Crypto Spotlight: SOL

Region: Europe
Oct 18, 2021, 1:00:00 PM Published By Wirex Team

We’ve added a lot of new tokens to the Wirex app recently, including SOL. In case you didn’t know about SOL or what it does, here’s the lowdown.

What is SOL?

SOL is the native cryptocurrency of the Solana blockchain and is used to execute custom programs, send transactions and encourage investors to support Solana’s network. It is also used for developers to run custom smart contracts and design decentralised applications (dapps).

Who created SOL?

SOL was first visualised in 2017, before being launched in 2020 by Anatoly Yakovenko.

What does it do?

Anyone who owns SOL can help operate the Solana network. SOL tokens can be locked or staked by participants to do so, as well as increase their chances of being chosen to produce blocks. Owners of SOL can also access multiple projects that have been built on the Solana network.

What makes it unique?

The SOL token is unique for how it is used to execute faster transaction approval times, as well as for enabling developers to write and launch custom applications.