The cryptocurrency market offers a wide range of crypto assets. Each of them was created with some purpose and brings some benefit to the market. Decentralized applications are the most popular direction in the crypto industry. During the last few years, dApps have been expanding and developing rapidly. Developers built numerous GameFi and DeFi products on top of decentralized apps.
Most of those DeFi products are built on the Ethereum blockchain. Thus, the more applications are created on Ethereum, the more the network is loaded. It leads to network overloading and increasing fees.
The Solana blockchain was developed with the thought of solving all Ethereum’s difficulties and providing a scalable platform for decentralized applications.
Key features:
- Solana operates based on the Proof-of-Stake consensus protocol, which is much more efficient and less costly than the Proof-of-Work protocol underlying Ethereum.
- Solana provides the highest throughput for transactions (over 50 000 operations a second).
- The lowest transaction fees (0,000005 SOL) are incomparable with the Ethereum transaction costs.
- The network has over 1 000 validators, exceeding all existing blockchains.
SOL is an internal coin of the Solana blockchain. The current rate of the SOL USDT pair is $33,34.
Where can I Convert SOL to USD?
SOL is listed on all large crypto platforms. You can buy this asset on decentralized and centralized exchanges. However, buying SOL with fiat currencies like the dollar is possible only on centralized exchanges. For example, WhiteBIT. Converting SOL/USDT is available only to registered users who passed KYC. For that purpose, you must provide your documents to the exchange office for checking. It is done to enable the highest level of users’ protection when they attack their bank cards on the exchange accounts. Once the procedure is completed, you receive access to all the features and earning tools on WhiteBIT: staking, fiat pairs, margin, futures, bots, leverage, etc.
Analyzing SOL price history, experts have concluded that it may reach $68,06 by the end of 2023. That is more than twice today’s crypto rate. So it makes sense to buy SOL coins and hold them in the long term.
