The SOL token is now available on Bitso.
Have you ever wanted to interact with the Ethereum blockchain, but avoided it due to the high transaction fees you? Today, after working for weeks, we’re listing SOL, the native token of the Solana blockchain.
Solana is a smart contract platform that allows users to transact for less than $0.1 USD. Today, Ethereum can handle 10–15 transactions per second (tps); in comparison, Solana promises to perform up to 54k tps.
Solana achieves such speed thanks to its technology called “Proof of History” (PoH). This is the way Solana confirms all transactions made by users. Since it synchronizes all the nodes on the network, these can validate that a transaction was made at a specific point in time.
The Solana ecosystem
Solana has been one of the fastest growing platforms in recent months, and this is due to the large number of users interested in the project. In addition, several VC’s have invested millions of dollars in projects within Solana, two of the most important are: Alameda Research and Jump Capital.
Due to all of this, relevant projects such as OpenSea announced their deployment on Solana during April. OpenSea is the largest NFT marketplace in the entire crypto industry. According to the news site “The Block”, OpenSea had more than 2.5 billion dollars in sales in March alone.
What’s the purpose of the SOL token?
Similar to ETH, SOL is Solana’s native cryptocurrency. With it, users can pay the costs of transactions and they can stake their tokens while earning rewards on the network. SOL staking is not currently available on Bitso.
Important: Bitso only supports SOL on the Solana blockchain. Any deposit from another network (BSC, Polygon, etc) will result in the loss of your tokens.
Solana is a huge project, and what it has achieved in just one year is quite impressive. For this reason, and for many more, we’re listing it on Bitso.
Stay tuned for new cryptocurrencies…