Buy Solana (SOL) with AUD

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What is Solana (SOL)?

Solana is a high-performance blockchain platform designed for decentralised applications and crypto-currencies. Known for its incredible speed and low transaction costs, Solana can process over 65,000 transactions per second with fees typically under $0.01. SOL is the native cryptocurrency of the Solana blockchain, used for paying transaction fees, staking to secure the network, and participating in governance. The platform combines Proof-of-Stake (PoS) with a unique innovation called Proof-of-History (PoH), which timestamps transactions to dramatically improve processing speed without sacrificing decentralisation.

The History of Solana

Solana was founded in 2017 by Anatoly Yakovenko, a former Qualcomm engineer who identified the need for faster blockchain technology. The whitepaper introducing Proof-of-History was published in 2017, and the Solana Foundation was established in Switzerland. The mainnet beta launched in March 2020. Since then, Solana has grown rapidly to become one of the top blockchain platforms by market capitalisation, known as an 'Ethereum killer' due to its superior transaction speeds and lower costs. The ecosystem has attracted thousands of projects spanning DeFi, NFTs, gaming, and more.

The Use Case of Solana

Solana's high throughput and low fees make it ideal for applications requiring fast, frequent transactions. The platform hosts a thriving DeFi ecosystem with popular protocols like Raydium, Marinade Finance, and Jupiter. It's become a major hub for NFT trading through marketplaces like Magic Eden. Solana Pay enables instant, free payments for merchants. The blockchain also supports play-to-earn gaming, decentralised social media, and real-world asset tokenisation. For Australian investors, Solana represents exposure to next-generation blockchain technology competing to become the backbone of Web3.

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