WHAT IS THE SOLANA BLOCKCHAIN?
"The DeFi & NFT pro"
We will see on this page how to use the Solana blockchain and its DeFi part.
It is important to understand the difference between investing on a centralized exchange platform (CEX), and direct investing on a blockchain.
Presentation of the Sol token
1) The Wallet
2) The Deposit
Presentation of the Solana network
Solana is a very promising new blockchain. This highly functional open source project leverages the permissionless nature of blockchain technology to deliver decentralized finance (DeFi) solutions. While the idea and initial work on the project started in 2017, Solana was officially launched in March 2020 by the Solana Foundation, headquartered in Geneva, Switzerland.
The Solana protocol is designed to facilitate the creation of decentralized applications (DApp). It aims to improve scalability by introducing a “proof-of-history” (PoH) type consensus combined with the underlying “proof-of-stake” (PoS) type consensus of the blockchain.
The fees are very advantageous and the rate of simultaneous transactions is much higher with respectively 60,000 transactions per second,
while Ethereum processes 17,000 per second.
1) The Wallet
How to access Solana's services?
Using a 3.0 wallet with Solana
Before you can use the Solana blockchain, you will need to have a web 3.0 wallet. You can use a wallet like Phantom, Sollet, Solflare. Phantom is very practical and the app just celebrated its first million users.
Phantom allows you to store tokens on blockchains.
Install Phantom on your Browser
Connect your Solana wallet to Phantom
If handling seems complicated to you, you can invest
on Solana more easily from FTX or Binance.
2) The Deposit
How to deposit funds on Solana?
Deposit from a Centralized Exchange (CEX)
On centralized exchanges like FTX, the button to move funds to another network address is often indicated by "Withdraw" or Withdraw ".
Once this button is found, click and double-check the information for the future withdrawal. If the information is correct, validate the transaction and in a few minutes the funds will be in your 3.0 wallet.
⚠️Be careful, however, any address error could result in the loss of funds.
⚠️Some exchanges charge high fees when withdrawing and exiting assets from your account to an external wallet.
✅ FTX allows a free withdrawal to the Solana blockchain.
The operations performed below are on the Blockchain. You will need to have
governance token, to use it as Gas and carry out transactions.
Bridging funds from another blockchain to Solana
What is a Bridge Crosschain?
The Bridge allows funds to be transferred from one Blockchain to another. For example if you have USDC on Binance Smart Smart , you can send your funds in USDC to the Solana blockchain. This operation will generally waste you a few tens of seconds.
The principle is based on liquidity pools that guarantee the currency on each side of the network.
I selected 3 three fully crosschain bridges to send funds to Solana.
First, connect your wallet to the protocol of your choice. Choose the source blockchain of the funds and the destination blockchain. Check the currency and fees, then bridge your funds.
3) The DEX
Solana's biggest decentralized exchanges
Swap from a Decentralized Exchange (DEX)
Sooner or later you will have to use a cryptocurrency swap service, it will be the best alternative to exchange your funds with another currency, almost no transaction fees. The biggest swap service on Solana is Raydium, followed by Orca. Initially, it is an AMM, a protocol allowing users to deposit crypto into liquidity pools and be paid for it.
Use the explorer to verify transactions
The Solana Scan Explorer is solanascan.io
Like any blockchain, all transactions are visible on the explorer. Go to the site with your transaction ID to check its status, you can also check your funds or the number of holders on a contract. Enter what you are looking for in the solanascan.io search bar to get results.