Learn Hub
Sign in Sign up
Due to the high volume of incoming applications, the account activation may take a little longer than usual (up to 3 days). We apologize for the inconvenience and thank you for your patience. In case of any questions, please contact our support at support@banxe.com

Solana Cryptocurrency




Solana is an open-source project based on blockchain technology that supports an array of decentralised finance (DeFi) solutions, which include decentralised applications (DApps) and smart contracts. Solana uses a consensus algorithm that combines proof-of-history (PoH) and proof-of-stake (Pos). This allows the network to perform 50 000 transactions per second compared to about 15 transactions for Ethereum (before ETH2 upgrade). Solana has higher efficiency than other models since it’s an open-source initiative, meaning more nodes are in use. Since Solana has high speeds and low fees, developers hoped it could compete with centralised payment processing platforms like Visa. 

Solana’s native coin is SOL, used to pay transaction fees and for staking. Participants have to stake their own SOL to become validators, computers that secure the network. They do this in return for a reward or a fee. SOL is also a “governance token”, which means holders are able to have a voice in the form of a vote on future upgrades and governance proposals submitted by the Solana community. SOL is available to buy and sell on numerous platforms, including Banxe. As of today, the market capitalisation for SOL is $12,416,558,099.

Solana was created by Anatoly Yakovenko and Greg Fitzgerald as a concept in 2017. It launched in 2020 as Solana Labs and quickly saw an impressive price gain. It has since climbed to be one of the top 10 highest cryptocurrencies on the market despite a hacker attack in 2022.  




Frequently asked quetions:

Solana’s mission is to support high growth and high frequency blockchain applications and to democratise the world’s financial systems.

Yes, on August 3rd, 2022 it was announced that Solana was targeted by hackers. This affected 9 231 Solana wallets and a total of $4.1 million. It was suggested that the issue was related to certain wallet software as opposed to the blockchain itself.

There are 353 million Solana in current active circulation. This means that they have been issued however there is an unlimited supply. The amount that is issued each year is based on the year-to-year inflation rate and can vary. Initially when the coin launched, there was a maximum supply of about 500 million but since then the blockchain erased or burned 11 million of them.

Join Banxe today
Your next-generation fintech platform, uniting cash & crypto.

Free individual account

Get social with Banxe

Banxe LTD. is a company registered in England and Wales with company number 11784778. It designs and operates the Banxe website and app. Banxe LTD registered address: Queensbury House, 106 Queens Road, Brighton, East Sussex, England, BN1 3XF. Banxe is not a bank.

Banxe is a registered trademark. Banxe LTD. is trading as Banxe and performing its activities as a Distributor of Tompay LTD, authorised by the Financial Conduct Authority as an Electronic Money Institution under the Electronic Money Regulations 2011 (931509).

Tompay LTD. is a company registered in England and Wales with company number 12484741. Registered address: Mocatta House, Trafalgar Place, Brighton BN1 4DU. Registered. Tompay LTD keeps customers' money (in equivalent amount to issued e-money available to customers) in a safeguarding account. This measure protects customers in case of Tompay LTD's insolvency.

The services offered are not subject to the protection of the Financial Ombudsman Service and the Financial Services Compensation Scheme.

Cryptocurrency services offered on the Banxe platform are not provided by Tompay LTD or Banxe LTD. Cryptocurrency services are not regulated by the FCA.

OÜ NeuroNext authorized by the Financial Intelligence Unit as a Virtual Currency service provider (License’s number is FVT000032). OÜ NeuroNext is registered in Estonia under company number 14917854. Virtual currency offered on the Banxe platform in exchange for virtual or fiat currency exchange services is solely provided by OÜ NeuroNext.

EC2A 4SD, England, London, London, 140 Tabernacle Street