Many Blockchain projects have been branded with the dubious accolade of being the next ‘Ethereum killer’. Yet few possess the credentials to live up to this lofty title. Not so, Solana. Renowned for its fast transactions speeds and scalability, Solana is one of a small handful of blockchain businesses that could genuinely spark mainstream adoption.
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Dubbed the Visa of the digital asset ecosystem, Solana’s ability to host thousands of decentralised applications (dApps) and handle transactions on a grand scale makes it one of the most compelling contenders in the Web 3 space.
In addition, the Solana network is home to one of the largest non-fungible token (NFT) markets outside of Ethereum. There’s a lot happening at Solana, and this article will tell you more about this exciting project and the best ways to buy Solana.
3 steps to buy Solana
Step 1: Sign up to a broker or exchange
Choose from one of our recommended cryptocurrency exchanges or broker platforms and register an account with them. Registering should only take a few minutes. All you’ll need is your contact information plus some personal identification to get through the KYC (know your customer) process. This is similar to opening a bank account and is necessary because of regulations.
You can deposit funds using your debit or credit card. Equally, you can add funds using a bank transfer. While this is easy enough, it’s worth remembering that bank transfers can take a few business days to clear, so be prepared for this. Once your funds are in your account you’re ready to use them to buy or trade your favourite cryptos.
Step 3: Buy Solana
Now that your funds are available, head over to your trading platform’s exchange page and search for Solana. When the ticker symbol for Solana, SOL, appears, click on it and buy Solana as much as you need. The token should arrive in your trading portfolio within seconds.
Where to buy Solana
You can purchase Solana from many different crypto exchanges or brokers. See the table below for a selection of recommended trading platforms where you can buy SOL.
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Why buy Solana?
Due to its wide-reaching utility and real-life applications via dApps, in 2021 Solana rocketed into the top ten cryptos by market capitalisation.
Cheaper and faster than Ethereum, many developers have already migrated their dApps to Solana. Beyond this, its NFT platform has enjoyed exponential growth with marketplaces such as Solsea, Solanart and Magic Eden bringing more investors and artists into Solana’s ecosystem.
Thanks to Solana’s low fees, things like trading, minting NFTs and transferring assets has become easier. By reducing the barrier to entry many would-be crypto enthusiasts encounter when dealing with Ethereum’s notoriously high gas fees, Solana has made crypto more accessible.
Of course, there have been growing pains. Solana has endured its fair share of hacks, outages and periods of downtime. This has made some investors question the future sustainability of the project. But these things are common in the early days of any blockchain and, despite these blips, Solana remains a solid crypto choice and a project that has seen massive adoption and looks set to last
Where to store Solana
You can keep your Solana on the trading platform that you bought it from, or you can send it to a personal non-custodial wallet for more control over your asset. Hardware wallets such as Ledger and Trezor are also recommended for keeping your crypto safe and secure. Storing your crypto off-chain in this way protects you against counterparty risk—aka, your exchange collapsing. Check out some of the most popular wallets around in the table below.
Magic Eden, Solanart, Solsea, Metaplex and DigitalEyes are some of the top marketplaces on the Solana network where you can research and buy your favourite NFTs.
Phantom, Solflare, and Sollet are recommended non-custodial browser wallets for Solana. You can find more detailed information about them, and where to download them, on the Solana documentation website.
Almost all popular crypto exchanges offer Solana staking services. You can also stake Solana by using a browser wallet and connecting to a node through the wallet’s user interface.
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