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How to Buy Solana
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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.
Launched in March 2020 by the Solana Foundation, based in Geneva, Switzerland, Solana is a crypto-computing platform that aims to achieve high transaction speeds without sacrificing decentralization. It seeks to improve scalability through a different approach in the blockchain industry, combining a proof-of-history (PoH) consensus with the blockchain's underlying proof-of-stake (PoS) consensus. This approach has attracted interest from a diverse range of traders, from small-scale individuals to institutional entities. Solana claims it can process around 50,000 transactions per second. Like Ethereum, Solana is both a cryptocurrency and a flexible platform for running decentralized apps (dapps) or minting NFTs, with its cryptocurrency (SOL) available to buy and sell via exchanges like Coinbase.
Solana operates using a combination of proof-of-history (PoH) and proof-of-stake (PoS) consensus mechanisms. The proof-of-history component is the main element of the Solana protocol, responsible for the majority of transaction processing. PoH records successful operations and the time elapsed between them, ensuring the trustless nature of the blockchain. The proof-of-stake consensus acts as a monitoring tool for the PoH processes, validating each sequence of blocks it produces. This combination of two consensus mechanisms makes Solana a different approach in the blockchain industry. Solana's protocol is designed to serve both small-time users and enterprise customers alike, with a commitment to low transaction costs while still ensuring scalability and fast processing.
Solana's primary use case is to facilitate the creation of decentralized applications (DApps), with a particular focus on decentralized finance (DeFi) solutions. Its different approach in the blockchain industry allows for significantly decreased validation times for both transaction and smart contract execution. This has attracted a lot of interest, particularly from institutional entities. Solana's protocol is designed to serve both small-time users and enterprise customers alike, aiming to make decentralized finance accessible on a larger scale.
The idea and initial work on Solana began in 2017, but it was officially launched in March 2020 by the Solana Foundation, headquartered in Geneva, Switzerland. The most important person behind Solana is Anatoly Yakovenko, whose professional career started at Qualcomm, and who teamed up with his Qualcomm colleague Greg Fitzgerald to found a project called Solana Labs. Attracting several more former Qualcomm colleagues in the process, the Solana protocol and SOL token were released to the public in 2020.
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 credit-card companies: they're slower. Bitcoin typically processes around than 7 transactions per second in 2023, 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 know-how.) SOL also serves as a "governance token," meaning that holders are also 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 Non-Fungible Tokens (NFT) marketplaces and Decentralized Finance (DeFi), to games. The crypto app ecosystem on Solana supports billions of dollars worth of assets as of 2023. One reason a user might choose an app that runs on Solana is that speeds are high and congestion is low — usually resulting in lower fees than on other blockchains. 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.
Published on February 5, 2024
Solana’s distinctive scaling approach makes it attractive for those seeking efficient blockchain solutions. Its focus on high-speed and low-cost operations allows it to process thousands of transactions per second at a fraction of the cost of other blockchains.
Over the years, the Solana community has remained steadfast and actively engaged, notably in the NFT space where creators and collectors alike have found a robust platform for trading digital assets.
The platform is known to iterate quickly, demonstrating a commitment to continual improvement and adaptability, regularly introducing new features and updates that enhance user experience and expand its capabilities.
Published on February 5, 2024
Currently, the term "smart contract" is commonly associated with Ethereum. Detractors of Solana argue that if Ethereum can effectively cover all use cases Solana targets, it holds a default advantage.
It’s also important to note that occasional network congestion and performance issues have been known to occur, which may deter users seeking consistent accessibility and reliability.
Critics argue that Solana’s monolithic design may struggle with scalability and flexibility since all functionalities are integrated into a single layer. Ethereum’s modular approach allows for different components of the blockchain to be optimized independently, potentially offering greater efficiency.
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.
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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.
$70.3B
$1.4B
469.2M SOL
152 days
#5
$260.00
+0.78%
+4.42%
-5%
+4.16%
+17.81%
+528.58%
+541.63%
+218.59%
+181.21%
+320.82%
A selection of conversions from different assets to top cryptocurrencies.
A selection of conversions for different assets and currencies.
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Decentralized Social - Nicaraguan Córdoba
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338,096 unique individuals are talking about Solana and it is ranked #3 in most mentions and activity from collected posts. In the last 24 hours, across all social media platforms, Solana has an average sentiment score of 3.1 out of 5. Finally, Solana is becoming more newsworthy, with 12 news articles published about Solana. This is a 0% increase in news volume compared to yesterday.
On Twitter, people are mostly neutral about Solana. There were 12.35% of tweets with bullish sentiment compared to 8.89% of tweets with a bearish sentiment about Solana. 78.76% of tweets were neutral about Solana. These sentiments are based on 219795 tweets.
On Reddit, Solana was mentioned in 2110 Reddit posts and there were 3444 comments about Solana. On average, there were more upvotes compared to downvotes on Reddit posts and more upvotes compared to downvotes on Reddit comments.
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338,096 people
159,153 posts
1.91%
#3
3.1 out of 5
12
219,795 people
12.35%
Bullish
78.76%
Neutral
8.89%
Bearish
2,110
3,444
11,574
12,384
SOL/CAD (Canadian Dollar)
CA$203.10
SOL/GBP (British Pound)
£113.93
SOL/JPY (Japanese Yen)
¥22,210.94
SOL/INR (Indian Rupee)
₹12,562.42
SOL/BRL (Real)
R$816.19
SOL/EUR (Euro)
€136.33
SOL/NGN (Nigerian Naira)
NGN 246,630.95
SOL/KRW (South Korean Won)
₩201,362.84
SOL/SGD (Singapore Dollar)
S$195.03
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The price of Solana has increased by 0.78% in the last hour and increased by 4.42% in the past 24 hours. Solana’s price has also fallen by 5.00% in the past week. The current price is $149.60 per SOL with a 24-hour trading volume of $1.39B. Currently, Solana is valued at 42.46% below its all time high of $260.00. This all-time high was the highest price paid for Solana since its launch.
The current circulating supply of Solana is 469,152,010.714 SOL which means that Solana has as total market cap of 469,152,010.714.
We update our Solana to USD currency in real-time. Get the live price of Solana on Coinbase.
The current market cap of Solana is $70.28B. A high market cap implies that the asset is highly valued by the market.
The all-time high of Solana is $260.00. 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 $1.39B.
Assets that have a similar market cap to Solana include Bitcoin, Ethereum, Tether, and many others. To see a full list, see our comparable market cap assets.
The current circulating supply of Solana is 469 million.
The median time that Coinbase customers hold Solana before selling it or sending it to another account or address is 152 days.
Solana ranks 8 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.
Yes, Solana is currently available on Coinbase’s centralized exchange. For more detailed instructions, check out our helpful how to buy Solana guide.
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.