Date of foundation: 2017
Solana is the native currency of the blockchain of the same name. The Solana blockchain was built with the goal of making transactions faster and cheaper. A blockchain essentially consists of a network of many individual servers, ranging in size from small to large, all storing the same data packets (blocks = blockchain). Each data block contains the information for that specific moment. This could include transactions or ownership details. Blockchains use various mechanisms to create these blocks; Solana combines two of these three standards, thus significantly increasing speed. While the Polygon blockchain, one of the faster blockchains, generates a block every two seconds, Solana does so every 400 milliseconds. This allows Solana to process up to 65,000 transactions per second without requiring any infrastructure changes—a figure comparable to Visa's transaction systems. In addition to processing transactions very quickly, Solana also offers them at a very low cost, averaging the equivalent of $0.00025 USD.
The combination of two blockchain standards and numerous other features, such as the "Gulf Stream" (which reduces latency, i.e., the time it takes to reach a server) and the "Turbine" (which breaks down data packets into smaller pieces for faster transmission), makes the Solana blockchain very complex and challenging for developers. Even with the availability of developer tools, programming is significantly more complex and expensive than with other blockchains, particularly those in the Ethereum ecosystem. However, due to its cost advantages, Solana is particularly well-suited for applications with many small transfers or low-value transactions, such as industrial applications or microtransaction systems. Furthermore, the blockchain's very low energy consumption is a relevant factor for traditional companies that are increasingly having to monitor their emissions with the introduction of CO2 certificates. Overall, the Solana blockchain generates just under 3,200 tons of CO2 per year, which is roughly equivalent to 2,000 flights between Frankfurt am Main and Cape Town, South Africa, and is therefore comparatively very low.
Solana serves as a currency for paying transaction fees. Since its inception, Solana has been a currency with very large fluctuations despite its size.
