The year 2021 brought fame to several previously obscure altcoins. Some of them in the future may become worthy competitors of Ethereum and the Solana project is leading in this list.
What is Solana
Among the tasks that the developers of the platform set themselves was to create a first-level technical solution for hosting decentralized applications.
Ethereum was the first in this area, and quite quickly the demand for decentralized solutions revealed bottlenecks in blockchain technology. The performance and scalability of the platform were insufficient. A way out of this situation was found – the problem was partially eliminated with the help of second-level solutions. However, the increasing complexity of the system entailed new difficulties for the developers of DApps.
Solana blockchain provides first-tier solutions for DP with high transaction processing speed and scalability to billions of users without compromising reliability and security.
The system is capable of processing up to 50,000 thousand transactions per second. It was possible to achieve such high rates thanks to new technologies. Verification of transactions on the blockchain is performed using the Proof of Stake algorithm. To speed up verification, this algorithm is supplemented with a Proof of History (also known as a decentralized clock). As a result of the interaction of the two algorithms, each record in the blockchain is timestamped.
SOL coin functions
The blockchain has its own SOL coin. The coin is used for settlements in the Solana ecosystem. SAL owners have the right to vote for protocol changes. The coin can be earned by staking. Solana does not pay cryptocurrency dividends.
SOL emission is limited to 489 million coins. In less than two years, the price of the coin has grown from $ 0.75 to almost $ 260. Now the period of correction has come and the coin is trading at a price of about $ 180.
How to exchange Solana for Ethereum
Solana is available for trading on many major exchanges, but the SOL / ETHER pair is not supported by all. You can swap SOL to ETH for Binance, CoinBase Pro and Okex.
If you are not already registered with any of these platforms, you will need to create an account. Before starting to create it, carefully study the conditions for working with the platform and make sure that they suit you. After registering an account, verification will be required by providing a scan of an identity document.
After successful completion of the formalities, select the pair you need and create an order to sell SOL for Ether.
It can be either an instant trade or an order at a given price. After the execution of the order, withdraw the coins to an external wallet, if we are talking about long-term investment.
Before deciding to invest in any cryptocurrency, study the market trends. In the world of cryptography, everything changes very quickly and quick profits are not guaranteed. In the long term, many coins can be profitable, but no expert can predict the timing. Suffice it to recall that Solana’s price this year has surpassed the most daring forecasts by about half.
Swap SOL with LetsExchange
If the conditions of traditional exchanges for some reason do not suit you, you can still exchange your coins at a favorable rate. For such cases, there is LetsExchange, the C2C instant exchange platform. You do not need to register an account, any Internet user can use the sharing widget. To convert the pair you need, do the following:
- In the upper field, select SOL for sale and indicate the amount of coins;
- In the lower field, select ETH to buy;
- Indicate the address of your Ethereum wallet;
- Deposit coins.
- Press the “Exchange” button.
Completing the transaction and withdrawing coins to your wallet