Solana is a popular platform with all the chances to rival the Ethereum network. Solana was created as a blockchain that will host decentralized applications providing the highest throughput and low transaction fees.
Since the Ethereum blockchain was overloaded with dApps, charged high commissions and could not enable fast transactions, Solana received hundreds of products developed and deployed on top of it.
SOL is an internal cryptocurrency of the Solana network used for transaction fees within the network and staking. SOL is among the top cryptocurrencies in the rankings. During the bearish market trend in spring 2022, the SOL price dropped. In mid-September 2022, the Solana price is $31,80, the daily trade volume is $935,891,985, and the market cap is $11,2 billion.
Benefits of Proof-of-Stake Protocol
Solana is based on the Proof-of-Stake consensus mechanism, which means SOL coins can be staked. Staking is a type of passive income in the crypto scope when you put your coins in an exchange wallet and lock them for some time. In return, you receive interest in the form of additional SOL coins. Staking is a modern alternative to traditional mining.
The benefits of staking:
- No extra expenses for buying mining equipment.
- No expenses for electricity.
- Available for everyone who has Internet.
- Allows low transaction fees.
The Best Wallet for SOL
The pick of a Solana wallet depends on the purpose – you either want to trade SOL or hold it long-term. If your goal is to use SOL coins for trading, you need a convenient online wallet you will access any moment you need to make a transaction. For that purpose, the WhiteBIT wallet will be the perfect option. It is intuitive and simple to use, even a beginner trader will cope with its functionality. The wallet is good to use on the go right from your smartphone. The WhiteBIT wallet allows to buy Solana, sell, swap, stake, etc.
If you plan to hold SOL coins and are not into trading, pick among cold wallets. That could be a ledger or any other device that can be connected to the Internet if necessary.