Welcome back to yet another informative article on cryptocurrency investments. This article shall primarily deal with Solana Token. Read further to get complete information on the subject matter of Solana in detail.
Table of Contents
- Solana is a fourth-generation blockchain and open-source network that helps developers and institutions in building decentralized apps.
- Solana networ’s native token SOL is used for various purposes such as micropayment and staking.
- SOL tokens can be purchased on various cryptocurrency exchange platforms such as Coinbase, Huobi Global, WazirX, Bitfinex, Gate.io, etc.
- Decentralized exchange platforms such as Simpleswap also support SOL, and it is also available on swap platforms SwapSpace and SwapZone.
- However, Solana (SOL) is subject to some advantages and disadvantages, and one should decide about purchasing it only after conducting proper research about it.
What is Solana?
Solana is a fourth-generation blockchain, open-source, and web-scale network that extends support to developers and institutions in building decentralized apps. Anatoly Yakovenko established the Solana white paper in 2017.
One can quickly build applications for mass adoption, owing to Solana’s flexibility, security, and speed to its users. Therefore, it makes use of a combination of proof-of-history and proof-of-stake consensus mechanisms. It is the fastest blockchain network globally as it supports 50,000 transactions per second (TPS). The Solana platform uses eight different and innovative technologies to achieve its goal.
What is SOL?
Solana, one of the smart contract platforms, uses SOL as a gas token to pay for all smart contracts and on-chain transactions. In addition, it can be used by investors and holders to make micropayments and for staking SOL token has a maximum supply of around 489 million of SOL.
Where to buy Solana (SOL)?
The token has been available on almost every major cryptocurrency exchange platform following its massive surge. Some of them being:
To understand the difference between the top crypto exchange platforms and learn more about their features, read our blog Best cryptocurrency exchanges.
However, if you are looking for a decentralized way of buying Solana tokens, you can head to the decentralized exchange platform, SimpleSwap. Furthermore, you can also acquire SOL on swap platforms like SwapSpace and Swapzone.
How to buy Solana Token on Coinbase?
Coinbase is one of the biggest and most trusted cryptocurrency exchange platforms worldwide. Furthermore, it facilitates fiat deposits for significant cryptocurrencies and that too at competitive fees. To know more, read our blog on Coinbase review.
Follow the steps below to buy SOL on Coinbase:-
- Firstly, create an account on Coinbase using your email id and complete the two-factor authentication using your phone number.
- Secondly, complete the verification process followed by the KYC process.
- The third step includes adding a payment method, credit/debit card, or bank transfer.
- Now head towards the trade section.
- Search Solana (SOL) and select the coin and start to trade.
How to buy Solana (SOL) on a DeX?
Decentralized exchange platforms like SimpleSwap offer easy and quick purchase of Sol Token.
Follow the steps below and add SOL to your Wallet.
- In the first dropbox, select the cryptocurrency you want to exchange, here BTC.
- Enter the amount you want to swap in the BTC bar.
- In the second drop-down list, select Solana (SOL).
- Now, enter the address of the recipient and select the ‘Exchange’ option.
- Transfer the required amount of BTC to the bitcoin deposit address to start the exchange.
How to buy Solana (SOL) in India on CoinDCX?
CoinDCX is one of the biggest and most transparent cryptocurrency exchange platforms in India. Read our CoinDCX review to develop a deeper understanding of the same.
Simply follow the steps below:-
First, directly buy Solana with INR by UPI payment using DCXinsta
- Log in or Sign up in your CoinDCX account and go on DCXinsta.
- Input the amount of SOL you want to buy. Then, the estimated cost in INR will be shown.
- Select the ‘Buy Solana’ option and confirm the transaction.
Second, trade Solana on CoinDCX.com.
- Visit CoinDCX and log in to your account.
- Go to the ‘Market’ section. Input SOL in the search bar and select the ‘SOL/ INR’ pair.
- Click on the ‘order book’ option.
- In the first bar, select ‘Limit’ from the drop-down list, and set your price.
- In the INR bar, enter the amount of INR you would like to trade for SOL.
- Click on the ‘BUY SOL’ option at the bottom and confirm the transaction.
How to earn free Solana tokens?
You can now earn SOL coins for free by lending them on various crypto lending platforms. Leading crypto lending platforms offer competitive interest rates on major cryptocurrencies. For example, to earn free Solana tokens, you can lend them on Oxygen. Oxygen is a DeFi brokerage service built on the Solana network. Thus, you can easily lend SOL on Oxygen and earn free Solana coins. Follow the steps below to get started.
- Firstly, download the Oxygen wallet from the app store.
- Secondly, generate a Solana Wallet and fund it with SOL coins.
- Thirdly, head to the Oxygen platform and connect your Wallet.
- After creating a new pool, select ‘SOL’ from the list of assets available for a deposit.
- Now, enter the amount of SOL you wish to deposit and confirm the transaction to earn free SOL coins as interest.
Solana has also recently launched Solend, a Built-in decentralized platform to lend, borrow and earn SOL and other cryptocurrencies.
Is Solana a good investment?
Things to remember while investing in SOL:
Solana is often called Ethereum-killer, which has raised the bar for the platform and its token, SOL. However, it is still unclear whether it can compete with Ethereum as it has most of the infrastructure, including DeX, automated lending protocols, and nonfungible tokens, on its blockchain. If Ethereum migrates to proof-of-stake before it can build its infrastructure, it may result in a sharp fall of SOL in the market. Having said that, it is a big hit in the crypto industry currently, owing to its scalability and trilemma blockchain solution.
Buy Solana: Conclusion
Solana which is relatively new has exhibited excellent potential. Moreover, almost all the major cryptocurrency exchange platforms have SOL listed for trading and purchasing. Consequently, you can easily buy SOL from cryptocurrency exchange platforms, decentralized exchange platforms, and swap platforms. However, one should be mindful of the risks involved and decide on investment after conducting proper research.
Frequently Asked Questions
How to buy Solana coin with USD?
You can conveniently buy Solana directly with fiat currencies like USD on Binance. Login to your Binance account and go to the buy crypto option. Select Credit/debit card in the drop-down list. Now fill in the amount of USD you want to spend to buy SOL. In the second drop-down list, select SOL and click on Buy now button.
How to store Solana coin?
What is Solana coin Price Prediction 2021?
It is impossible to predict the price of any cryptocurrency. However, to stay updated with the latest Solana Token news, refer to the Solana Coinmarketcap. They have Solana price charts, SOL price, and other information like where to buy SOL coins, Solana Wallet, etc.