• Fri. Jun 21st, 2024

How to Buy Solana – A Comprehensive Beginner’s Guide

Louise Villalobos

ByLouise Villalobos

Feb 3, 2024
How to Buy Solana - A Comprehensive Beginner's Guide

Solana, a top blockchain that facilitates the development of DApps (decentralized apps) and gives access to DeFi (Decentralized Finance), had a rough time at the end of 2022 due to its association with fallen crypto exchange FTX. Its native token’s SOL plummeted below $10 at the time. However, over the past few months, Solana has witnessed revived interest from investors, which has caused SOL to rally. So, should you purchase SOL now because it is rallying?

Well, the current rally should not be the only reason you get some SOL. There are other important aspects of the Solana ecosystem that you need to consider before buying its native token. In this guide, we will discuss those aspects and later show you how to buy SOL.

Exploring Solana

Solana is a layer-1 blockchain hosting several decentralized apps and digital currencies apart from SOL. Its founder, Anatoly Yakovenko, developed it with the aim of solving the scalability issues experienced by two of the leading blockchains, Bitcoin and Ethereum.

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Like any other decentralized blockchain, Solana adopts smart contracts, which automate on-chain activities, thus eliminating the need for centralized entities.

How Solana Works

Solana uses a proof-of-stake (PoS) inspired consensus algorithm known as proof-of-history. The mechanism enhances the security and efficiency of the Solana blockchain.

What Makes Solana Special?

Several reasons make Solana a standout blockchain. Some of them include:

  • Solana facilitates fast transactions at affordable costs.
  • The network hosts one of the booming NFT markets.
  • The SOL token is easily accessible since it is listed on various top exchanges.
  • Solana offers easy-to-use developer tools.

How Does Solana Compare to Other Blockchains?

Solana vs. Ethereum

These two are both layer-1 blockchains. However, they differ significantly in terms of transaction speed. While Ethereum can only handle about 30 transactions per second (TPS), Solana, on the other hand, processes over 7,000 TPS.

Solana vs. Polygon

Polygon is an Ethereum layer-2 network, while Solana is a leading layer-1 blockchain. The two have excellent transaction speeds. However, Solana has experienced fewer network outages than Polgon over the years.

Components of the Solana Ecosystem

The NFT Market

As mentioned earlier, the Solana NFT market is flourishing. One of the popular NFT collections on the blockchain is Degenerate Ape, while the leading NFT marketplace is Magic Eden. However, the trading platform has faced stiff competition from Tensor in recent months.

Solana’s DeFi Landscape

Solana boasts over $700 million in total value locked. The blockchain has several reputable DeFi protocols, including crypto staking app Marinade Finance and well-known decentralized exchange aggregator Jupiter.

Solana Wallets

Being one of the leading blockchains, Solana is supported by several Web3 wallets, including Solflare, Phantom, and Ultimate.

Where Can You Buy SOL?

Numerous crypto platforms list SOL. Some of them include:

Paybis: With this platform, you can use your credit card to buy SOL. The transactions are fast. It only takes a few seconds for the SOL tokens to reach your wallet.

Coinbase: If you are in the United States, we recommend buying SOL from Coinbase. The exchange’s user interface is easy to navigate, making the buying process seamless. The supported payment methods include bank transfers, PayPal, and debit cards.

Binance: The crypto exchange is highly liquid, meaning transactions are settled quickly and at expected prices. Binance lets you buy SOL using your debit card.

KuCoin: This crypto exchange offers low transaction fees. So, it is an excellent option for buying SOL if you are a budget-minded trader.

How to Buy SOL

In this guide, We will show you how to buy SOL on Coinbase. Follow these simple steps:

Step 1: Open the Coinbase app mobile and then use the search box to look for SOL

Step 2: Specify the amount of USD you wish to spend on SOL.

Step 3: Place a buy order by clicking the “Place Order” button.

Step 4: Enter your Debit card details and review the transaction.

Step 5: Click “Buy” to complete your SOL Purchase.

You can check your SOL balance in your Coinbase wallet. If you do not intend to trade the tokens any time soon, you can transfer them to a non-custodial wallet.

Louise Villalobos

Louise Villalobos

Louise Villalobos is an adept writer, renowned for her compelling articles that illuminate and engage. Her prowess in breaking down intricate subjects provides readers with clarity and nuance. With a vast and varied portfolio, Louise has solidified her standing as a distinguished voice in contemporary journalism.