How to Buy Solana (SOL)

Solana (SOL) is an open source blockchain platform that provides a foundation for the development of decentralized applications (dApps). The protocol’s focus on scalability, high transaction throughput and fast settlement speeds has made it one of the fastest growing decentralized application platforms.

Solana was co-founded by Anatoly Yakovenko and Greg Fitzgerald. Yakovenko first described the blockchain technology used by Solana in 2017. Fitzgerald created the first prototype of Solana, implementing Yakovenko’s ideas in 2018. The blockchain network was officially launched in March 2020.

The Solana blockchain is guided and developed by Solana Labs with support from the Solana Foundation, a Swiss non-profit dedicated to growing the community and funding development.

Want to dive deeper? Read Kraken’s What Is Solana? (SOL) to learn more.

Solana uses proof-of-history (PoH) to track time between computers and confirm the order of events that occur on the network. The synchronization of computers accomplished by PoH allows for the high transaction throughputs and fast processing times Solana is known for.
Other key features of the Solana network include its low transaction fees and use of the delegated-proof-of-stake (DPoS) consensus mechanism. DPoS uses a voting and reputation system to vet and maintain a record of validators that maintain the network. DPoS is used to secure the network, validate transactions and distribute newly minted Solana coins (SOL).

Solana is a smart contract platform for the development of dApps. Many popular cryptocurrency projects are built on top of the Solana network, including Injective, Raydium, Serum, and Orca. Each of these projects have helped to develop the Solana ecosystem and establish the blockchain as one of the leading decentralized finance platforms.
Many non-fungible token (NFT) projects are also built on Solana. Prominent projects include the Aurory and Degenerate Ape Academy collections.

SOL is the native token and digital currency of the Solana platform. SOL does not have a fixed maximum supply, meaning there is not a limit on how many SOL tokens can be created. New SOL tokens are created on a predetermined inflation schedule.
The market price of SOL and its circulating supply can be used to calculate the project’s current market cap. Price predictions are often derived from studying aspects of a token's supply.

You can check SOL’s current market price and circulating supply on Kraken’s Solana price page.

With more than a decade of experience, Kraken has established itself as a pillar of the cryptocurrency industry. While we have grown to now offer over 185 cryptocurrencies, we remain one of the best places to buy SOL.

You can buy Solana on Kraken with as little as $10 since each SOL is divisible into smaller units. While you do not need to execute larger orders, Kraken’s advanced price discovery and execution technology helps offer some of the best rates of any cryptocurrency exchange.
 

Your verification level determines what you can do with your Kraken account. This can be located by signing into your account, selecting your name in the upper right and then selecting Get Verified. You will then see highlighted your current (pending or verified) level.
 

Dollar cost averaging is a popular strategy that allows you to invest in an asset at regular time intervals, regardless of its price. This sort of recurring buy strategy is designed to help build wealth over time while minimizing the impact of unpredictable price changes.

Kraken works hard to protect your SOL
When you buy Solana with Kraken, your crypto is automatically stored in our hot wallet — an accessible but highly secure place to keep your SOL safe.

Kraken allows you to hold your own Solana
Our rigorous security standards ensure that our users’ crypto is always safe on our platform. However, if you want to hold or transfer your Solana, Kraken allows you to take full custody of your SOL in the wallet of your choice, unlike many other fintech services. Solana can easily be stored on hardware wallets, web, or mobile wallets.

FAQ

Take your learning to the next level with Crypto Guides.

Disclaimer
Information provided in this “Learn” section is for general educational purposes only and is not intended to constitute investment or other advice on financial products. Such information is not, and should not be read as, an offer or recommendation to buy or sell or a solicitation of an offer or recommendation to buy or sell any particular digital asset or to use any particular investment strategy. Kraken makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any such information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use.