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What is Solana (SOL)? Everything You Need to Know about SOL

After Ethereum came into the scene in 2015, some blockchain developers thought they had what it took to build something similar, but with faster transaction speed and lower fees. These “copycats” went to tweak some things and came up with alternative blockchains called “Ethereum Killers.”

Solana was one of the blockchains developed to compete against Ethereum. The blockchain is powered by the SOL token. So, in an egg and chicken battle, the Solana blockchain comes before the coin. In this article, we’ll be discussing the Solana blockchain and all you need to know about it.

What is Solana?

As stated earlier, Solana is a blockchain that was created to support decentralised applications (dApps) like Ethereum. Since Ethereum existed, why was Solana created?

Simply put, to make dApps more efficient and make transactions cheaper and faster. For context, the Solana blockchain can process over 65,000 transactions per second, while Ethereum can handle 15 transactions within the same period. Ethereum plans to improve this soon, though.  

This explains why Solana has become one of the most popular blockchains for crypto developers and crypto traders. The cryptocurrency that powers the Solana world is SOL. As of the time of writing, SOL is one of the biggest cryptocurrencies, ranking number 5 on the top crypto list by CoinMarketCap

How Does Solana Work?

Solana is a proof-of-stake (PoS) blockchain that decentralizes transactions to boost its efficiency. Instead of using miners like Bitcoin does, Solana uses automated network validators to verify and complete transactions. These validators then receive free SOL tokens as rewards. 

This works by a process called staking. To become a network validator, you must stake (lock up) your SOL tokens in its liquidity pool. The more SOL you stake, the more rewards you get. 

But since Ethereum also uses proof-of-stake (PoS), how is Solana any different or better? Solana combines its PoS system with proof-of-history (PoH), a one of its kind consensus mechanism that adds time stamps to every transaction. This allows them to be separated into sequences for faster validation. 

This combination of PoS and PoH is what makes it possible for Solana to process up to 65,000 transactions per second. 

how to buy solana on quidax

Is Solana (SOL) a Meme Coin?

No, Solana is not a meme coin. It belongs to the category of cryptos called “Ethereum killers.” Remember what we wrote earlier about these, they are a category of coins that were created to rival Ethereum dominance.

Unlike meme coins with no use cases and are usually backed by social media hype, SOL is a utility token used for various purposes within the Solana network.

But some meme coins exist on the Solana network. These Solana meme coin developers chose to launch their tokens on Solana instead of competitor blockchains like Ethereum. Let’s check out some popular Solana meme coins in the next section.

Top Solana Meme Coins 

Bonk Inu (BONK)

BONK is a popular dog-themed meme coin like Dogecoin (DOGE) and Shiba Inu (SHIB). But it is in the Soloana ecosystem. The community-driven token is mostly considered a fun project, but it can be used for payments and other purposes across various network chains and Web3 applications. 

Within the past year, the BONK price has increased by over 180%, and it is tipped as one of the most promising coins for 2025. 

Dogwifhat ($WIF)

WIF is another community-driven Solana meme coin that was inspired by existing dog-themed coins. The coin also focuses on driving attention to the Solana network through fun, quirky ways. The WIF price has increased by over 300% in the past year. 

Official Trump ($TRUMP)

$TRUMP is one of the latest additions to the Solana ecosystem. The meme coin was launched by Donald Trump some days before he was sworn in as the 47th US President. Since then, $TRUMP has risen to become the biggest Solana meme coin by market cap.

The $TRUMP token has surged by over 400% since it started trading. Want to know more about it and how to buy $TRUMP on Quidax

Official Melania ($MELANIA)

Not to be left behind, Melania Trump also launched her own meme coin called $MELANIA on the Solana blockchain. The new token represents everything Melania stands for – tech, luxury, and fashion. 

$MELANIA is also community-based, but it hasn’t performed as good as $TRUMP. It’s still the early days anyway, so we’ll never know. 

How to Buy Meme Coins on Solana 

The easiest way to buy Solana meme coins is to get them from a reputable crypto exchange like Quidax. Once you sign up on Quidax, you can buy and sell Solana meme tokens like TRUMP, BONK, and WIF, to name a few. If you’re looking for how to buy Solana with naira on Quidax, read our last article on it 

But since some Solana meme coins don’t exist on centralised exchanges, you can buy them on decentralised exchanges (DEXs) on the Solana blockchain. Popular examples are Raydium and Orca. 

To buy meme coins on these Solana DEXs, you only need to set up a SOL wallet, fund it, and swap your SOL tokens with the meme coin you want to buy. 

Should You Buy Solana Now?

Solana is one of the top cryptocurrencies on the crypto market. Its price history is also impressive, considering it increased by over 200% in the past year alone. 

Looking into the future, there’s likely to be more demand for SOL as the network develops to accommodate more traders and developers. So, SOL may be a worthwhile investment for now and the future. 

Final Thoughts

Now you know that Solana is not limited to the token you buy and sell on exchanges. It’s a massive blockchain network comprising dApps and other crypto-related projects. 

Looking to buy Solana (SOL) instantly with naira? Quidax has SOL and 60+ other cryptocurrencies that you can trade on the platform or transfer to your external wallet. All you have to do is sign up on Quidax, complete KYC, and start trading. 

 

Disclaimer: This content may cause extreme FOMO (Fear of Missing Out). Side effects of investing include sudden wealth (or, you know, the opposite 😢).
Please do your own research (DYOR) or speak to your financial advisor before making any decisions.

 

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