A smart contracts blockchain similar to Ethereum from Solana Labs. Launched in 2018, Solana is noted for its fast transaction processing. By 2022 with more than a thousand validators, Solana had processed over 64 billion transactions. Solana uses the proof-of-stake (PoS) consensus protocol along with its proprietary proof-of-history method that cryptographically time stamps every event.
The SOL is the native token, and Solana Beach is Solana's block explorer, which shows all activity in real time. Solanart is also a large NFT marketplace. Unfortunately, in 2021, several NFT projects were found to be scams with the developers disappearing after they collected funds.
Also unfortunate is the fact that the FTX/Alameda scandal affected Solana because Alameda had purchased some 11% of SOL tokens. In addition, various DeFi projects on Solana were backed by FTX. SOL tokens dropped considerably at the end of 2022 but gained back their market share by 2025. See FTX exchange.
Solana Web 3 Smartphones: Saga and Seeker
In 2022, Solana announced Saga, an Android-based smartphone from subsidiary Solana Mobile. Introduced in 2023 and touting unmatched security for crypto owners, the Saga phone uses the Solana Mobile Stack for developing Web3 wallets and applications. The software supports a secure Seed Vault for storing a user's private crypto keys.
Initially obtaining far fewer orders than expected, Saga sales jumped to more than 15,000 units when memecoin BONK offered Saga users free BONK tokens. In 2025, preorders were available for Solana Seeker, the next-generation Solana phone with the catch phrase "Seed Vault, Meet Wallet." See crypto glossary.