What is Solana and how does it work?

It employs a bundle of novel approaches, including the “proof of history” mechanism. 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.

What is Solana (Sol) coin?

Solana has excellent fundamentals and is an incredibly efficient coin, but the catalyst that catapulted SOL coin price to the moon is an NFT project called the “Degenerate Ape Academy”. Launched in mid-August on the Solana blockchain, this project sold over 10,000 “smoothest brain” apes in a matter of minutes.

Is Solana (Sol) going through a correction?

The cryptocurrency seems to be going through a correction at the moment as SOL price has been in a slow decline over the past few days. Solana has an All-Time High of $260.06 and its current price (at the time of writing this article) is $181.30.

What is Solana (Sol) crypto?

Like Ethereum, Solana is a computing platform that can interact with smart contracts. Smart contracts power a wide range of applications, from NFT markets and DeFi to games and decentralized lotteries. As of August 2021, many of the most popular Solana applications are DEXs and lending apps.