Solana is a blockchain protocol that has smart contract functionality like Ethereum but aims to be more efficient to avoid any problems such as transaction latency and cost in the application layer. If the Ethereum network experiences high demand, the applications that run on the network as smart contracts will experience increased gas costs and for those not willing to pay such costs transaction latency. Solana has a core set of innovations that enables rapid transaction finality and a definitive history of the events that have occurred on the blockchain that is verifiable to any node.
From an end-user standpoint, using Solana feels like using a boosted Ethereum or a layer 2 chain, with low confirmations times and cheap transaction prices. For a few years now, Solana has made its case for being a solid competitor to Ethereum and one of the major options when considering Layer 1 smart contracts platforms. The ecosystem is growing at an impressive pace and Solana’s DeFi ecosystem is rapidly developing itself, led by Serum, the DEX from Sam Bankman-Fried’s FTX. With a recent fundraise of $314M, one of the most solid codebase and a large experienced team still producing top grade work, Solana is here to stay on the top of the Layer 1 blockchains. The token is trading on both centralized (Binance, Coinbase) and decentralized (Serum) exchanges.