Decrypt • Dec 01, 22
Solana Soars, Flow Falls as NFT Market Declines Further in November
Trading in November is about 88% lower than January as overall volume and total NFTs sold both slump even further.
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Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards.
The price of Solana has fallen by 2.10% in the past 7 days. The price declined by 0.22% in the last 24 hours. In just the past hour, the price shrunk by 0.15%. The current price is $13.51 per SOL. Solana is 94.81% below the all time high of $260.06.
The current circulating supply is 365,961,612.182 SOL.
Solana is a decentralized computing platform that uses SOL to pay for transactions. Solana aims to improve blockchain scalability by using a combination of proof of stake consensus and so-called proof of history. As a result, Solana claims to be able to support 50,000 transactions per second without sacrificing decentralization.
Solana is a crypto-computing platform that aims to achieve high transaction speeds without sacrificing decentralization.
Like Ethereum, Solana is both a cryptocurrency and a flexible platform for running decentralized apps (dapps) — everything from Degenerate Apes to the Serum decentralized exchange (or DEX). Its major innovation is speed, via a bundle of new technologies including a consensus mechanism called proof of history (PoH). Solana can process around 50,000 transactions per second — compared to 15 or less for Ethereum (the ETH2 upgrade, which is currently underway, is designed to make Ethereum much faster than it is now).
Because Solana is so fast, congestion and fees remain low. Developers hope high speeds and low fees will eventually enable Solana to scale to compete with centralized payment processors like Visa.
Solana’s native cryptocurrency is SOL, which is used to pay transaction fees and for staking. It also gives holders the right to vote in future upgrades. SOL is available to buy and sell via exchanges like Coinbase.
When Bitcoin was invented more than a decade ago, it solved a tricky problem: how to make it possible for strangers anywhere in the world to make financial transactions over the internet without financial intermediaries and payment processors like Visa or Mastercard assisting the transaction.
The technology that makes decentralized transactions possible — and which created the universe of cryptocurrencies we now know — is called a blockchain. But, blockchains previously had one major downside compared to centralized networks like the ones credit-card companies use: they’re slower. As of August 2021, Ethereum typically processes fewer than 15 transactions per second, compared to tens of thousands for Visa’s network.
Solana is one of many new crypto solutions aiming to make crypto networks faster and more scalable. It uses a suite of clever technologies, including a novel mechanism called “proof of history.”
The computers that secure the network are called validators. Participants stake their own SOL to become a validator, in exchange for a chance at earning SOL and a cut of fees. (Becoming a validator also requires a fairly high level of technical knowhow.)
SOL also serves as a “governance token,” meaning that holders also are able to vote on future upgrades and governance proposals submitted by the Solana community.
Like Ethereum, Solana is a computing platform that can interact with smart contracts. Smart contracts power a wide range of applications, from NFT marketplaces and DeFi, to games and decentralized lotteries.
The crypto app ecosystem on Solana supports billions of dollars worth of assets. One reason a user might choose an app that runs on Solana is that speeds are high and congestion is low — resulting in lower fees.
There are, of course, risks associated with emerging crypto applications and technologies, from extreme volatility, to the potential for undiscovered smart-contract bugs to be exploited. Especially as a beginner, do your research and don’t risk money you can’t afford to lose.
You can buy, send, and receive Solana using various crypto exchanges and wallets, including Coinbase and Coinbase Wallet.
Released: February 2018
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The price of 1 Solana currently costs $13.51.
The current market cap of Solana is $4.94B. A high market cap implies that the asset is highly valued by the market.
The all-time high of Solana is $260.06. This all-time high is highest price paid for Solana since it was launched.
Over the last 24 hours, the trading volume of Solana is $204.44M.
The current circulating supply of Solana is 366 million.
The median time that Coinbase customers hold Solana before selling it or sending it to another account or address is 121 days.
Solana ranks 9 among tradable assets on Coinbase. Popularity is currently based on relative market cap.
Currently, 96% of Coinbase users are buying Solana. In other words, 96% of Coinbase customers have increased their net position in Solana over the past 24 hours through trading.
Certain content has been prepared by third parties not affiliated with Coinbase Inc. or any of its affiliates and Coinbase is not responsible for such content. Coinbase is not liable for any errors or delays in content, or for any actions taken in reliance on any content. Information is provided for informational purposes only and is not investment advice. This is not a recommendation to buy or sell a particular digital asset or to employ a particular investment strategy. Coinbase makes no representation on the accuracy, suitability, or validity of any information provided or for a particular asset. Prices shown are for illustrative purposes only. Actual cryptocurrency prices and associated stats may vary. Data presented may reflect assets traded on Coinbase’s exchange and select other cryptocurrency exchanges.