Solana for Beginners

5,575
December 1, 2021

In this article, we’ll discuss the system of Solana. In June 2020 the price of the coin was 50-60 cents, in June 2021 in its peak the coin had a value of 258$ and today we can observe the trading price of the coin for 192$. If we exclude the matter of the price, we can see that the coin has a great variety of exchanges.

In CoinMarketCap, it’s shown that 66 pairs are traded to dollar on different centralized and decentralized exchanges. If we take the volume of all pairs, we’ll see hundreds of different pairs on decentralized and centralized platforms. What’s more, Solana is a separate ecosystem. You can work with NFT, farming, staking and get credits using this DeFi.

Choose a wallet for Solana

Go to the website www.solana.com and in the ecosystem tab scroll down the page to choose ‘Wallet’ at the very bottom of the column on the left.

You will see 30 wallets to choose. We recommend you to use the Phantom wallet. It’s a digital wallet reimagined for DeFi that allows you storing, sending and swaping tokens on the Solana blockchain.

Press ‘Learn more’ to get more information about the wallet and then add to Chrome. Press the Install button and create a new wallet. The wallet provides you with 12 words, which is your key for access. Make sure that you wrote down them all correctly in a secure place. Then think of a good password of eight characters and save. Then you need to add the Phantom wallet for Solana in the menu of fast access.

Deposit Solana

In the Phantom wallet press the button ‘Deposit’ and copy the address below the QR-code. Then you go to the preferred exchange. If you use Binance to make a transaction, insert the copied address from the wallet and write the sum, you want to send to the wallet. In the transaction detail you can see the time of charge to your wallet, it all goes smooth with choosing Binance as a payment method.

Swap Solana

To exchange the coin, go to the website www.solana.com. Open the Ecosystem tab, and choose ‘Exchange’ from the column on the left of the page. There are suggested a great variety of the platforms including the most popular exchanges. When you want to make an exchange from your own wallet, choose the tab DEX instead of ‘Exchange’.

That is a specialized application for exchanging from your inner wallet like Phantom. You can choose any of the applications provided on the page. Go to its site and connect to it. Another way is to open your wallet, press the button ‘Exchange’, write down Solana and choose the preferred stable coin.

In case you don’t see a coin in the list in your wallet, go to the website of CoinMarketCap. Press the coin you need in the search space and find contracts of the necessary coins. Press more and you’ll see a list of all supported contracts.

Find Solana in the list, make a copy and go back to your wallet. Press Deposit, then the plus sign, insert the copied address and name the coins. You swap the coins in the wallet within a couple of seconds.

Using the Raydium service

Pay attention to the Raydium service, choose it from the CoinMarketCap website or go to www.raydium.io. In the right top corner press ‘Lauch app’ and ‘Connect’. You’ll see a list of wallets you can connect to.

As we’ve used the Phantom wallet for our Solana coins, we choose it up from the list. The popped-up message asks for allowance to install Raydium swap. Press ‘Allow’. Here you can find liquidity pools and farms. Let’s try RAY-USDT.

You need to swap Solana to Ray. Then go to ‘Liquidity’, insert the necessary sum of coins and confirm. Then you can go to the ‘Farm’ tab to start farming the Raydium coin.     

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

solana is a very promising coin