The cryptocurrency market is full of surprises. Its reality often has nothing to do with any predictions. The year 2021 once again very clearly demonstrated this with the example of several altcoins. In the TOP-10 of the largest cryptocurrencies, in particular, the SOL token turned out to be.
What is Solana?
The Achilles heel of the first blockchains was scalability and throughput. This is especially true for the Ethereum platform, the first blockchain to implement the ability to create and host smart contracts and decentralized applications.
In the early stages of the formation of the cryptography market, the platform’s capabilities looked just fantastic, but after a few years it became obvious: the problem needs to be urgently addressed.
The search for solutions was embodied in numerous second-level networks. There are several such networks with excellent scalability, but as a result, instead of one problem, several arise at once: the application development process becomes more complicated, the system vulnerability increases, and the cost of depositing funds into the system increases, since the second-tier networks do not have direct access to fiat channels.
Solana is a blockchain protocol that successfully combines high scalability with all the benefits of Layer 1 networks. Achieve high platform performance through the implementation of several innovations.
The SOL coin is used to provide the platform functionality. The coin can be earned using the programs of the Solana system or by confirming transactions. Thanks to the PoS algorithm, users can earn by staking.
Token holders can take part in the management of the platform through voting.
SOL coin refers to deflationary assets. Its emission is limited to 489 million coins.
The platform’s achievements so far look rather modest. About 200 applications are hosted on the blockchain. This is still too little to more or less objectively assess the prospects.
However, serious investors believe in the project, in particular Andreessen Horowitz. The development team very carefully selects partners and competently conducts a PR campaign.
In combination with the technical capabilities of the platform, this gives reason to expect further strengthening of Solana’s position in the world of cryptography.
How to trade Solana
The coin is supported on many major exchanges, in particular Binance Gate.io, Kraken, FTS and others. The first step to a swap SOL to AVAX on a traditional cryptocurrency exchange is to register an account on your chosen platform.
Next, you need to go through the KYS procedure and after confirming your account, you can create an order to sell Solana. After the order is executed, you can either continue trading or withdraw coins to an external wallet.
Traditional sites provide maximum opportunities for systemic trading, but not all users are satisfied with the need to disclose their personal data. In addition, you need to take into account that the exchange charges a commission on each transaction.
An excellent alternative to traditional platforms is LetsExchange, an instant cryptocurrency exchange platform. You don’t have to create an account, SOL to ETH exchange is available for every user on the network. You simply fill in the exchange widget fields one by one:
- In the upper field of the exchange widget, select SOL for sale and indicate the amount of the transaction;
- In the lower field, select the ETH for purchase;
- Indicate the address of your crypto wallet;
- Deposit coins.
- Press the “Exchange” button.
The Smart Rate system will choose the most profitable deal available for you and after confirmation of the request, the transaction will be automatically completed. Your coins will go straight to your wallet without any additional steps.
If you are planning several exchange operations in different directions, this can be done immediately, following the same algorithm. There are no restrictions on the amount and number of transactions on the platform. The platform works without additional fees.