What is Solar (SXP)?

Quick Facts

  • Native coin: SXP, used for payments, voting, and staking
  • Consensus: Delegated Proof-of-Stake (DPoS)
  • Block Producers: 53 elected validators secure the network
  • Block time: Approximately 8 seconds per block
  • Foundation: Solar Blockchain Foundation, established in Lithuania in 2021
  • Mainnet launch: March 2022
  • Governance: Community DAO — no centralized leadership

Introduction

Solar (SXP) is an open-source, Layer 1 blockchain network built for fast, decentralized payments and community-driven governance. Its native coin, SXP, powers every aspect of the ecosystem — from voting on network decisions to paying transaction fees and accessing consumer products.

The project positions itself as an accessible, energy-efficient alternative to larger Layer 1 networks, with a strong emphasis on real-world utility and community ownership.

History & Background

Solar traces its roots to a project called Swipe, a crypto payment platform that was acquired by Binance. Following the acquisition, the Solar Blockchain Foundation was established in December 2021 by Nayiem Willems in Lithuania.

The Swipe token (SXP) was migrated to the new Solar mainnet on a 1:1 basis, retaining the SXP ticker. The Solar mainnet went live in March 2022, marking the project's full transition to an independent, community-governed blockchain.

How Solar Works

Solar is built on Solar Core, a fork of the ARK blockchain framework, enhanced with modern cryptographic standards including BIP340 Schnorr signatures — replacing ECDSA to eliminate signature malleability vulnerabilities.

The network uses Delegated Proof-of-Stake (DPoS), where SXP holders vote to elect 53 Block Producers (also called Delegates). Each delegate forges one block per round, with each block produced in roughly 8 seconds. Block rewards are distributed to delegates based on their rank, and delegates can share a portion of rewards back to their voters.

Voting does not lock up SXP — holders retain full control of their coins and can change their votes at any time.

Tokenomics

SXP serves as the utility coin across the entire Solar ecosystem. It is used to pay transaction fees, vote for Block Producers, create tokens via the Solar Side Ledger Protocol (SLP), and access ecosystem products and services.

Delegates earn SXP block rewards for validating transactions. The reward model is rank-based, incentivizing community participation and rewarding delegates who actively contribute to network development rather than purely selling rewards.

Circulating supply ? 673.39 million SXP
Total supply ? 673.39 million SXP
Max supply ? -- SXP
Fixed supply (updated manually)

Ecosystem & Use Cases

Solar has expanded beyond pure blockchain infrastructure into consumer-facing products:

  • Solar Wallet — available as desktop, mobile, and browser versions for managing SXP and participating in governance
  • Solar Card — a crypto debit card enabling everyday spending with SXP
  • tymt — a multi-chain gaming launcher where SXP serves as the primary currency
  • District 53 — a metaverse-based game integrated with the Solar ecosystem
  • BrighterVPN — a privacy-focused VPN solution developed under Solar Enterprises
  • Solarscan — the official Solar blockchain explorer for tracking transactions and network data

SXP is also integrated with third-party platforms such as Travala for travel bookings and Coinsbee for digital gift cards.

Team, Governance & Community

The Solar Blockchain Foundation is a non-profit organization overseeing the development and sustainability of the Solar blockchain. It focuses on decentralization, security, and transparency.

Solar Enterprises is the for-profit arm, responsible for building consumer-facing products. Governance is handled through a DAO structure where community proposals and votes shape the direction of the ecosystem. The 53 elected Block Producers play an active role in governance alongside regular SXP holders.

Advantages

  • Energy efficient: DPoS eliminates energy-intensive mining, making Solar environmentally sustainable
  • Fast transactions: 8-second block times enable quick, low-cost payments
  • No vote locking: SXP holders can vote and remain liquid without locking funds
  • Real-world utility: Integrations with travel, gaming, gift cards, and debit card products
  • Open-source: Developers can build dApps and custom tokens using Solar's SDK and SLP

Risks & Challenges

  • Competitive landscape: Solar competes with well-established Layer 1 networks that have larger developer ecosystems
  • Liquidity risk: Exchange delistings have historically impacted SXP's market accessibility and trading volumes
  • Adoption uncertainty: Real-world product integrations must gain significant user traction to drive sustained demand
  • Ecosystem concentration: With only 53 Block Producers, validator centralization remains a structural consideration

Long-Term Vision

Solar aims to grow into a fully community-governed blockchain powering real-world payments, decentralized applications, and digital experiences. Planned developments include the Solar Virtual Machine (SVM) — a smart contract layer that would allow developers to build full dApps on Solar — further expanding its capabilities beyond payments and token creation toward a broader Web3 platform.

Frequently Asked Questions

Solar (SXP) is a community-driven, open-source Layer 1 blockchain that uses Delegated Proof-of-Stake consensus. SXP is its native utility coin, used for payments, governance voting, and accessing ecosystem products.

SXP holders vote to elect 53 Block Producers who validate transactions and forge new blocks approximately every 8 seconds. Delegates earn block rewards and can share a portion back to their voters.

Swipe was a crypto payment platform that Binance acquired. After the acquisition, the project was restructured and rebranded as Solar, with the original Swipe SXP token migrated to the new Solar mainnet on a 1:1 basis.

No. Solar's voting mechanism does not require locking or escrowing SXP. Holders keep full control of their coins and can change or remove their vote at any time.

The Solar ecosystem includes the Solar Wallet, Solar Card (crypto debit card), tymt gaming launcher, District 53 metaverse game, BrighterVPN, and Solarscan blockchain explorer. SXP is also accepted on Travala and Coinsbee.

The Solar Blockchain Foundation, a non-profit established in Lithuania, oversees blockchain development and sustainability. Solar Enterprises, the for-profit arm, focuses on building consumer-facing products.

SLP is Solar's token creation framework that lets users issue fungible tokens and NFTs directly on the Solar blockchain, similar to ERC-20 tokens on Ethereum, using SXP to pay fees.

The SVM is a planned smart contract layer for the Solar network that would allow developers to build and deploy decentralized applications (dApps) directly on Solar, significantly expanding its capabilities.