Launched in 2020, Solana is rapidly gaining popularity among traders, developers, and ordinary users. We invite you to take a deep dive into the Solana project and find out how to buy Solana most profitably.
What is Solana?
Solana is a blockchain platform for creating decentralized applications with high scalability. Solana allows developers to create various applications that require maximum speed of operations. The main advantages, in addition to speed, include low fees (which do not become burdensome even if there are billions of users on the network), as well as comfortable compatibility between any second-layer projects. Furthermore, Solana operates on an innovative hybrid PoH + PoS consensus algorithm. This approach guarantees high scalability and, therefore, network usability.
History of SOL
The development of the project began in 2017 by Anatoly Yakovenko. While working as a software engineer at Dropbox, he gained an impressive experience of interacting with compression algorithms. A little later, he was joined by his colleagues Eric Williams and Greg Fitzgerald. Together they have created a new method for solving problems with low network bandwidth, typical for Bitcoin and Ethereum. The platform launched mainnet in March 2020, but is still running as a beta version.
The project quickly gained recognition in the crypto sphere. Already in July 2020, the well-known FTX derivatives-exchange announced that they were going to launch a decentralized exchange Serum on the Solana blockchain.
In October 2020, Solana developers created a cross-chain bridge with Ethereum, which allows transferring assets between two blockchains. At that moment, the first stablecoin on the Solana USDC blockchain was released, and Waves also announced the integration of the Gravity protocol with the Solana blockchain.
In 2021, more and more DeFi projects began to appear on the Solan blockchain, which significantly affected its capitalization and the price of SOL. On September 9, 2021, an all-time high was recorded, which reached $216.
Solana and Ethereum: what is better for NFTs
As mentioned earlier, Solana blockchain is rapidly gaining popularity, including in the field of NFT. Such well-known projects as Aurory, SolPunks, Sollamas, SolanaMonkeyBusiness are already successfully functioning on the blockchain. But still, most NFT projects are launched on Ethereum. So will Solana be able to overtake Ethereum? To find out, we suggest you compare the main differences between Solana and Ethereum.
The main advantage of Solana is its incredibly fast transaction speed. While Ethereum has a speed of only 13 transactions per second, Solana boasts an incredible figure of 65,000 transactions per second. Transaction speed is one of the most important values in NFT. To make sure of this, let’s give a simple example. Imagine that you have 5,000 creatures in the collection and they fight one-on-one to identify the winner. That is, it will take 4,999 fights to determine it. In the Solana blockchain, this process will take only a few seconds, whereas in Ethereum it can take days or even weeks.
The second advantage of Solana is its cheapness. Today, many users complain that gas fees on the Ethereum network can reach incredible amounts. Solana stands out for its incredibly low fees. This fact makes Solana a more suitable platform for minting, buying, and selling NFTs.
So, Solana is not only faster, but also cheaper than Ethereum. Then why do many developers choose the latter for their NFT projects?
Well, first of all, it’s the popularity of Ethereum. Ethereum is one of the pioneers of the crypto market and has earned a reputation as one of the most reliable and secure blockchains. On the other hand, Solana was launched only in 2020, and that’s why it doesn’t have such a high trust rating. In addition, thanks to its longevity, Ethereum has a much stronger community. Criteria such as community and popularity play into the hands of Ethereum and they cannot be overestimated. Currently, Ethereum marketplace OpenSea is by far the most popular NFT marketplace.
To determine exactly which blockchain to choose for your NFT project. Just answer a number of questions:
- Is fast transaction speed extremely important to you? If yes, then Solana is more suitable for you.
- Will your NFTs handle incredibly sensible information? If yes, then Ethereum is better for you.
- How familiar is your audience with an NFT space? Have they purchased NFTs before? Have they bought Solana NFTs? If your audience is not just beginners, they are more likely to choose the Solana NFTs since they are familiar with fees and transaction speed. But if your audience is new to the NFT field, they will be more attracted to NFT, which is more familiar to them, that is, on the Ethereum blockchain.
Why buy Solana?
Solana is currently among the top 10 cryptocurrencies by market capitalization. Due to its speed and cost-effectiveness, Solana is one of the main competitors of Ethereum. In addition, such a popular sector as NFT is rapidly developing on the Solana blockchain. Among other things, Solana has strong support from many well-known projects, including the well-known FTX crypto exchange.
Best exchanges for Solana
Binance
The most popular cryptocurrency exchange, which stands out for its low trading fees, wide selection of cryptocurrencies, fiat support, and various useful services (passive earnings, education, etc.).
CoinGate
CoinGate is one of the most multifunctional platforms. Users can trade, instantly buy/sell cryptocurrencies, and merchants can use the service to start accepting crypto for payment.
CEX.io
CEX.io is one of the safest and most user-friendly trading platforms. The exchange has licenses in various jurisdictions. CEX.io provides various payment methods for fiat-to-crypto purchases.
Liquid
Liquid is a fairly well-known exchange on the market. The platform allows you to trade crypto assets, make instant purchases and sales, receive passive income, and much more. It supports about 6 fiat currencies and 80 cryptocurrencies.
Coinbase
Coinbase is one of the leading crypto exchanges. The platform is famous for its impenetrable security, convenience, and efficiency. All the assets of users which are held in the online storage are fully insured.
Where can I buy Solana?
Solana is one of the most popular cryptocurrencies on the market, so you can easily purchase it on most trading platforms. However, different platforms provide different exchange rates for the purchase of Solana and also support different fiat currencies. To buy Solana as profitably as possible, we recommend using our Fiatom service. Fiatom compares the exchange rates of the major fiat providers and offers the user the best offer to buy.
How to buy Solana?
In order to find the best offer for the purchase of Solana, use an aggregator such as Fiatom. Just a few steps and SOL is on your wallet:
- Select the fiat currency and enter the amount.
- Select SOL.
- Choose the best offer from one of our partners.
- Proceed with the payment on the website of the selected provider.
- Get SOL to your wallet.