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Developed to help power decentralized finance DeFi uses, decentralized apps DApps and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms to process transactions quickly and securely. It is the second layer of the protocol, which runs on top of the main blockchain network. How does Binance Coin work? Optimism is another layer 2 scaling solution for Ethereum, which contributes to the reduction of gas fees and transaction times on the Ethereum blockchain.
