In this article:
Learn all about Solana (SOL), the native token of the Solana network. SOL is used to pay transaction fees and pay rent/activate your wallet, plus powers the entire Solana ecosystem.
Originally launched in 2020 alongside the Solana blockchain, SOL has become one of the most widely held and traded cryptocurrencies in the world. It's known for fast settlement, low costs, and strong utility across web3 applications.
Whether you're holding, sending, or using SOL inside dApps, it's the key asset for doing anything on the Solana network.
What is SOL used for?
SOL is the fuel of the Solana blockchain. If you want to send tokens, mint NFTs, use DeFi protocols, or swap assets on Solana, you’ll need SOL to pay for gas.
Here’s what SOL is typically used for:
Paying transaction fees on the Solana network
Covering rent when receiving new SPL tokens
Participating in staking or governance (via validators and protocols)
Trading or swapping into other Solana-based assets
Interacting with Solana-native apps, games, and platforms
Even though most transactions cost less than a cent, you must always hold some SOL in your wallet to use the network.
Why do people hold SOL?
Beyond its utility, many users and investors hold SOL as a long-term asset. It’s widely seen as the core token of the Solana ecosystem, and its value reflects growing adoption of the network.
SOL is also:
Liquid and widely traded, available on nearly all major exchanges
Used in DeFi, including lending, staking, and yield-earning protocols
Backed by a growing ecosystem of developers and projects
Potential risks of owning SOL
While SOL offers high utility and is often inexpensive to use, there are still some risks to be aware of.
Volatility: Like most cryptocurrencies, SOL's price can swing significantly over short periods.
Network reliability: Since SOL is tied directly to the performance of the Solana network, slowdowns or outages may affect how and when you can use it.
Token compatibility: SOL only works in Solana-compatible wallets. You cannot send SOL to Ethereum or Bitcoin addresses — doing so may result in lost funds.
Regulatory uncertainty: Crypto regulations vary by region, and the classification or tax treatment of SOL may change over time.
As always, Do Your Own Research (DYOR) on any cryptocurrency you want to hold.
Getting SOL in Best Wallet
You will only be able to buy, hold, and transact SOL in a multi-chain wallet in Best Wallet.
Read our guides on how to buy Solana (SOL) and deposit on Solana.
Need further support?
Solana offers a high-speed, low-cost experience that’s helping power the next generation of crypto apps and communities.
If you have any questions about holding or transacting Solana in Best Wallet, please contact the Best Wallet support team via [email protected] or open a ticket on our Support site.
Important Reminder:
No one from Best Wallet will ever request your private key. Keep this information strictly private and never share it with anyone.