What is Solana (SOL)?
Lina avatar
Written by Lina
Updated over a week ago

Solana (SOL) is a third-generation blockchain that supports multiple DeFi solutions, such as the development of decentralised applications (dapps) and smart contracts. It’s secured through a unique consensus mechanism that combines proof-of-work with a novice proof-of-history.

Thanks to the hybrid consensus model, Solana can carry out up to 50,000 transactions per second. Another feature that helps Solana attract both small-time and institutional traders is that it always keeps the transaction cost under 1 cent.

Check out this article to choose the most convenient way to buy cryptocurrencies, including SOL.

Important: please note that SOL deposits and withdrawals are currently not supported. You can buy, exchange and store SOL. If you'd like to receive or send it, you'll have to first exchange it for a currency which supports crypto deposits and withdrawals – you can always check with the list in this article.

In compliance with the Financial Promotion Act which came into force on 8 October, 2023, at 8 AM UTC, some account functionality is temporarily limited for the Cryptopay customers with verified UK residency.
Check what services are available: Service availability in the UK

The world of crypto is vast and intricate - if you feel overwhelmed, check out Cryptopay Learn. It is a perfect place to start for beginners trying to understand the basics of crypto. For more experienced crypto enthusiasts, this is also an excellent opportunity to brush up on their knowledge. The more you learn, the more you earn!

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