Solana network is the brighter representative of the Proof-of-Stake mechanism of achieving consensus that is an alternative to costly and energy-efficient Proof-of-Work, which is the basis of crypto coins that are mined. SOL coins are not mined but staked.
Staking has the following advantages over mining:
- no need to buy mining equipment and create proper conditions for it
- transactions on PoS are much faster (50,000 transactions per second)
- staking is eco-friendly
- available to anyone; only an Internet connection is required.
Staking is a passive income option that implies you lock your assets in the network and receive bonuses (additional coins) in return. Often SOL holders gather in staking pools to lock a bigger number of coins and, thus, receive a bigger return. The more coins are locked, and the longer they stay locked, the bigger the return.
Solana blockchain is the foundation for hundreds of projects such as blockchain games, BFT platforms, metaverses, DeFi, smart contracts, etc. As of late November 2022, the SOL cryptocurrency price is $14.14. Let’s see how the price changes in 2022.
SOL Price in 2022
In early November, the SOL cryptocurrency price reached $37.81, and today it is more than half lower. At the beginning of this month, the news background did not contribute to the market growth or at least stability. The news about the FTX crypto platform’s financial problems shook the market and pulled crypto rates down, and SOL was no exception.
Looking at the year’s price change, we can see the peak level was $229,86 in December 2021. Then it dropped to $155 and recovered to $197, and gradually fell to $81. The price of $28.18 was fixed in April 2022.
This market drop was caused by many factors, including the large-scale war, crisis, inflation and other reasons. So maybe now is the best time to buy Solana crypto at a low price and hold it until the market trend changes. Or, if you want to receive passive income, you can stake coins and generate profit. Take a look at the WhiteBIT crypto exchange, which allows all possible trading options, crypto lending and low fees.