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What's the deal with Solana?

Solana is an open, public blockchain platform that runs using a proof-of-stake (PoS) consensus mechanism.

Frequently Asked Questions

Solana is an open-sourced, public, and decentralized blockchain platform. It is a smart contract platform and facilitates peer-to-peer transactions with SOL – its native token. The network is maintained via a proof-of-stake algorithm.

You can buy SOL with your CAD, USD, and EUR using CoinSmart.

The Solana tokens are also called SOL. SOL can be used for conducting transactions and staking in the ecosystem. SOL is also required for participating in Solana DeFi, NFT, and Solana namespaces (.sol).

You can store SOL tokens in your CoinSmart account.

Solana uses the proof-of-stake (PoS) consensus algorithm for network governance and for releasing new SOL into the ecosystem. Anyone can become a network validator by staking their SOL within the network. The more SOL you stake, the more the “weightage” of your votes. In simple terms, the importance of your votes is directly proportional to the amount of SOL you stake.

Solana was launched in April 2019 and is maintained by Solana Foundation in Geneva and the San Francisco-based Solana Labs. Anatoly Yakovenko is the co-founder and CEO of Solana, who had previously worked for Dropbox and Qualcomm.

You can keep track of Solana’s price in real-time here.

Crypto Asset Statement


Most recent update: October 28th, 2022

This overview provides a summary of certain risks involved trading any crypto asset and is not exhaustive. Investors are encouraged to conduct their own research prior to trading any crypto asset.


No securities regulatory authority has expressed an opinion about the Crypto Contracts or Solana, made available on the CoinSmart Platform, including an opinion that Solana is not itself a security and/or derivative. Changes to applicable law may adversely affect the use, transfer, exchange or value of your crypto assets and such changes may be sudden and without notice.


Prior to listing Solana on the CoinSmart Platform, Simply Digital Technologies Inc. (SDT) conducted due diligence and determined that Solana is unlikely to be a security or derivative under Canadian securities legislation. Our analysis including reviewing publicly available information concerning:


  1. The creation, governance, usage and design of Solana, including the source code, security and roadmap for growth in the developer community and, if applicable, the background of the developer(s) that created Solana;
  2. The supply, demand, maturity, utility and liquidity of Solana;
  3. Material technical risks associated with Solana, including any code defects, security breaches and other threats concerning Solana and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them; and
  4. Legal and regulatory risks associated with Solana, including:
    1. any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of Solana; and
    2. statements made by any securities regulatory authorities in Canada, other regulators in IOSCO-member jurisdictions, or the regulator with the most significant connection to Solana about whether Solana, or generally about whether the type of crypto asset, is a security and/or derivative.


Like all crypto assets, there are general risks associated with Solana including: volatility risk, liquidity risk, short history risk, demand risk, forking risk, code defects, regulatory risk, electronic trading risk and cyber security risk. For additional information of general risks associated with crypto assets, you may refer to the Risk Statement.  Further, Solana’s development is centralized when compared to Bitcoin since it is dependent on the efforts of Solana Foundation and Solana Labs. As of writing, Solana has gone through 3 high-profile network outages either due to the inability to meet higher demand or via a targeted DDoS.


As a reminder, this Crypto Asset Statement is not intended to be exhaustive of all risks associated with trading Solana and we encourage you to conduct your own due diligence to determine whether trading Solana is right for you.


SDT is offering Crypto Contracts on crypto assets in reliance on a prospectus exemption contained in the exemptive relief decision Re Simply Digital Technologies Inc. dated December 21, 2021 (the Decision). Please be aware that the statutory rights in section 130.1 of the Securities Act (Ontario), and, if applicable, similar statutory rights under the securities legislation of each other province and territory in Canada, do not apply in respect of the Crypto Asset Statement to the extent a Crypto Contract is distributed under the prospectus relief in the Decision.

Solana is an asset that is available to be staked. Simply put, staking is a way to use your crypto to earn more crypto. The reward is paid out in the same currency as your asset that is staked. Eg: If you staked SOL, your reward is paid in SOL. Reward APY after fees is up to 4.88%. Lock up period is 2 days and warm up period is 1 day. Minimum amount to be staked 0.000001 SOL.

To learn more about risks please refer to our Platform Risk and for fees please see our Fee Schedule.