What is Solana (SOL)?

Discover the key facts about Solana (SOL).

About Solana

SOL is the native token of the Solana network and is used for payment of transactions over the entire network.

SOL’s focal point is blockchain scalability, using a proof-of-history (PoH) consensus as well as the proof-of-stake (PoS) consensus of the blockchain. This allows Solana to have small-time traders as well as established traders. SOL also attains high transaction speeds, up to 50,000 transactions per second.

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Why Donate SOL?

Since SOL has appreciated significantly, donating SOL and other cryptocurrencies can save you money on your taxes. Because the IRS classifies cryptocurrency as property, this means you don’t have to pay capital gains tax on your donation and can deduct the amount on your tax return. This is why financial advisors recommend you donate your most highly appreciated assets first. Users who donate and enter their email address will automatically get a compliant tax receipt.

Don’t want your SOL stack to decrease? Repurchase the same amount of SOL afterward and still get the same tax benefits to offset some (or all) of your gains.

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