Key Takeaways for #SOLANA
Solana has seen rapid growth due to its high transaction speeds and low fees.NFT activity has exploded on Solana due to the blockchain making it easy and affordable for artists and creators to build new projects.With the massive amount of development happening across Solana, we can look forward to a large number of games being released in the future.
What is Solana?
Founded in 2017 by Anatoly Yakavenko, Solana is a decentralized, fast-growing layer-1 blockchain known for speed. Designed to offer a similar experience to Ethereum while offering a few key improvements, Solana offers near-instant transactions and incredibly-low fees (less than $0.01 per transaction).
Solana's native token is SOL. It's used to transfer value and pay for transaction fees throughout the Solana ecosystem, so you'll always want to keep a little bit in your wallet. Anyone with SOL can stake their tokens easily within Phantom to earn more while helping to secure the network. You can unstake your tokens at any time, and you always retain custody of your funds.
Due to its focus on efficiency, security, and support for smart contracts, Solana has attracted a large number of developers to build a wide range of applications on the platform. Because of this, Solana is home to thousands of powerful and user-friendly web3 apps ranging from payments, NFTs, Decentralized Finance (DeFi), and games.
Let’s take a closer look at some of these exciting apps to help you get started in the Solana ecosystem.
What can you do on Solana?
Buy, sell, and trade NFTs
Solana’s high speed and low fees make it a fantastic chain for NFT projects to innovate in new and exciting ways. Because of this, we’ve designed Phantom to offer a friendly user experience for all your NFT needs. You can safely manage your NFTs, seamlessly connect to marketplaces, and discover new projects all directly from your Phantom wallet.
As of June 2022, there are over 50,000(!) NFT collections on Solana. $SOL
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