eToro adds Solana to crypto offering

By: Daniela Kirova
Daniela Kirova
Daniela was born in Bulgaria, grew up in Chicago, and then moved to Michigan to attend the University of… read more.
on Oct 13, 2021
  • The SOL token is known for its capacity of almost 50,000 transactions per second
  • Investors chosen to become proof-of-stake holders based on how much SOL they currently hold
  • In the UK and some EU countries, cryptocurrency trade is still unregulated

Online exchange eToro has expanded its lineup of crypto assets, the company announces yesterday. It now includes Solana (SOL/USD), which is available for trade and exchange on the eToro investment platform.

SOL brings total cryptos available for trading on eToro to 32

The SOL token is known for its capacity of almost 50,000 transactions per second. It is the native token and a scalable crypto created for the Solana blockchain. Based on how much SOL they currently hold, investors are chosen to become proof-of-stake holders. With the launch of Solana, eToro now offers a total of 32 cryptocurrencies available for trading.

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Offerings include BTC, ETH, BCH, LTC, XRP, DASH, ETC, ADA, XLM, EOS, NEO, TRON, ZEC, BNB, XTZ, LINK, UNI, COMP, AAVE, YFI, MANA, ALGO, MATIC, BAT, MKR, ENJ, FIL, DOT, and MIOTA. However, none of these are available to users in the US. In the UK and some EU countries, cryptocurrency trade is still unregulated.

The platform announced the addition of Filecoin (FIL/USD) and Polkadot (DOT/USD) to its cryptocurrency offering last week. They launched MAKER (MKR/USD) and ENJIN (ENJ/USD) to the list of crypto assets available to trade on the platform earlier this year.

What is Solana?

Solana is a blockchain project for developers to make secure and fast apps that can scale to be used by people across the entire internet. It uses the SOL native token to facilitate micropayments across the blockchain.

The fundamental aim of the blockchain is to allow the number of transactions to scale proportionally to the network bandwidth available. Partly inspired by the architecture of Filecoin, the Solana blockchain introduces a decentralised clock to timestamp transactions.

Therefore, Solana’s block time is just 400ms, which is considerably faster than Ethereum’s (ETH/USD) 15 seconds and Bitcoin’s (BTC/USD) 10 minutes. This makes it a platform with a long-term vision, and it is attracting numerous developers who are excited at the prospect of developing decentralised applications with no need to design their way around performance bottlenecks.

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