Solana (SOL) Trading 1.8% Higher Over Last Week

Solana (SOL) traded 7.9% lower against the US dollar during the 24-hour period ending at 20:00 PM ET on August 11th. Solana has a total market capitalization of $66.20 billion and $2.37 billion worth of Solana was traded on exchanges in the last 24 hours. One Solana coin can currently be bought for approximately $141.83 or 0.00240563 BTC on cryptocurrency exchanges. During the last seven days, Solana has traded up 1.8% against the US dollar.

Here’s how related cryptocurrencies have performed during the last 24 hours:

• Aidi Finance (BSC) (AIDI) traded down 2.2% against the dollar and now trades at $0.0000 or 0.00000000 BTC.
• Zoo Token (ZOOT) traded 2.2% lower against the dollar and now trades at $0.0652 or 0.00000239 BTC.
• CareCoin (CARES) traded 2.2% lower against the dollar and now trades at $0.0809 or 0.00000297 BTC.
• Kitty Inu (KITTY) traded up 1.9% against the dollar and now trades at $95.84 or 0.00338062 BTC.
• Hokkaidu Inu (HOKK) traded 1.2% higher against the dollar and now trades at $0.0004 or 0.00000001 BTC.
• Jeff in Space (JEFF) traded down 2.2% against the dollar and now trades at $2.75 or 0.00010076 BTC.
• Lumi Credits (LUMI) traded down 0.6% against the dollar and now trades at $0.0127 or 0.00000022 BTC.
• AXIA Coin (AXC) traded down 0.1% against the dollar and now trades at $13.43 or 0.00048094 BTC.

Solana Coin Profile

Solana uses the hashing algorithm. Its launch date was March 16th, 2020. Solana’s total supply is 582,110,895 coins and its circulating supply is 466,735,738 coins. The Reddit community for Solana is https://reddit.com/r/solana and the currency’s Github account can be viewed here. Solana’s official Twitter account is @solana and its Facebook page is accessible here. The official message board for Solana is solana.com/news. The official website for Solana is solana.com.

According to CryptoCompare, “Solana (SOL) saw in late 2020 its adoption start picking up steam. In October 2020 Circle expanded the USDC stablecoin into the Solana network. The move came shortly after Tether’s USDT was added to it in September 2020.What is Solana?Solana is a high-performance blockchain founded by former Qualcomm, Intel, and Dropbox engineers that uses a delegated Proof-of-Stake (dPoS) consensus algorithm. The network uses a unique method of ordering transactions to improve its speed and throughput significantly.Blockchain networks have historically struggled with scalability issues, with the few that managed to solve them dealing with centralization issues. A decentralized network with small confirmation times and transaction fees has been hard to create, but the problem was tackled in 2017 with the creation of Solana.Using what’s known as Proof-of-History (PoH), the Solana blockchain is able to handle thousands of transactions per second. PoH uses Verifiable Delay Functions to hash incoming events and transactions to allow nodes to locally generate timestamps of SHA256 computations, eliminating the need for timestamps to be broadcasted across the network.The Proof-of-History mechanism is implemented prior to, and facilitates, Solana’s Proof-of-Stake structure. Staking on Solana involved delegating tokens to validators who process transactions on the network, turning it into a delegated Proof-of-Stake (dPoS) system.According to the Solana team, there are eight major innovations allowing the network to scale to serve the web with capabilities matching those of a centralized system. The network has 400ms block times and can handle up to 65,000 transactions per second.The network has already processed well over 21 billion transactions while handling over 800 transactions per second of real demand.What is the SOL token?The Solana blockchain has a native cryptocurrency, the SOL utility token. SOL is used to pay for transaction fees when moving funds around and interacting with smart contracts on the blockchain.Anyone holding SOL tokens can interact with applications on the network, the same way anyone holding ETH can interact with applications on the Ethereum blockchain. While Ethereum uses the ERC token protocol, Solana uses the SPL protocol.SOL has two main use cases: It’s used to pay transaction fees and to interact with smart contracts It can be staked as part of the dPoS consensus mechanism to earn staking rewardsApart from these two use cases, decentralized applications being built on top of the Solana blockchain create new ones. These applications may allow SOL to be used as collateral for cryptocurrency-backed loans, or to be lent out to earn interest.”

Buying and Selling Solana

It is usually not possible to buy alternative cryptocurrencies such as Solana directly using US dollars. Investors seeking to trade Solana should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as GDAX, Changelly or Coinbase. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Solana using one of the exchanges listed above.

SOL/USD price chart by TradingView