#6 on CoinMarketCap Solana (SOL) in minutes: what it is, why it was created, and what it's for
Solana is a blockchain focused on speed and low costs so that apps (dApps) feel almost like normal apps: fast, cheap, and highly active.
What is it?
SOL is the native token of Solana. It is used for:
paying fees (gas) on the network
staking (helping secure the network and earning rewards)
serving as the "base currency" in many dApps within the ecosystem
Why was it created? $SOL
To solve the classic problem of many blockchains: when many people use the network, it becomes slow and expensive. Solana aimed to create a network capable of processing many transactions with low latency and small fees, ideal for payments, trading, and high-traffic apps.
How does it work (simple but specific)?
Solana uses Proof of Stake plus a time-ordered system called Proof of History, which helps the network process transactions very efficiently.
Transactions are confirmed quickly and usually cost little (compared
