The current price of Solana is $126.36. Over the last 24 hours, Solana has increased by +0.33%. It currently has a circulating supply of 512,508,513 SOL and a maximum supply of 597,537,621 SOL, giving it a fully diluted market cap of $64.83B. At present, the Solana coin holds the 0 position in market cap rankings. The Solana/USD price is updated in real-time.
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Solana describes itself as a third-generation network designed to solve the blockchain trilemma – the notoriously difficult feat of improving performance without compromising decentralization and security. Solana might succeed where first and second-generation blockchains have struggled by introducing innovative methodologies to optimize a blockchain network's speed while retaining a high level of decentralization.
Solana's decision to focus on finding a balance between speed, security, and decentralization stems from the need to create enabling environments for launching world-class decentralized applications (DApps). The goal is to provide a blockchain network to help DApps attain the same functionality and user experience that their centralized counterparts offer.
The Solana ecosystem has SOL as its base currency, which users can use to make payments, settle related fees, and participate in the network's staking economy. The digital asset also doubles as Solana's governance currency. In essence, SOL holders can vote on proposals that would, in turn, determine the type of changes and upgrades adopted by the Solana ecosystem.
How does Solana work
Like most blockchains, Solana relies on a consensus algorithm. Such algorithms ensure blockchains don't require intermediary entities like Visa or PayPal to execute and validate transactions. However, rather than opt for the energy-intensive and slower Proof of Work (PoW) consensus protocol like Bitcoin, Solana has adopted a more dynamic alternative that gives room for highly scalable and eco-friendly operations.
Specifically, Solana’s dynamic consensus system combines the in-house designed Proof of History (PoH) protocol and the popular Proof of Stake (PoS) model. PoH creates a historical record of events and transactions and allows the system to process transactions faster and more efficiently.
Armed with these two consensus mechanisms, Solana can reportedly process up to 50,000 transactions per second, which is why it is often called the "Visa of the crypto world." This is an exceptional feat considering that Ethereum, the most popular application-based blockchain, currently has a maximum theoretical TPS of 119. According to Solana, developments are underway to increase the current maximum transaction size possible on the network, which currently stands at 1,232 bytes. QUIC, a Google-built transaction ingestion protocol currently live on Solana's Mainnet-beta, could be the key to unlocking a larger transaction size.
Solana provides a flexible development tool kit that supports three popular programming languages: Rust, C, and C++. Solana has also highlighted community-driven efforts to allow on-chain programs to be written in other languages such as Python via Seahorse. Proponents of Solana argue that the possibility of writing smart contract codes with multiple programming languages will help developers access a more familiar and flexible development environment, unlike what we have on blockchains with native smart contract languages.
Additionally, the Solana blockchain has a block propagation protocol named Turbine that makes data distribution faster across the network. Finally, Solana uses Gulf Stream, a Mempool-less transaction forwarding protocol that enables validators to execute transactions beforehand.
Solana's high-speed and low-cost transactions make it an attractive platform for DeFi applications. It supports various DeFi projects, including decentralized exchanges (DEX), lending and borrowing platforms, and yield farming protocols. Furthermore, with its ability to handle a large number of transactions per second, Solana is a suitable platform for blockchain-based games. Developers can build interactive and scalable games on Solana that offer rewards in SOL or other tokens.
SOL price and tokenomics
Launched in March 2020, SOL initially sold for $0.22 to supporters through a public auction, successfully raising $1.76 million. The subsequent surge in Solana's value led to a significant private token sale round in June 2021, generating a substantial $314 million for Solana Labs. The funds raised in this round are earmarked for the development and promotion of a robust and expansive decentralized finance (DeFi) ecosystem on the Solana blockchain.
Over the years, the Solana team conducted five funding rounds, starting with a seed round of $3.17 million, followed by three private funding rounds that eventually culminated in a $20 million Series A. An additional $1.76 million was raised through a public auction in March 2022 with CoinList. These funding efforts have propelled Solana's growth and positioned it as a prominent player in the blockchain space.
The SOL price reached its all time high of $259.69 back in November 7, 2021. Although the Solana price fell sharply and stagnated in the years following, the latter part of 2023 saw the token gain bullish momentum. SOL prices reached above $100 for the first time in almost two years during late January 2024, and continued its uptrend to hit $195.72 on March 24, 2024. Various factors have contributed to the Solana price rise, but many commentators attribute it to the growing strength of the network. Solana surpassed rival smart contract blockchain Ethereum for decentralized exchange (DEX) volume during March 2024, reportedly due to a flurry of activity surrounding Solana-based memecoins and a superior volume to total value locked for Solana.
Key tools and technologies in the Solana ecosystem
Launched in October 2021, the Jupiter swap aggregator is considered by many to be an influential part of Solana's success. Jupiter aggregates liquidity for Solana, helping users to find the best prices with minimal volatility and slippage.
Meanwhile, Magic Eden is the largest non-fungible token (NFT) marketplace on Solana. The platform allows users to buy, sell, and mint digital collectibles, and also provides various resources to help developers build their own projects. Although Magic Eden is a major NFT marketplace on the Solana network, it also supports other chains including Polygon, Base, Ethereum, and Bitcoin Ordinals.
Another key tool in the Solana ecosystem is Pyth Network. This blockchain oracle allows smart contracts to interact with real-world price data in real-time. Data is collected from a large quantity of sources including exchanges, market makers, and financial services providers. Significantly, Pyth Network can find and publish off-chain data on-chain, powering DApps (and their users) with access to high-fidelity real-time market data.
SOL distribution
The initial supply of SOL, totaling 500,000 tokens, was distributed among various entities involved in Solana's early funding rounds. Notably, a portion was allocated to investors in the Seed round, while another share was reserved for participants in the Series A rounds. Additionally, some tokens were sold in a public sale, and a portion was distributed among the founding team members who contributed to the project's development. Furthermore, the Solana Foundation, a not-for-profit entity supporting Solana initiatives, received its share of tokens. Lastly, a community reserve fund, managed by the Solana Foundation, also received a portion of the initial supply to support the broader Solana community.
About the founders
Anatoly Yakovenko, a software engineer, first introduced Solana in 2017 when he published a whitepaper where he proposed the concept of Proof of History and how it can optimize the throughput of blockchains. Before venturing into the blockchain ecosystem, Yakovenko worked at Qualcomm and Dropbox as a software engineer.
After introducing the Solana project, Yakovenko teamed up with one of his former Qualcomm colleagues, Greg Fitzgerald, to co-found Solana Labs, the software development company responsible for building and maintaining the Proof of History-based blockchain network. Along the line, Yakovenko and Fitzgerald recruited more former Qualcomm colleagues.
Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 58K new posts about Solana, driven by 22K contributors, and total online engagement reached 16M social interactions. The sentiment score for Solana currently stands at 83%. Compared to all cryptocurrencies, post volume for Solana currently ranks at 144. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of Solana.
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Posts
57,518
Contributors
22,286
Interactions
16,035,239
Sentiment
83%
Volume rank
#144
X
Posts
45,075
Interactions
12,603,178
Sentiment
85%
Solana FAQ
What is Solana?
Solana is a blockchain network that focuses on providing lightning-fast transaction speed without compromising security or decentralization. Like Ethereum, Solana enables the smart contract infrastructure necessary for launching and running decentralized applications and tokens.
How does Solana work?
Solana combines the Proof of History (PoH) protocol and Proof of Stake (PoS) mechanism to establish a dynamic and lightning-quick means of achieving consensus and transferring value on the blockchain. The PoH protocol enables the synchrony of all computers connected to the Solana network and establishes the chronological ordering of historical data. On the other hand, PoS governs the processes involved in picking validators and assigning tasks to them.
What can I do with SOL?
After you buy SOL, you can use your SOL tokens to explore the Solana blockchain and pay for transactions and services on-chain. You can access popular DeFi protocols, collect and trade trending Solana NFTs, and stake tokens to a validator to earn staking rewards.
Where can I buy SOL?
Easily buy SOL tokens on the OKX cryptocurrency platform. Available trading pairs in the OKX spot trading terminal include SOL/USDT, SOL/USDC, SOL/BTC, and SOL/ETH.
To view the estimated real-time conversion prices between fiat currencies, such as the USD, EUR, GBP, and others, into SOL, visit the OKX Crypto Converter Calculator. OKX's high-liquidity crypto exchange ensures the best prices for your crypto purchases.
How much is 1 Solana worth today?
Currently, one Solana is worth $126.36. For answers and insight into Solana's price action, you're in the right place. Explore the latest Solana charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as Solana, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Solana have been created as well.
ESG (Environmental, Social, and Governance) regulations for crypto assets aim to address their environmental impact (e.g., energy-intensive mining), promote transparency, and ensure ethical governance practices to align the crypto industry with broader sustainability and societal goals. These regulations encourage compliance with standards that mitigate risks and foster trust in digital assets.
Asset details
Name
OKcoin Europe LTD
Relevant legal entity identifier
54930069NLWEIGLHXU42
Name of the crypto-asset
Solana SOL
Consensus Mechanism
Solana uses a unique combination of Proof of History (PoH) and Proof of Stake (PoS) to achieve high throughput, low latency, and robust security. Here’s a detailed explanation of how these mechanisms work: Core Concepts 1. Proof of History (PoH): Time-Stamped Transactions: PoH is a cryptographic technique that timestamps transactions, creating a historical record that proves that an event has occurred at a specific moment in time. Verifiable Delay Function: PoH uses a Verifiable Delay Function (VDF) to generate a unique hash that includes the transaction and the time it was processed. This sequence of hashes provides a verifiable order of events, enabling the network to efficiently agree on the sequence of transactions. 2. Proof of Stake (PoS): Validator Selection: Validators are chosen to produce new blocks based on the number of SOL tokens they have staked. The more tokens staked, the higher the chance of being selected to validate transactions and produce new blocks. Delegation: Token holders can delegate their SOL tokens to validators, earning rewards proportional to their stake while enhancing the network's security. Consensus Process 1. Transaction Validation: Transactions are broadcast to the network and collected by validators. Each transaction is validated to ensure it meets the network’s criteria, such as having correct signatures and sufficient funds. 2. PoH Sequence Generation: A validator generates a sequence of hashes using PoH, each containing a timestamp and the previous hash. This process creates a historical record of transactions, establishing a cryptographic clock for the network. 3. Block Production: The network uses PoS to select a leader validator based on their stake. The leader is responsible for bundling the validated transactions into a block. The leader validator uses the PoH sequence to order transactions within the block, ensuring that all transactions are processed in the correct order. 4. Consensus and Finalization: Other validators verify the block produced by the leader validator. They check the correctness of the PoH sequence and validate the transactions within the block. Once the block is verified, it is added to the blockchain. Validators sign off on the block, and it is considered finalized. Security and Economic Incentives 1. Incentives for Validators: Block Rewards: Validators earn rewards for producing and validating blocks. These rewards are distributed in SOL tokens and are proportional to the validator’s stake and performance. Transaction Fees: Validators also earn transaction fees from the transactions included in the blocks they produce. These fees provide an additional incentive for validators to process transactions efficiently. 2. Security: Staking: Validators must stake SOL tokens to participate in the consensus process. This staking acts as collateral, incentivizing validators to act honestly. If a validator behaves maliciously or fails to perform, they risk losing their staked tokens. Delegated Staking: Token holders can delegate their SOL tokens to validators, enhancing network security and decentralization. Delegators share in the rewards and are incentivized to choose reliable validators. 3. Economic Penalties: Slashing: Validators can be penalized for malicious behavior, such as double-signing or producing invalid blocks. This penalty, known as slashing, results in the loss of a portion of the staked tokens, discouraging dishonest actions.
Incentive Mechanisms and Applicable Fees
Solana uses a combination of Proof of History (PoH) and Proof of Stake (PoS) to secure its network and validate transactions. Here’s a detailed explanation of the incentive mechanisms and applicable fees: Incentive Mechanisms 4. Validators: Staking Rewards: Validators are chosen based on the number of SOL tokens they have staked. They earn rewards for producing and validating blocks, which are distributed in SOL. The more tokens staked, the higher the chances of being selected to validate transactions and produce new blocks. Transaction Fees: Validators earn a portion of the transaction fees paid by users for the transactions they include in the blocks. This provides an additional financial incentive for validators to process transactions efficiently and maintain the network's integrity. 5. Delegators: Delegated Staking: Token holders who do not wish to run a validator node can delegate their SOL tokens to a validator. In return, delegators share in the rewards earned by the validators. This encourages widespread participation in securing the network and ensures decentralization. 6. Economic Security: Slashing: Validators can be penalized for malicious behavior, such as producing invalid blocks or being frequently offline. This penalty, known as slashing, involves the loss of a portion of their staked tokens. Slashing deters dishonest actions and ensures that validators act in the best interest of the network. Opportunity Cost: By staking SOL tokens, validators and delegators lock up their tokens, which could otherwise be used or sold. This opportunity cost incentivizes participants to act honestly to earn rewards and avoid penalties. Fees Applicable on the Solana Blockchain 7. Transaction Fees: Low and Predictable Fees: Solana is designed to handle a high throughput of transactions, which helps keep fees low and predictable. The average transaction fee on Solana is significantly lower compared to other blockchains like Ethereum. Fee Structure: Fees are paid in SOL and are used to compensate validators for the resources they expend to process transactions. This includes computational power and network bandwidth. 8. Rent Fees: State Storage: Solana charges rent fees for storing data on the blockchain. These fees are designed to discourage inefficient use of state storage and encourage developers to clean up unused state. Rent fees help maintain the efficiency and performance of the network. 9. Smart Contract Fees: Execution Costs: Similar to transaction fees, fees for deploying and interacting with smart contracts on Solana are based on the computational resources required. This ensures that users are charged proportionally for the resources they consume.
Beginning of the period to which the disclosure relates
2024-03-30
End of the period to which the disclosure relates
2025-03-30
Energy report
Energy consumption
5365500.00000 (kWh/a)
Renewable energy consumption
14.770208242 (%)
Energy intensity
0.00000 (kWh)
Key energy sources and methodologies
To determine the proportion of renewable energy usage, the locations of the nodes are to be determined using public information sites, open-source crawlers and crawlers developed in-house. If no information is available on the geographic distribution of the nodes, reference networks are used which are comparable in terms of their incentivization structure and consensus mechanism. This geo-information is merged with public information from the European Environment Agency (EEA) and thus determined. The intensity is calculated as the marginal energy cost wrt. one more transaction.
Energy consumption sources and methodologies
For the calculation of energy consumptions, the so called “bottom-up” approach is being used. The nodes are considered to be the central factor for the energy consumption of the network. These assumptions are made on the basis of empirical findings through the use of public information sites, open-source crawlers and crawlers developed in-house. The main determinants for estimating the hardware used within the network are the requirements for operating the client software. The energy consumption of the hardware devices was measured in certified test laboratories. When calculating the energy consumption, we used - if available - the Functionally Fungible Group Digital Token Identifier (FFG DTI) to determine all implementations of the asset of question in scope and we update the mappings regulary, based on data of the Digital Token Identifier Foundation.
Emissions report
Scope 1 DLT GHG emissions – Controlled
0.00000 (tCO2e/a)
Scope 2 DLT GHG emissions - Purchased
1873.14310 (tCO2e/a)
GHG intensity
0.00000 (kgCO2e)
Key GHG sources and methodologies
To determine the proportion of renewable energy usage, the locations of the nodes are to be determined using public information sites, open-source crawlers and crawlers developed in-house. If no information is available on the geographic distribution of the nodes, reference networks are used which are comparable in terms of their incentivization structure and consensus mechanism. This geo-information is merged with public information from the European Environment Agency (EEA) and thus determined. The intensity is calculated as the marginal emission wrt. one more transaction.
Disclaimer
The social content on this page ("Content"), including but not limited to tweets and statistics provided by LunarCrush, is sourced from third parties and provided "as is" for informational purposes only. OKX does not guarantee the quality or accuracy of the Content, and the Content does not represent the views of OKX. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly. The price and performance of the digital assets are not guaranteed and may change without notice. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning. By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates (“OKX”) are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets. Product may not be available in all jurisdictions.
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