Exploring Solana
Solana is getting a lot of hype at the moment and there is speculation that it could be an ETH killer. With the fees on ETH, it shouldn't be too hard to put to bed hopefully.
Why people like ETH is the possibilities of Defi and building things there with smart contracts that you cannot find easily on other chains. However, it was thought that ADA or SOL might step up and it seems that SOL is the one that is delivering with all the hype. Therefore, I thought I would take a closer look.
The first thing I needed to do was setup a Solana wallet which was easy enough and there were a few choices to go for. I decided to try out Solflare which was quick and easy to setup.
Here you could save your keyphrases and password and the wallet was ready to receive some funds. To do that, first I checked out Jupiter Swap which has an airdrop coming up for users of the service.
Here there was quite a few possible tokens to swap that you could use. In the end though, I decided to send some via an exchange, although I do prefer a defi solution.
It was easy enough to connect to Jupiter Swap with my Solflare wallet and it would have made a nice transfer for me if I tried. I will look to test this out in the future. Sadly, Hive is not in the list.
The withdrawal cost from Binance was 0,008 SOL which is currently $0,80. I am interested to test out sending transactions to others and how much they cost in comparison to say ETH.
I deposited some test funds and they were there pretty quickly. I then tried to log on to Orca, which is a Dex with some Liquidity Pools there too.
Here you have a few more options available than we have with Tribaldex, and quite a few pairs to choose from. The rates on the SOL/ Stable coins looked quite good, especially if you think that SOL should appreciate.
I always like to see a DogWifHat and this seemed to offer the highest yield, but it probably the most risky! I am generally impressed with the Defi options available on Solana and how quick it was to login and set everything up with your wallet.
I was then checking out Magic Eden, which is one of the bigger NFT marketplaces and seeing what was on offer for Solana holders. They have a big collection available there and it was easy enough to look and buy something you like.
Interestingly, there were also art and gaming NFTs for some of the top games available on Solana. So far I didn't buy any NFTs on Solana, but I am interested to check out what games are available and maybe buy some. The user experience seems far better than holding NFTs on Ethereum so far.
Have you found anything good on Solana?
Thanks for reading.
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Title image created with image from source
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$100 a pop, it's no longer a cheap token. Legends of Elumia runs on it, a game I have my eye on.
Yes, it feels expensive and has some inflation too. I think it could take defi and games from ETH though.
I didn't hear of that game. Will check it out now.
One of the things I've wanted to do for a long time is to explore games on other blockchains but haven't had the time to do so.
I will gladly follow your adventure on Solana and if you discover any interesting games update us in your posts and I will read them with much pleasure and curiosity
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Thanks, I will keep you updated. There are a couple that look interesting.
I never expected it to recover the way it has after that huge dip. I wish I had bought some. I've got most of my eggs in the MATIC bag these days.
Yeah I crazily sold my bag too cheap. Matic hasn't been doing too well lately. I'm not sure why.
I'm not sure either. It was on a run for a while there.
I don't see Solana or Cardano being an ETH killer. As much as I like Charles Hoskinson, I've not seen him deliver on his promises. Solana on the other end might have a ton of benefits but the network is still unstable and time will tell how things will evolve. I agree with you, the fees on the Ethereum network are terrible but lets not forget one of the biggest benefits of the crypto bluechip ETH: it's time-tested.
You could be right, but the user experience seems better on Solana and you can do everything on SOL that you can do on ETH.
I haven't explored much of the blockchain yet. But I think the ease of use is a big bonus and there seems to be many dapps to explore.
I am impressed by the ease of use and many Dapps available.
I don't have any experience outside Hive, except in Iconomi crypto strategies where I hold the majority of my crypto coins.
In fact, the only crypto coin I still have (apart from BTC and Eth) is the ATOM from Cosmos. I hope you'll take a look at that one day when you have time. 😎
I might take a look at some point. Outside of BTC and ETH it's very risky anyhow. I didn't hear of Iconomi before. Maybe i tske anlook too.
Iconomi is interesting, you can create your so-called crypto strategies, which are a kind of crypto funds created of various coins, and work very smoothly. I have been a user since the start of 2017 and they have never disappointed me.
Sounds very interesting. I am taking a look.
You put that image of dogs with hats and the token pumped! WTF!?!
Didn't know that you are the main Solana influencer out there? 😂
I have the power!
Solana ecosystem is really rising like no one expected!
Tho, I use phantom wallet for Solana and it's Awesome.
Can't believe $BONK and $WIF two most hyped memecoins and both are from Solana..
Man Incase you're interested in airdrops, DeFi/trading stuff.. I'd recommend to join: https://discord.com/invite/Ep592A8y
We're couple of Hivers farming together and sharing alphas with each other.
There is loads going on there, very nice if you caught the WIF or BONK pumps!
Thanks for the link, I will check it out.
You took a deeper dive than I did on Solana.
But in truth, I bought some on Uphold, then found out Solana is one of the crypto coins that they don't allow you to transfer off their system. So I instantly sold it back and gave up on my Solana adventure. Hmm... I should give it a better try here.
Anyway, good info!
The way Solana recovered means it can actually become a killer. Wish to see your adventure
It is looking pretty good right now.
Hmmm, looks like many are checking out Solana these days. So far I resisted the urge. If anything, I'll go back a little more heavily in ecosystems where I had investments before and which are still around. We'll see...
I think the old things are becoming less relevant and replaced by new things like on Solana. Meme coins, NFTs, Stables, Defi etc.
Solana was pretty big the other cycle too. It took over BSC for a while then too. In a way, it's a matter of choice. Maybe I will try it out. But rather than having a little bit in many places, maybe I should consolidate, something I did well the last time too.
That sounds like a good strategy. It certainly helps to stay focused I think.
IF you decided to jump onto Solana, have a look at raydium.io which is the main used swap app and the token performed really well on the past 2 months and will continue to do so.
Thanks, it looks pretty interesting!😀👍
Hehe I have noticed that with you!
Ah glad you got Solflare I think it is the best from what I have seen.
I wanted to get some someshit coins on Sol, I got three or four but have really been back on Cosmos/IBC getting my bases covered for the upcoming airdrops.
Eth fluff me the transactions fees are just crap, really it is a farce.
There are so many bases to cover Ed, I hope we manage to strike it lucky!