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November 3, 2022

Crypto Academy

What is Solana we hear you say? Look no further, we've popped all you need to know right here.

Next stop on the token drop train: Solana. You know the drill - check out the full article to learn about our latest available token in the app.

By Amy W

In case you’ve been living under a rock - we’ve been releasing new tokens in the Mode app at an outrageous pace, and we’re just getting into the swing of things. This week, we added Solana to the app - meaning you’re now able to buy and sell the token in seconds, securely with Mode. Here’s all you need to know about our newest token, Solana.

What is Solana? 💡

Solana is a blockchain platform developed to be a scalable & secure network that can host decentralised applications.

Confused? Say no more, let’s break this one down:

  1. Solana is a ‘blockchain platform’
    Much like its competitor Ethereum, Solana is decentralised (no central governance). In order to maintain its decentralisation, it runs on blockchain technology - a database formed by a sequence of entries. Check out The Village Story for a really really brilliant breakdown of what this actually means.
  2. Solana is developed to be a ‘scalable & secure network’
    Trusting you’ve got it with scalable & secure - we’ll touch on what this means for a Web3 network. Think of a regular bank for a second. If more people began to use this bank for regular transactions & storing their funds, it’d likely have to increase its team size to ensure it could meet consumers’ expectations across things like processing times & security. Having no central governance means there’s no team to do this job, no matter how big the platform grows. This means the tech behind a platform must perform in such a way that it can scale according to adoption, and in recent years, many platforms have been competing fiercely to do just that - with Solana boasting an infrastructure that does just that.
  3. Solana aims to ‘host decentralised applications’
    Similarly to Ethereum, it can be helpful to compare the Solana platform loosely with the likes of Apple’s app store. It’s a platform that connects projects & software to consumers - only in this case the apps are also decentralised.

Side note: if these still have you scratching your head, don’t worry too much. We’re hedging our bets here, but assuming you don’t fully understand the database your dentist uses to process your appointments, would that affect your decision-making when it comes to getting dental work? Try think of the underlying tech behind the blockchain technology here a little like this.

Why does Solana exist? 🤨

Much like its rival Ethereum, Solana was built as an extension of the notion to create a solution to better archaic existing ecosystems - like traditional finance - through decentralisation.

Launched in 2017, Solana boasted a ‘more scalable’ offering than its competitors by building a platform that would reduce transaction fees and increase throughput - the amount of transactions it could process per second - compared to already existing networks like Ethereum.

What can I do with SOL? 🤝

SOL is the native token of the Solana network. As a cryptocurrency, it’s spent a good portion of its life so far among the top 10 tokens in terms of value & market cap and even saw a 12,000% value increase in last year’s bull run, before settling back down at a lower position when the market dipped towards the end of the year. That being said, SOL is often pinned as ‘one to watch’ in the space due to its network’s success & development.

The SOL token can be used as a ‘digital currency’ on the Solana network, holding purchasing power for things like NFT’s as well as being used for peer-to-peer payments on decentralised applications (dapps). It can also be traded among other digital currencies on the Solana network.

One of SOL’s primary use cases is its ability to support the running and validation of applications & transactions on its network through a process known as ‘staking’.

Much like other popular tokens, SOL is bought and held as an asset due to its value. With the crypto economy growing in recent years, many hold SOL as a store of value due to personal beliefs in its longevity. Similar to how fiat currencies (GBP, EUR, USD), SOL’s value is heavily determined by people’s trust and a supply-and-demand structure - meaning the more growth the network sees, the more adoption the token is likely to see - thus increasing its value.

Why should I buy SOL? 💰

Queue the trick question

Kidding. There’s no smoke and mirrors here.

We won’t ever tell you you should buy SOL - or anything for that matter. But, the reason we built a secure and trusted platform that enables you to buy SOL is that we believe in its value, with growing confidence in the token as its native network evolves.

Equally, we believe in the use case of SOL, and we think it's important that people have safe access to acquire, accumulate, and store their SOL holdings.

How do I buy SOL in the UK? 🚀

As an FCA-registered and publicly-listed UK app, we’ve made it our mission to make Mode the safest way to buy crypto in the UK. Crypto has come a long way since the birth of Bitcoin, but its complexities are still pretty evident in a lot of products today. At our core, we work relentlessly to grow, shape, and mould Mode in a way that offers easy access into the space, without having to worry about hidden fees, higher risks, or difficult steps.

You can buy and sell SOL with as little as £20 in the Mode app today, and start watching your portfolio grow within seconds.

Down the road, we’ll be exploring adding features such as crypto rewards and crypto payments as part of our future roadmap. Stack more by shopping with 400+ top UK brands like Deliveroo, Foot Locker, and Trip.com.

Until next time,

Happy hodling!

Buy Solana (SOL) with

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T&C’s apply. Redemption and withdrawal limits apply. Digital Assets are not UK regulated. No FOS/FSCS on Cryptoasset-related services & products. Gains may attract Capital Gain Tax. Mode does not offer any financial or investment advice.

Fibermode Limited trading as Mode is a registered Cryptoasset firm with the UK Financial Conduct Authority, pursuant to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Firm Reference Number: 928786.Greyfoxx Limited is an authorised and regulated firm with the UK Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money and payment instruments. Firm Reference Number: 901025. Mode Global Holdings PLC is a public limited company incorporated and registered under the laws of England and Wales with company number 12794676.

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