Solana is a public blockchain platform with smart contract functionality. Its native cryptocurrency is SOL. Solana achieves consensus using a proof-of-stake mechanism, as well as a 'proof-of-history' mechanism which Solana's whitepaper claims improves scalability without sacrificing decentralization and security. Solana can handle 710,000 transactions per second, which is faster than the Ethereum blockchain, but still less than the 400,000 transactions seen during the spike. Oskar Solberg estimated the transaction fees to be $0.00025 per transaction, which is roughly 60,000 times lower than the fees of the transaction on the Ethereum blockchain. Like various other blockchains, Solana can run smart contracts. The execution environment is based on eBPF, which allows the Rust, C, and C++ programming languages to be used. On December 2nd, 2021, Solana had over $15B worth of value locked on its blockchain.


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