Cryptocurrency Basics: What Is Solana (And Why It’s More Than Just a Token)
So you’ve heard of Bitcoin and Ethereum - but what about Solana? If Ethereum is the decentralized computer powering Web3, Solana is the ultrafast pipeline moving data and value at breakneck speeds. And yes, it's also one of the most used cryptos for betting and gaming on platforms like SBX
What Is Solana?
Solana is a high-performance blockchain platform launched in March 2020 by Solana Labs, co-founded by Anatoly Yakovenko and Raj Gokal. It leverages a unique Proof of History (PoH) consensus mechanism combined with Proof of Stake (PoS) to achieve thousands of transactions per second with sub-second block times.
🚀 What's SOL?
SOL is Solana’s native cryptocurrency. It serves multiple roles across the network:
- Pay transaction fees (often less than $0.01 per transaction)
- Interact with DeFi apps and decentralized exchanges
- Mint, trade, and collect NFTs on Solana marketplaces
- Stake to secure the network and earn passive rewards
- Deposit, wager, and withdraw on platforms like SBX
Why Use Solana?
Here’s why SOL stands out in the crypto world:
⚡ Lightning-Fast Transactions
Thanks to PoH’s timestamping innovation, Solana can process up to 65,000 transactions per second under ideal conditions, allowing near-instant deposits and withdrawals on SBX.
💸 Ultra-Low Fees
Average fees on Solana typically hover around a fraction of a cent, making micro-betting and high-frequency interactions more economical than on other chains.
🌐 Thriving DeFi & NFT Ecosystem
From Serum and Raydium’s decentralized exchanges to booming NFT drops like Degenerate Ape Academy, Solana hosts a rapidly expanding Web3 playground.
📈 Earn Passive Rewards
By staking SOL, you help secure the network and can earn APYs averaging around 7%, turning your idle tokens into a source of yield.
✍️ Final Thoughts
Solana is more than a fast blockchain; it’s an ecosystem designed for scalability, low fees, and innovation. Whether you’re coding a dApp, minting an NFT, or placing a high-speed parlay on SBX, Solana delivers the performance to keep you in the game.
Noob? We got you.
⬇️ Check out these onboarding guides to go from zero to sharp bettor.
🔐 How to Buy Crypto from an Exchange and Start Wagering Online
💼How to Set Up a Cryptocurrency Wallet for Online Wagering
Related reading: Crypto Basics: What Is Ethereum (And Why It’s More Than Just a Coin)
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