super fast decentralized blockchain.CryptoLists.com

 

A speed and cost focused blockchain, that is available for tokens, NFTs, DeFi and Web3. It's made to handle more transactions than any other cryptocurrency, with 400 millisecond block times. With better and faster hardware, we'll see an even quicker Solana. But few other coins can handle anything near 50,000 transactions per second.

 

Utility of Solana Coin?

Some of the top reasons that people choose to invest in Solana, include but are not limited to:

High Performance
One of the main reasons people invest in Solana is its high performance. The platform can process more than 50,000 transactions per second with an average latency of fewer than 3 seconds. In addition, it can handle over 1 million cryptocurrency transactions without any slowdown or congestion.

Scalability
Solana is also scalable thanks to the use of its second layer, based on the Proof of Stake protocol. This allows it to handle more transactions on cryptocurrencies as more nodes are added to the network.

Security
SOL has a very secure network due to its two-layered blockchain architecture and the use of Proof of Stake. The main goal of the network is to provide communication security due to its lightning speed connection.

Passive income
Using the Proof of Stake protocol, you can easily earn commission by staking your tokens so that you can run a delegate node. Besides, it encourages people to hold their tokens as they have the opportunity to earn more rewards on the crypto investment.

DApp support
Solana supports a wide range of DApps which can be run on its platform. This allows developers to create and deploy their applications without any problems.

Community-driven
The SOL project is community-driven, and this can be seen from the way it allows people to vote for delegates that can then help run the network. This gives them a sense of belongingness and encourages more people to buy SOL.

 

Advantages of Solana Coin

+ Can handle up to 50 000 transactions per second.
+ Incredible low fees, often below 0.01 USD per transaction.
+ Proof-of-Stake (PoS) to maximise rewards and efficiency.
+ Lots of NFTs and smart contracts can be built on SOL.
+ One of the top 10 cryptos in the world
 

Disadvantages

- Development could be faster: Many implementations remains.
- Solana's inflation is 5.78% in 2021 and 4.9% in 2022.
- Hardware setup for mining Solana is rather expensive.
- In September 2021, Solana experienced intermittent instability.
- Ethereum merge improves ETH competitiveness in speed and costs.
 

Costs

▪ Rated at 10/10

It's one of the crypto coins with the lowest true costs. You can often get away with 1 cent (0.01 USD) per transaction, compared to 80 USD or more for Ethereum during peak hours. However, the main drawback is the inflation. In 2021, inflation for Solana is 5.78%, while it will decrease by 15% in 2022 and go down to 4.9%. For every other year, the inflation will go down with 15% until reaching 1.5% where it will stay indefinitely.

 

Reputation and Buzz

▪ Reputation rated at 9/10
▪ Buzz rated at 9/10

The reputation is improving every year for Solana, that's why it's gone from nowhere in 2019 to one of the top 10 cryptocurrencies in 2022. Likewise, the buzz been huge lately and the 3000 USD tickets to Solana Breakpoint in Lisbon 2021 was sold out long before the event took place and selling at a way more expensive pricepoint on the second hand market. We expect a similar or even bigger buzz for Solana in 2022.

 

Some of the developers involved in Solana Coin

▪ Rated at 10/10
The logos below represent some of the developers who have been involved in Solana Coin. Check out the developer about page, by clicking the logo. There you can see what coins they have developed and at what exchanges, brokers and trading platforms their coins are available.
 

FAQ

What blockchain does Solana use?

SOL uses two-layered blockchain architecture. The first layer is the Proof of History registry which was built on top of the proof of work protocol "Proof-of-Work". The second layer mainly focuses on Proof of Stake as it brings about consensus among all the nodes in the network. This gives it high-performance capabilities and allows it to scale horizontally. The platform also employs a unique voting system that allows delegates to vote on proposed changes without risking their tokens. Besides, the delegates can be voted out if they do not meet the required standards.

What is the highest value Solana ever had?

The highest that SOL has been is 259 USD per coin. This was on 6 November 2021. It was an exciting time but Solana quickly took a turn after that.

How does SOL verify transactions?

The platform has validators. These are systems that store all the signatures of all the recently confirmed transactions. This ensures that they are not processed more than once. Afterwards, validators give a JSON RPC endpoint for queries.

How many transactions per second does Solana process?

From Crypto Lists understanding - SOL is the fastest platform with more than 400 millisecond block times. It allows for over 50,000 transactions per second and each costs 0.00025 USD.

Can SOL be mined?

No. Considering that SOL uses the proof of stake protocol, it cannot be mined.

Does Solana have a max supply?

Yes, SOL has a maximum supply of 500 million tokens.

 

History of Solana Coin

2017 Anatoly Yakovenko publishes a whitepaper draft for the blockchain.

2018 The official whitepaper is launched in February and Solana Labs begins raising funds to build its new crypto network in Q2.

March 2020 Solana launches on Mainnet Beta, shortly after raising $1.76 million in a public token auction.

April 2023 Solana launches Solana Mobile, their own secure mobile phone that's made for web 3. While the camera is not that impressive, it can be compared to a Ledger on your mobile phone, since Android cannot read your seed phrase. Solana Mobile comes with 12 GB ram, 512 GB of stgorage and a 6.67" display.

June 2024 Solana rises on ETF rumors: Solana (SOL) has gone up significantly, from a low of below 136 to 149 USDT on Thursday, June 27. However, afterReuters released a brief news post mentioning that Vaneck has applied for a Solana ETF, the fast cryptocurrency rose sharply. If the application is approved, Solana's ETF will be listed on the Cboe BZX Exchange in fall 2024 or winter 2025.

August 2024 Solana's price spikes as its first ever ETF is approved in Brazil. Some predict it will outperform Ether by double and even go into a supercycle as a result.

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Screenshots from Solana Coin

 

More sites where to buy/sell/trade Solana Coin

Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.