Note: Being a client side browser wallet the wallet keys are stored in your local storage which can be encrypted using a password. Sollet.io is a non-custodial browser-based web wallet created by the Project Serum (DEX) team.
#How to use blockchain wallet how to#
Here let’s see how to quickly setup and use Sollet.io – A simple beginner friendly wallet to hold Solana and SPL tokens Sollet – Solana SPL token wallet There are two browser based wallets namely Sollet and SolFlare which are similar to MetaMask wallet.īoth Sollet and SolFlare are non-custodial web wallets that allows users to send receive SOL and any SPL tokens by connecting to the Solana blockchain. If you are looking for wallet that you can quickly setup and use it to interact with the Solana ecosystem then we recommend browser-based web wallet.
#How to use blockchain wallet install#
To use CLI wallet you need to install Solana CLI tools and you can read more about it here: If you are an advanced user or developer then command line wallet will be more appropriate. These wallet provide a great user experience for newbies. Even Ledger hardware wallet has support for SOL which offers a great blend of security and convenience.Ĭhoose a wallet that best suits your needs.įor example if your purpose is to just send, receive, store and exchange SOL tokens with ease then you can use third party mobile wallets such as Exodus or Trust wallet. There are advanced command line tools (CLI wallet), you have third-party mobile wallets as well as web browser based wallets. Solana (SOL) supports several different types of wallets. You can read more about Solana and SOL on their official website:ĭocs: Solana Wallet (SOL) – SPL Token wallet Users who stake SOL will receive SOL tokens as a reward for powering and supporting the Solana network. Other than this SOL is also used for staking. This is the transaction fees used on Solana ecosystem and is similar to GAS being used as fees on Ethereum. To use DeFi services (smart contract executions) on Solana and to transaction SPL tokens you’ll need SOL. SOL tokens are passed to nodes in a Solana cluster in exchange for validating output and running an on-chain program. SOL is a native token of the Solana blockchain. Due to low fees and faster transaction times Solana has attracted a large number of DeFi users in the recent times. It is designed to keep fees low even when its applications are used by billions of users. Solana can handle up to 710000 transactions per second. With this hybrid consensus model it not only operates faster but more cost effectively than many well established blockchains. It improves scalability by introducing Proof of History (PoH) combined with the Proof of Stake (PoS) consensus mechanism. Its high performance, highly functional blockchain allows builders around the world to create financial crypto apps (DApps) that scale today.īeing a smart contracts platform it aims to solve many of the scaling issues that are faced by the layer-1 blockchains like for example Ethereum. Solana project mainly focuses on making decentralized finance (DeFi) accessible on a larger scale. This project was launched in March 2020 by the Solana foundation. Solana is a permission-less, open source blockchain that is designed to provide DeFi (Decentralized Finance) solutions. This is what we’ll be covering in this beginners guide.īefore we see how to setup SPL token wallet and use the Solana blockchain here is a quick introduction to Solana. To access those platforms and to use SPL tokens (A token standard on Solana) you need a SPL token wallet. Similarly there are many DEX and DeFi platforms popping up on the Solana blockchain as well. Know how to connect MetaMask wallet to BSC. Other than these there are many BEP20 tokens on the rise and to use them you need to connect your wallet to the Binance smart chain. Pancake Swap (CAKE) (DEX) and Venus (lending platform) on BSC are some good examples. They are designed to give users an option to use DeFi with lower fees and transact instantly.Įthereum gas fees is one main reason why DeFi users moved from Ethereum to other blockchains. These platforms help educate more people about DeFi as users don’t have to spend a fortune on fees to learn. Thankfully platforms like Binance smart chain (BSC) and Solana (SOL) are providing cheap on chain transactions.
Solana (SOL)?ĮTH-based DeFi platforms such as Uniswap ( UNI) (a decentralized exchange DEX) and Sushi Swap (SUSHI) has become expensive for beginners and small budget users. This wallet allows you to send, receive SOL and interact with SPL tokens (SOL based tokens) on the Solana blockchain. The following guide explains how to setup and use Solana wallet (sollet.io) designed specifically for Solana ecosystem.
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