Solana is one of the brightest projects on the market, in which the majority of the cryptocurrency community sees great potential. Taking a place in the top 10 projects by market capitalization, today Solana leaves behind such strong competitors as Cardano, Avalanche, Polkadot. Many promising projects choose the Solana network to build decentralized applications of any kind on it, which, among other things, is due to the high network bandwidth, cheap fees and widespread acceptance among the community members.
Launched in 2017, Solana aims to scale throughput beyond what is typically achieved with popular blockchains while keeping costs low. The platform implements an innovative hybrid consensus model that combines a unique proof-of-history (PoH) algorithm, a computational sequence that provides a digital record that confirms that an event has occurred on the network at any point in time, with a synchronization mechanism that is a version of proof-of -stake(PoS).
Because of this, the Solana network can potentially handle over 710,000 transactions per second (TPS) without any scaling solutions. Solana's third-generation blockchain architecture is designed to facilitate the creation of smart contracts and dApps. The project supports many DeFi platforms and NFT marketplaces.
SOL is Solana's native utility token. SOL holders can stake an asset to validate transactions using the PoS consensus mechanism. In addition, the token is used to receive rewards and pay fees for transactions on the network, and also allows you to participate in governance. SOL is traded on all major cryptocurrency exchanges, including Binance, Coinbase, KuCoin, Huobi, FTX, and so on. In order to interact with any applications on the Solana blockchain, you will need to have an appropriate wallet that supports the network.
Among the most popular wallets are Phantom, Solflare, Sollet, Math Wallet. Of course, there are many more wallets, but the ones mentioned above are definitely one of the most popular and are supported by most known platforms. For me personally, one Phantom is enough for all operations.
Pay attention as is the case with any cryptocurrency wallets, you need to pay a commission to conduct transactions on the network. In the case of Solana wallets, fees are paid in SOL tokens.
Phantom is a wallet with the functions of storing cryptocurrencies and NFTs, exchanging assets and making transfers. The wallet is available as a browser extension and has a mobile version for iOS, with an Anrdoid version coming in the foreseeable future.
To install the wallet, it is enough to come up with a password, save the seed phrase that is required to restore access to the wallet, after which it will be ready for use.
The Phantom wallet has the basic features needed to interact with any DeFi application. To add new assets to the wallet, just click "Manage the list of tokens", enter the address of the asset in the search box, or select it from the list.
The second tab displays the NFTs you have. In the third tab, you can exchange assets inside the wallet. In the fourth tab, you can find the history of transactions. In the fifth tab you will find the wallet settings.
Solflare is Solana's non-custodial wallet that allows you to store, stake, exchange and transfer cryptocurrency assets. The wallet has desktop and mobile versions, and is also available as a browser extension.
Installing the wallet is followed by the usual process. It is enough to save the seed phrase, come up with and remember a password, after which the wallet will be at your complete disposal. Solflare has a user-friendly interface and wide functionality. As you can see, in addition to the buttons for sending, receiving funds, reflecting the balance and transaction history of "Activity", there are such functions and tabs as "Staking", "Swap", "Collectibles".
Liquid staking allows you to get mSOL (Mariande Staked SOL) tokens instead of staked SOL, which can also be used to access DeFi products, while the original SOL continues to be staked. MSOL is traded on major exchanges such as FTX and Gate.io. In the "Swap" tab, you can, if necessary, exchange existing assets. The Collectibles tab displays the available NFTs.
Sollet is a pretty simple wallet that comes as a browser extension. You can even see a notice on the project page that recommends using Phantom or Solflare wallets for a better experience and access to user support.
The order of manipulations for installing a wallet is more than standard. After you download the extension, a seed phrase will be displayed that you need to save so that in the future, if you change the device or reinstall the wallet, you can restore access to your funds. To restore an existing wallet after installing the extension, click "Restore existing wallet"
Math Wallet differs from all the above mentioned wallets by being a multi-chain wallet. This means that it supports not only the Solana network, but also other networks, such as Ethereum, BSC, and more. The wallet is available as a mobile app for iOS and Android, as a browser extension, and as a Web Wallet.
The process of installing a browser extension does not have fundamental differences from those already considered, however, there are still small differences.
After installing the extension, the first step is to come up with a password, then to create a wallet in any network, click the “Switch Network” button and select Solana Mainnet Beta from the list of networks. Next, you need to click on the plus sign in the line with the network and select "Create Wallet", then save the seed phrase, then the wallet will appear in the corresponding list.
To carry out certain operations inside the wallet, in particular, sending funds and swaps, you will need to use either the Web wallet - https://mathwallet.org/web/Solana, or the mobile version of the wallet.
The project has its own dApp Store, where you can find many different applications deployed on different networks - https://mathdapp.store/, its own CeFi and DeFi staking aggregator MathVault with an automatic reinvestment function and a referral program and Substrate's own modular blockchain called MathChain.