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Solana's runtime, Sealevel, executes non-conflicting transactions in parallel. Two txs that touch disjoint accounts run on different cores; two txs that touch the same account serialize. This is why Solana programs must declare account access in advance — Sealevel uses that declaration to compute the schedule. Protocol design on Solana is partly a parallelism game: protocols that fan out across many accounts can scale far beyond what serial execution allows.
Example: 1000 users swapping on 1000 different Orca pools execute in parallel. 1000 users swapping on the same Phoenix order book all serialize on the order book's accounts.