Solana is a Layer 1 blockchain that made a deliberate design bet: maximize performance first, even at the cost of some decentralization. Its unique combination of Proof of History and Proof of Stake enables the network to process transactions at speeds that would be unrecognizable on Ethereum's base layer - thousands of transactions per second at fees measured in fractions of a cent. This made Solana the natural home for applications where speed and cost matter most: high-frequency DeFi trading, NFT minting events, and the memecoin launch frenzy of 2024. Solana has had well-documented network outages in its past, and the team has spent significant engineering effort hardening reliability. SOL is its native token and is used for all transaction fees and staking.
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