How to buy Solana (SOL) in Canada

One of many beneficiaries of this pattern is SOL, the native coin of the Solana blockchain. It’s at the moment the fifth-largest crypto, with a market cap of about $69 billion, as of Sept. 24, 2024, per CoinGecko. SOL is at the moment buying and selling at $148.93, and there are practically 469 million SOL tokens in circulation.

For those who’re trying to expand your crypto exposure or add cash which can be much less delicate to information headlines, SOL deserves a better look.

What’s Solana?

Solana was co-founded by Anatoly Yakovenko, Greg Fitzgerald and Stephen Akridge, all former staff of U.S. chipmaker Qualcomm. Solana Labs is the corporate that runs the Solana blockchain. Launched in March 2020, Solana is a high-performance, open-source blockchain platform designed to assist good contracts and the creation of decentralized functions (dApps). For that motive, Solana is taken into account one of many strongest challengers to Ethereum, a a lot greater rival with comparable capabilities.

Solana runs on a hybrid protocol of proof-of-stake (PoS) and proof-of-history (PoH), a proof for verifying order and passage of time between occasions. As a result of this distinctive protocol design, Solana can deal with as much as 50,000 to 65,000 transactions per second. Decrease charges and sooner transactions are sticky options that encourage customers to remain inside the Solana ecosystem, particularly for his or her decentralized finance (DeFi) apps and non-fungible token (NFT) purchases, says Michael Zagari, an funding advisor with Mandeville Personal Consumer and Zagari+Simpson.

“In terms of gaming, finance and NFTs, having transactions processed shortly, at low charges, and an easy-to-use platform to construct on prime of make for a greater consumer expertise and assist scale decentralized functions,” he says, including that Solana appears to be attracting builders sooner than ethereum did on the similar stage of its development cycle.

Solana’s ecosystem includes a collection of applied sciences that work synergistically, together with decentralized apps, DeFi initiatives, NFT marketplaces and lending protocols, that are constructed on Solana’s open infrastructure. The extra customers a dApp attracts, the better its community impact and worth. Within the case of Solana, “the upper the demand for dApps constructed on its community, the stronger the demand for SOL, its native coin,” Zagari says.

Staking SOL

Buyers can stake SOL to generate yield. Crypto staking means pledging or locking up crypto holdings in alternate for rewards or curiosity funds. Right here’s an excellent primer on the way it works.

It’s also possible to spend SOL on equipment whereas taking part in video games constructed on prime of the Solana protocol. “For those who really feel like getting into the metaverse, you should utilize SOL tokens to buy apparel to your avatar,” says Zagari.