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Solana Overview
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About Solana
SOL, the native cryptocurrency of Solana, serves multiple purposes within its ecosystem:
- Transaction fees: SOL is required for paying transaction and smart contract fees. These fees are minimal compared to other blockchains like Ethereum.
- Staking: SOL can be staked to secure the network and participate in consensus. Stakers (or delegators) can earn rewards based on the amount of SOL staked and contribute to the network’s security.
- On-chain governance: SOL holders can vote on protocol upgrades and network changes.
- dApps and DeFi: Solana supports decentralised applications, including DeFi platforms, NFTs, and gaming ecosystems. Projects like Serum, Mango Markets, and Coin98 are examples of dApps powered by Solana.
- NFTs and tokenisation: Solana supports the creation and management of both fungible and non-fungible tokens (NFTs), enabling users to issue assets on-chain efficiently.
- Account Model: Solana operates with an account-based system where all data is stored in "accounts," similar to a key-value store. This account model allows for efficient state management on-chain.
- Cross Program Invocation (CPI): One of Solana's key features is its composability through Cross Program Invocation (CPI), where smart contracts (called "programs") can invoke each other. This makes it easier for dApps to interact and build on top of one another.
- Validators and Clusters: Solana relies on a network of validators that work together in "clusters" to process transactions and secure the network. These clusters ensure decentralisation and scalability, allowing Solana to function at high speeds even with a large number of validators.
- Economic Model: Solana's economic model includes protocol-driven inflationary rewards distributed to stakers, ensuring a long-term incentive structure for participants. This model, coupled with transaction fees, supports both network security and decentralisation.
- Program Derived Addresses (PDA): Program Derived Addresses (PDAs) allow for the deterministic creation of accounts on-chain, enabling smart contracts to programmatically sign transactions.
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Solana Market Data
The live Solana price today is $80.18 USD with a 24-hour trading volume of $67,903,352.02 USD. We update our SOL to USD price in real-time. Solana is down 0.27% in the last 24 hours.
The current market cap is $45,931,582,158.36 USD, ranking #7 by market capitalization. The circulating supply is 572,849,988 SOL.