The functionality of the blockchain is based on three pillars: scalability, decentralization and security. In practice, it is not yet possible to bring all the parameters to perfection. In fact, each blockchain is a kind of technical compromise, where the improvement of one of the parameters directly or indirectly worsened the others.
It was possible to put up with the inconvenience due to the imperfection of the networks in the early stages of the formation of the crypto industry. As the number of active users increased, so did the scale of the problem. Almost all blockchains periodically suffer precisely because of low bandwidth.
Solana is the embodiment of the original solution to the blockchain trilemma
The Solana blockchain was launched in 2020 and is a high-speed platform designed for the development and deployment of dApps and DeFi solutions. The network uses its own Solana token, which is used to pay fees, operate decentralized applications, make payments, manage the network, and ensure its security. Basically, Solana provides almost the same functionality as Ethereum, but with faster speed, security, and lower costs.
Solana achieved impressive results thanks to a significant number of original technical solutions. An important role is played by the hybrid consensus mechanism, which combines PoS with the added PoH (Proof-of-History) – a unique and first of its kind solution. A timestamp is added to almost every transaction, which ensures higher system performance. It is also important to note that Solana is a one-tier system, where all operations are performed on one blockchain level.
SOL price history
The SOL coin became a sensation in 2021 when Solana price rose from $1.50 to $258.78 from January to November. This young token broke into the TOP-10 of the most capitalized cryptocurrencies and removed the old-timers from the leaderboard.
2022 has been a challenging year for the entire market. The rapid fall during the first half of the year turned into a full-fledged disaster for a number of projects against the backdrop of the collapse of the FTX. Among the victims was Solana, who lost about 90% of the cost. Some analysts have already “buried” the project, but the coin miraculously stayed in the second ten largest cryptocurrencies.
Over the past months of 2023, the cryptocurrency market began to recover and brought several surprises. SOL has tripled in price and is now trading slightly above the $25 mark. Experts believe that the growth potential has not yet been exhausted, and by the end of the year the price of the asset may exceed $32.
Where to buy Solana
The popular asset is traded on many major exchanges in pairs with stablecoins, Bitcoin and some fiat currencies. Direct SOL/ETH exchange on CEX is not yet available.
Binance
The Binance exchange is the leader in terms of trading volume. Recall also that the platform supports spot, margin and futures trading, providing a wide range of ways to passively earn money on cryptocurrency.
There are approximately 60 deposit methods available on Binance, including fiat currencies, and support for trading of approximately 400 digital coins and over 1,600 trading pairs. In addition, fees on Binance are below industry averages.
However, in order to access all the features of the platform, it is necessary to register and complete the KYC (identity verification) requirements.
Coinbase
The Coinbase exchange is an example of a project that has taken the path of most resistance that cryptocurrencies face in the fiat world. In terms of trading volumes, Coinbase is inferior to Binance, but this does not detract from the merits of the site. First of all, it is among the leaders in terms of reliability and is focused on providing traders with access to the most liquid assets. Their policy includes constantly adding new projects to the listing and removing cryptocurrencies that are not in demand. Now more than 240 coins and tokens are available for trading.
LetsExchange
LetsExchange is your optimal choice for buying SOL with almost any cryptocurrency. The platform supports over 3900 coins and tokens, even quite exotic operations like swap EOS/Wombat are possible. Services are provided without registering an account and KYC. To carry out cryptocurrency transactions, you just need crypto wallets to store the corresponding coins. Choose a trading pair, indicate the amount of the transaction, replenish the deposit and indicate the wallet address. The application will be executed automatically after its confirmation.