Solana price

Solana (SOL) is an open-source blockchain platform designed to host decentralised, scalable applications. Solana uses a unique combination of technologies, including Proof-of-Stake (PoS) and a proof-of-history (PoH) consensus mechanism.

PoH collaborates with PoS to assist Solana in achieving consensus, to aid in network security, functionality, and validating transactions.

Unlike Ethereum, which uses multiple blockchain layers when scaling, the Solana blockchain attempts to provide a scalable blockchain network using only one layer.

The SOL price is determined by the buying and selling activities of traders of the SOL token in the cryptocurrency market. As demand for SOL increases, the price rises, and vice versa.

SOL is updated in real-time as trading occurs on the various cryptocurrency exchange platforms.

One of the features that sets Solana apart is its high throughput. SOL is capable of handling over 65,000 transactions per second, rivalling Bitcoin and Ethereum.

BTC Markets allows you to easily purchase Solana in Australia. After creating your account, you can proceed to place an order for SOL after funding your account.

For traders looking to buy SOL in Australia through BTC Markets, please note that we support AUD payments made via card deposits, Osko/PayID and individual BSB and account numbers.

Solana’s scalability approach attains a high throughput without reliance on Layer 2 solutions. In most decentralised blockchains, managing a growing transaction load will usually result in slower performance due to timing discrepancies among network nodes.

Solana takes a different approach to address this challenge. Through its PoS mechanism, a singular "leader node" is chosen to organise and sequence transactions across nodes. This method streamlines operations, alleviates network strain, and facilitates quicker transactions.