Why does Solana blockchain have virtual coins? What are the currencies of Solana public chain?

Solana (SOL) blockchain has become the leader in the digital currency world due to its high throughput, low transaction fees and fast transaction processing capabilities. The platform utilizes a unique Proof-of-History (PoH) consensus mechanism that significantly improves scalability and efficiency compared to traditional blockchains. In addition to the native token Solana (SOL), the Solana ecosystem also breeds various tokens built on Solana. These tokens have different uses and functionality, providing a wide range of investment opportunities in areas such as DeFi, NFT and Metauniverse.

Virtual currency on Solana blockchain

Sorana blockchain, a kind of high A performance, low-cost blockchain, with its own native virtual currency: SOL. SOL is used to pay transaction fees, staking to verify transactions and participate in governance.

Coins on Solana Public Chain

In addition to SOL, there are other currencies on Solana Public Chain, including:

• SRM (Serum): Tokens for decentralized exchange platforms are used to pay transaction fees and obtain platform governance rights.
• FIDA (Bonfida): Tokens for decentralized trading platforms are used to pledge to obtain rewards for transaction fees and participate in governance.
• RAY (Raydium): Tokens for decentralized liquidity pools and automated market makers (AMM) platforms are used for staking to earn income and participate in governance.
• MAPS (Maps): Tokens for maps and geodata platforms, used to purchase maps and data and participate in governance.
• KIN(KIN): Tokens for social media platforms, used to reward users and incentivize interactions on the platform.

The role of these currencies in the Solana ecosystemThese coins SOL plays an important role in the Solana ecosystem:

Pay transaction fees:
• SOL is used to pay for transactions on the Solana blockchain.
Staking and Verification Transactions:
• Currency holders can pledge their currency to verify transactions and receive rewards.
Governance:
• Currency holders can participate in governance decisions by voting, such as voting for network upgrades or protocol changes.
Platform incentives and use:
• Other currencies are used to incentivize the use of platforms, such as transaction discounts, pledge rewards and participation in community governance.

The above is the detailed content of Why does Solana blockchain have virtual coins? What are the currencies of Solana public chain?. For more information, please follow other related articles on the PHP Chinese website!