Solana price in euros

Solana is a public blockchain for applications and digital assets, with SOL as its native coin. It was created by Anatoly Yakovenko and Raj Gokal, and its mainnet launched in March 2020.

Its goal is fast, low-cost transactions, so apps can serve many users without large fees per action. Picture infrastructure where sending money and using an app don’t each require a different network.

What it’s used for

On Solana, users transfer stablecoins, swap tokens, lend funds and create or trade NFTs. Developers use smart contracts, meaning programs that execute predefined rules on the blockchain, to build these services.

SOL is used to pay transaction fees and for staking. With staking, holders delegate SOL to validators, which help confirm transactions and secure the network, and they can earn rewards.

How many SOL are there

SOL has no set maximum supply. New coins are issued as staking rewards for validators and those who delegate SOL to them, with a planned gradual decline in the annual inflation rate.

At the same time, half of the base transaction fees is burned, meaning permanently removed from supply. This offsets part of the new issuance, but it doesn’t necessarily mean the total supply shrinks.

What to watch out for

The network has suffered outages, such as the one in February 2024, which lasted about five hours. The concentration of a large share of staking and validators’ reliance on the same infrastructure providers also create risks, and running a validator requires hardware and technical support.

A vulnerability in an app or wallet can lead to losses without the blockchain itself having been hacked. For users in Greece, the rules that apply to each service need to be checked separately, and Solana competes with Ethereum and other networks for users and developers.

We think Solana’s focus on speed and low costs has practical value, but reliability and decentralization remain key criteria for judging it.