Even if you are a long-term member of a vibrant crypto community, gaining additional knowledge never hurts. The modern crypto industry is a winding maze of fresh ideas and tools. As you may conclude, basic virtual currency skills are insufficient today.
If you are keen on getting into crypto like a big game participant, this overview is designed to decipher Solana (SOL), a high-speed blockchain that is now leading the way. You can hold onto it as a wise investment or even buy solana with credit card to promote growth in your digital portfolio.
In this overview, we aim to explain the Solana blockchain and its features, and offer a list of core payment methods for this currency.
Historical Background
To make the most of the crypto space, the chronological foundation can help turn vision into reality. First off, Solana’s development kick-started in 2017, when a talented developer, Anatoly Yakovenko, published a chronicle of the Proof of History (PoH) mechanism. This advanced consensus algorithm was engineered to automate the ordering of transactions on the blockchain, scaling down turnaround times and ensuring accelerated settlement.
Shortly thereafter, Greg Fitzgerald and Stephen Ukridge got on board, initiating the project named Loom. The initial testnet was performed in February 2018. Throughout that time, the blueprint transformed radically, developing a long-term interest and thriving crypto culture.
In April 2018, the SOL token sale came into action, raising over $20 million by July 2019. Meanwhile, the development of new blockchain versions was underway.
The mainnet and Solana cryptocurrency (SOL) were officially launched in March 2020. That same year, the Solana Foundation, a nonprofit organization dedicated to maintaining the blockchain, was established. In October 2020, the Solana-Ethereum cross-chain bridge and the first stablecoin (SOLUSDT) went into orbit quickly.
Today, the platform fuels traders and developers’ urge for progressive tools, ranging from the Solana compiler to its own blockchain smartphone, Saga. In March 2025, the Solana (SOL) futures were introduced as an ultimate addition to this long-lasting blockchain journey.
Solana’s Technical Features
Solana is a blockchain on which the SOL coin is based. Interestingly, a small denomination of the coin is nicknamed lamport (0.000000001 SOL) in honor of Leslie Lamport, a prominent figure in the sphere of distributed systems theory.
At present, SOL is incessantly traded on diverse exchanges. Its price undergoes volatile changes, depending on market conditions.
Like any notorious cryptocurrency, Solana demonstrates full-fledged potential, reinforced by its unique technical features. In particular, this platform is famous for its fast performance. If you crave speed and flexibility all rolled into one, Solana will definitely be the optimal choice.
Let’s compare Solana’s number of transactions per second to a couple of other well-recognized blockchains:
- Bitcoin: 4-5 transactions per second;
- Ethereum: 15 transactions per second;
- Solana: up to 65,000 transactions per second.
Conclusively, Solana runs more than 16,000 times faster than other cryptocurrencies. This speedy blockchain platform is ideal for breaking free of limiting transactions and securing your funds in no time.
Another remarkable feature of this robust network is smart contracts built into the blockchain system. Just like Ethereum, Solana is made up for building applications and services rather than trading on exchanges. In simple terms, Solana can be defined as a speedier analogue of Ethereum and other trustworthy blockchains.
In addition, Solana is perceived by many as a high-throughput network that incorporates a hybrid Proof-of-History + Proof-of-Stake consensus mechanism. What does it mean? PoS mechanism is used to confirm transactions by validators, verifying their legitimate origins. Meanwhile, PoH guarantees node synchronization, responsible for smooth transactions.
In a nutshell, Proof of History is an evolution of the popular Proof of Stake algorithm. The word History means that blocks record a “history” — that is, timestamps showing when each block was created. To put it simply, Solana does not need to be mined like other cryptocurrencies.
The SOL currency incorporates the Turbine transaction transfer protocol. As the name suggests, this protocol breaks transactions into smaller batches before sending them to blockchain nodes. This approach promises on-the-spot data transfer for extra convenience.
The Sealevel parallelization mechanism enables the processing of multiple transactions simultaneously, while the Gulf Stream protocol reduces the memory load on validators.
Such a bunch of mind-blowing technical characteristics allows Solana to avoid relying on sharding and keep its layer-one blockchain status. This market-moving platform is entering its prime crypto era. It provides dedicated users with lightning speed, scalability, and tools for managing decentralized apps directly on the blockchain, all with minimal network fees.
Privileges and Perks
Break free from old-school crypto habits with Solana, which confidently ranks among the Top 10 coins by market capitalization.
Except for the potential specified in previous chapters, the Solana token is utilized in internal network operations. Its main objective lies in paying the commissions and getting rewards through staking.
Furthermore, one can encounter SOL in DeFi applications, NFT marketplaces, and other elements of the ecosystem. All SOL holders are gifted with a thrilling opportunity to impact the network by voting on transformations and acting as validators.
Solana’s skyrocketing popularity is grounded in several competitive advantages:
- Processing Speed. The Solana blockchain was set up to be “the equivalent of VISA in the realm of cryptocurrencies”. Therefore, developers were able to extend efforts for launching a high-quality crypto platform. A random fact: Solana’s throughput can reach staggering 50,000 transactions per second.
- Staking. Multiple users turn to staking as a way to generate passive income. Solana has an ace in the hole: receiving income is available in most wallets.
- Low-scale commissions. On most occasions, the cost of processing a transaction doesnt exceed a meager $0.01. We can conclude that this smart platform is more cost-effective than transactions through habitual Bitcoin or Ethereum. It is crucial for users or ventures looking to accept crypto payments.
- Scalability and Ecosystem for Developers. While user convenience is a cornerstone, developers’ efforts should not be undervalued. Solana is a well-rounded crypto ecosystem that encompasses an extensive set of decentralized projects and applications. Its scalability enables networks to process substantial volumes of operations.
- Reliability and Safety. Once you get past the first transaction, you will realize that Solana has it all. Being an open-source project, it is a high-stakes platform with talented creators and a devoted user community. With the implementation of advanced protection mechanisms, the SOL system is reshaping the future of teamwork and innovation.
- Integration with DeFi and NFTs. Decentralized applications and NFTs are core elements of the whole ecosystem. Whatever service you are searching for, this second-largest platform offers access to a wide range of services and the second-largest NFT market after Ethereum. What’s more, its high bandwidth ensures the fast operation of applications.
- Environmental Friendliness. Sustainability and eco-friendliness are a next-generation reality, and Solana is committed to these ideas. The platform strives for carbon neutrality and minimal energy consumption. Energy emissions are tracked in real time, and the platform ecosystem includes several services focused on the search for environmentally friendly solutions. Thus, Solana stands out as an awe-inspiring solution for many traders.
In crypto, Solana is building a brand-new transaction culture while gaining momentum for upcoming possibilities. Promoting necessary conditions for growth, the SOL network is a win-win solution for multiple individuals and enterprises.
Conducting Crypto Payments with SOL
To embrace Solana’s benefits, businesses are required to find a suitable solution for conducting crypto payments. Every user is offered a couple of reliable options: transfers and cryptoprocessing. Let’s discuss these options in more detail.
Wallet Transfer
Transferring to a wallet has always been the most straightforward option for those who are far from technology. What do you need to do? The only task is to set up a crypto wallet that supports Solana transactions and provide the client with the address for their initial transfer.
Nevertheless, this method is considered quite cumbersome. It can be particularly visible for large transaction volumes. Each transfer should be confirmed manually, along with converting the currency, calculating fees, and tracking payments on top of it. This issue can be confusing for those who are not that tech-savvy.
Cryptoprocessing
Serving as a reliable tool for automating payment transactions, this payment gateway has a good reputation. Its primary task lies in creating invoice links or being integrated for checkout.
Crypto processing requires minimal intrusion from the client’s side. The system automatically tracks the transaction and confirms the purchase once the funds are credited to the account. This automation enhances conversion rates, customer convenience, and order processing speed.
Frequently Asked Questions
Is it worth investing in Solana?
Solana is the cryptocurrency that doesn’t lack investors’ attention. A bit of statistics: over the past five years, Solana’s price has grown by an incredible 11,350%. For comparison, Bitcoin has risen by 940% and Ethereum by 986% over the same period. So, $100 worth of Solana purchased in 2020 is now worth almost $11,450.
Since Solana is well-received by crypto investors, all major exchanges and crypto wallets offer storage options. To avoid losing your assets, you should be extremely careful while selecting a wallet where you are likely to store your coins.
Can I purchase Solana with a bank card?
Yes, it is possible to purchase Solana (SOL) with a bank card (either debit or credit) on reputable cryptocurrency exchanges. To do this, you need to select a legitimate platform, complete verification, link your card, and complete the purchase, either by purchasing cryptocurrency directly or by first acquiring stablecoins.
Are there any pitfalls I need to be aware of?
Unfortunately, Solana has once experienced security issues, reduced transaction processing, and decentralized issues. In August 2022, a hacker attack on the Solana network was recorded. The issue resulted in the compromise of 9,000 wallets and the theft of $8 million. However, the Solana Foundation denied the allegations, stating that the hack was caused by a vulnerability in the Slope Finance digital wallet.
Meanwhile, a complex infrastructure can make Solana challenging to comprehend, especially when it comes to first-time traders. To avoid ending up in trenches, focus on out-of-the-box thinking, study expert tips, and learn from your surroundings.