What is Solana (SOL)

Solana

Solana is made for scalability, affordability and high speed transactions. Solana was founded in 2017 by Anatoly Yakovenko and the project is open-source. The projects mission was defined as:

Solana’s mission is to support all high-growth and high-frequency blockchain applications and to democratize the world’s financial systems.

Since the ever growing gas fees and NFT-craze, Solana has surged in price for the most of 2021. The scalability of the payments-blockchain is supposed to reach the same amounts that Visa can maximally process per second.

How big is Solana (SOL)

So Solana, or its ticker: “SOL”, is one of the most popular cryptos out there. With a market cap of almost 73B and achieved the 5th highest market cap for cryptocurrencies after a big surge in September 2021.

$0,0000025ct. per transaction
Sending money overseas is very expensive, but through Solana it’s not!

Where to buy Solana

It can be bought easily at the more popular centralized exchanges, like binance.com and coinbase.com. Solana can be bought by using a credit card, a SEPA transfer, or by using another cryptocurrency like Bitcoin, Ethereum, or Tether USD. On the exchanges, you can search for “what you won’t pay”/”what you want to buy”. This is what makes it possible for the exchanges to provide liquidity for a lot of orders in multiple currencies, all at once.

Staking SOL

Solana uses a Proof-Of-Stake consensus mechanism. This means that after you have bought (a very large amount of) the SOL token, it can be staked and gives the right to check and add new blocks of transactions, for which you will be rewarded by the network. But beware, when tokens are staked they cannot be traded for a set amount of time. Staking (or yield farming) is also used to help exchanges increase their liquidity. Staking then happens in a staking pool and participants are rewarded, sometimes up to 20% per year. For this to happen, the person in question must also stake a lot of tokens. The rewards are normally calculated in a way the biggest liquidity providers get the biggest chunks of the reward, where the rest is split between the rest.

How is Solana used today

Solana is already used for making payments, but more by hosting decentralized finance apps. Those dApps could only work and make an impact like they do because of the low transaction costs on this network. The Solana network is also used for and creating & trading NFT’s — non-fungible tokens. Most often this is digital art or an official document. This is because there can only be 1 real owner on the blockchain. However, most people buy SOL because they think the price might go up, and do so by using a popular exchange.

Algorithmic trading bot for Solana

Becryptive is made to automatically trade Solana (SOL) on popular cryptocurrency exchanges. The trades are powered by artificial intelligence and machine learning algorithms, based on a momentum strategy. This will help you invest in crypto without doing all of the research yourself. Your bot is configured through the app and runs on our managed system, 24 hours a day, 7 days per week, and with the 20 biggest currencies.

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