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Updated by Tokenica
Solana is a public Layer-1 blockchain platform that uses a proof-of-stake consensus mechanism and Proof of History to support high-throughput smart contract functionality and digital transactions. It powers applications including payments, decentralized finance, gaming, and digital assets. The project originated with a 2017 whitepaper by Anatoly Yakovenko; Solana Labs launched the network in March 2020. SOL serves as the native token for paying transaction fees and staking to secure the network.
Updated by Tokenica
Updated by Tokenica
Solana launched with 500 million SOL created in the genesis block and has no maximum supply. Current total supply is approximately 628 million SOL with circulating supply of approximately 580 million SOL. The protocol follows a disinflationary issuance schedule with an initial inflation rate of 8% that decreases by 15% annually toward a long-term rate of 1.5%, with 100% of new issuance directed to stakers and validators. SOL is used to pay transaction fees (with a portion burned), to stake for network security and rewards, and for governance voting on proposals; initial allocations included a community reserve of roughly 39%, team allocation of roughly 13%, foundation allocation of roughly 10%, and investor allocations.
Updated by Tokenica
Updated by Tokenica
Updated by Tokenica
Updated by Tokenica
The Solana network experienced a five-hour outage in February 2024 that halted block progression and required a validator software patch and coordinated restart. The Wormhole bridge protocol on Solana was exploited in February 2022 for approximately $326 million due to a signature verification vulnerability in its smart contract. In April 2026, the Solana-based Drift Protocol DeFi exchange suffered a $285 million exploit executed through a compromised administrator key rather than a code vulnerability.