Solana is a popular blockchain used in thousands of DeFi and NTF projects due to its fast transaction speed and other interesting features. Let’s take a closer look at Solana and learn how it can be used by DeFi and NTF projects.
The creators of the Solana project aim to grow the user base and the platform by reducing the time for reaching consensus, increasing network speed and allowing developers to scale decentralised applications.
Solana crypto (SOL) cannot be mined using video cards because it works with a different consensus protocol called Proof-of-Stake. That protocol literally means “proof of ownership”, which means that anyone who owns a certain amount of SOL coins can participate in the generation of blocks on the Solana blockchain and receive rewards in return. This method of earning coins is called “staking”. It is a way to earn passive income by depositing and storing coins in a wallet for a certain period to support blockchain operations. The reward amount is based on the number of coins locked in the account and the locking period.
The SOL emission is limited to 489 million. As it is a fairly popular cryptocurrency, it is offered on major cryptocurrency exchanges such as Binance, Kukoin and WhiteBIT. SOL USDT is one of the most traded pairs with the Solana coin. In fact, it reflects the current SOL price in dollars – 29.74.
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How Can You Use SOL Coins?
SOL crypto can be used for:
- Staking (we have described this process above)
- Paying fees connected with smart contracts execution and other operations in the Solana blockchain.
- Trading and long-term investment.
Sol Price Prediction
Cryptocurrency experts have evaluated recent SOL price fluctuations on crypto charts, carried out tech analysis of this asset and came to the SOL price prediction that the average SOL price by December 2022 will be $32.5 – $35.9. This promising project made it to the top crypto assets on the Coinmarketcap ranking, so it is definitely worth buying it. However, before investing in any digital assets, you should first research their prospects on your own.
