What is Solana (SOL)?
Solana (SOL) is the native cryptocurrency of Solana, a Layer 1 blockchain launched in March 2020. The network supports smart contracts and decentralized applications (dApps), with a focus on processing transactions at low costs. Solana uses a combination of proof-of-stake (PoS) and Proof of History (PoH) to manage transactions and maintain network consensus.
The Solana blockchain is used for decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, and digital payments. Its Proof of History mechanism helps validators establish the order of transactions without relying on continuous communication across the network. This allows Solana to process transactions while reducing confirmation times.
SOL is used to pay network transaction fees, interact with decentralized applications, and participate in staking. Token holders can stake SOL directly or delegate it to validators to help secure the network and earn staking rewards. Solana also burns 50% of its base transaction fees, while the remaining portion and priority fees are distributed to validators.
Solana was co-founded in 2017 by Anatoly Yakovenko and Raj Gokal. Yakovenko, a former Qualcomm engineer, introduced the Proof of History concept that became part of Solana's network design. The project was developed by Solana Labs, while the Solana Foundation supports network development and ecosystem initiatives.
At the time of writing, Solana has a total supply of approximately 636.94 million SOL, with 590.26 million SOL in circulation. SOL has no fixed maximum supply, and new tokens are issued through an inflation schedule that gradually decreases toward a long-term annual rate of 1.5%.
What Are the Latest Solana Upgrades?
Solana introduced several network upgrades in 2026 aimed at improving transaction processing, network capacity, and validator operations. These include the Alpenglow consensus upgrade, changes to transaction sizes, and updates to its validator software.
On October 21, 2026, Solana activated Alpenglow on its mainnet through the Agave 4.3 release. The upgrade replaced the previous TowerBFT consensus mechanism with Votor, which targets transaction finality of approximately 150 milliseconds, compared with around 12.8 seconds previously. Alpenglow also changes how validators communicate and confirm transactions. Its second component, Rotor, remains under development and will focus on block propagation.
Solana also increased its block compute limit from 60 million to 100 million compute units in 2026, allowing blocks to accommodate more computational activity. The Agave 4.2 update introduced transaction sizes of up to 4,096 bytes, reduced slot times to 200 milliseconds, and began implementing lower on-chain storage costs.
Meanwhile, development continues on Firedancer, an alternative validator client developed by Jump Crypto. The software is designed to offer another implementation of Solana's validator infrastructure, reducing dependence on a single client. Firedancer received further software updates in October 2026, although additional development is required to support the Alpenglow consensus changes.
Solana's upcoming releases include Agave 4.4, scheduled for November 2026, and Agave 4.5, planned for December 2026. These updates are expected to introduce changes to smart contract execution, increase the number of supported accounts per transaction, and provide further adjustments to network operations.
SOL is listed on Binance for trade and purchase. The current price of SOL is available and updated in real-time on Binance.