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The following guide explains how to setup and use Solana wallet (sollet.io) designed specifically for Solana ecosystem. This wallet allows you to send, receive SOL and interact with SPL tokens (SOL based tokens) on the Solana blockchain.

Solana is a permission-less, open source blockchain that is designed to provide DeFi (Decentralized Finance) solutions. This project was launched in March 2020 by the Solana foundation.

ETH-based DeFi platforms such as Uniswap (UNI) (a decentralized exchange DEX) and Sushi Swap (SUSHI) has become expensive for beginners and small budget users.

 

NOTICE: In as much as Team Xycinews aims to deliver a near perfect review, we have a lot of Platforms on our Log to review & a lot already reviewed. Sadly this limits us from backdating to track the status of already reviewed platforms.

Kindly note that the platform information were correct as of time of publishing but might turn out to be SCAM without our notice.

Always check our article’s published date & the comment section below for users opinion. Thanks ♥️

 

Solana Wallet Review

Solana is a permission-less, open source blockchain that is designed to provide DeFi (Decentralized Finance) solutions. This project was launched in March 2020 by the Solana foundation.

Platforms like Solana (SOL) are providing cheap on chain transactions. These platforms help educate more people about DeFi as users don’t have to spend a fortune on fees to learn. They are designed to give users an option to use DeFi with lower fees and transact instantly.

Ethereum gas fees is one main reason why DeFi users moved from Ethereum to other blockchains. Pancake Swap (CAKE) (DEX) and Venus (lending platform) on BSC are some good examples. Other than these there are many BEP20 tokens on the rise and to use them you need to connect your wallet to the Binance smart chain.

Solana project mainly focuses on making decentralized finance (DeFi) accessible on a larger scale. Its high performance, highly functional blockchain allows builders around the world to create financial crypto apps (DApps) that scale today.

Being a smart contracts platform it aims to solve many of the scaling issues that are faced by the layer-1 blockchains like for example Ethereum.

It improves scalability by introducing Proof of History (PoH) combined with the Proof of Stake (PoS) consensus mechanism. With this hybrid consensus model it not only operates faster but more cost effectively than many well established blockchains. Solana can handle up to 710000 transactions per second.

 

Solana Wallet Token (SOL)

SOL is a native token of the Solana blockchain. SOL tokens are passed to nodes in a Solana cluster in exchange for validating output and running an on-chain program.

To use DeFi services (smart contract executions) on Solana and to transaction SPL tokens you’ll need SOL. This is the transaction fees used on Solana ecosystem and is similar to GAS being used as fees on Ethereum.

Other than this SOL is also used for staking. Users who stake SOL will receive SOL tokens as a reward for powering and supporting the Solana network.

 

Sollet.io Wallet

The first step is to create a Sollet.io wallet. Your Sollet.io wallet can be funded with SOL or with ETH that will be converted to SOL using the convert function of Sollet.io.

Once you arrive on Sollet.io for the first time you have the possibility to create a new wallet. You will be given seed words, make sure to save them offline somewhere safe. This is the only way you can recover your wallet, don’t lose them!

 

Solana Wallet Sign up

  • Go to https://www.sollet.io/and by default it will create a new wallet for you. Make sure to save the 24 word seed phrase in a safe place and click continue. You can save them on password managers like Keepass.
  • On step 2 encrypt your wallet seed using a password. Normally you can close the wallet and access sollet.io wallet back by just entering the password.

This is your SOL receiving address. Only send SOL to this address and not any SPL tokens. Unlike ERC20 which you can send to your ETH address you’ll need to add each SPL tokens separately and each tokens will create an unique deposit address. Only use that specific address for that particular token.

 

Is Solana Wallet Legit 

Solana (SOL) supports several different types of wallets. There are advanced command line tools (CLI wallet), you have third-party mobile wallets as well as web browser based wallets. Even Ledger hardware wallet has support for SOL which offers a great blend of security and convenience.

Choose a wallet that best suits your needs.

For example if your purpose is to just send, receive, store and exchange SOL tokens with ease then you can use third party mobile wallets such as Exodus or Trust wallet. These wallet provide a great user experience for newbies. But they don’t support SPL tokens yet.

If you are an advanced user or developer then command line wallet will be more appropriate. To use CLI wallet you need to install Solana CLI tools and you can read more about it here: https://docs.solana.com/wallet-guide/cli

If you are looking for wallet that you can quickly setup and use it to interact with the Solana ecosystem then we recommend browser-based web wallet. There are two browser based wallets namely Sollet and SolFlare which are similar to MetaMask wallet.

Both Sollet and SolFlare are non-custodial web wallets that allows users to send receive SOL and any SPL tokens by connecting to the Solana blockchain.

https://docs.solana.com/wallet-guide/web-wallets

 

Is Solana Wallet Scam

Primarily, Xycinews Media contents is to give an overview of platforms and what they entails to help you decide if proceeding with them or Investing only what you can afford to lose.

Sollet.io is a non-custodial browser-based web wallet created by the Project Serum (DEX) team.

Note: Being a client side browser wallet the wallet keys are stored in your local storage which can be encrypted using a password.

When you create a new wallet you’ll be provided with a 24 word mnemonic seed. It is very important that you backup this information safely. You’ll lose the coins and tokens from your wallet if you lose the seed word.

 

Disclaimer

This Solana Wallet Review Article isn’t aimed at defaming Solana Wallet nor is it targeted to promoting them. 

This article is strictly for enlightening purposes and a honest guide from our perspective because we strongly believe every brand needs a good background check.

Therefore, you are at liberty to accept or reject this article and act base on your own perspective of the platform. You are encouraged to share your own opinion or views about the platform with us via the comments box below so as to further improve this Solana Wallet review.

Team Xycinews is no third party and we can’t handle any queries whatsoever. 

 

LEGIT BUSINESS OPPORTUNITIES 🔻🔻

 

Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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The funding rate scales the cost to fund long positions in the market for bitcoin ever lasting changes. In another word, a type of derivative in the cryptocurrency markets look like futures contracts in traditional markets.

Since June, total assets under management across exchange-traded. And also over the counter traded digital asset investment products dropped by 14% to $34.8 billion.

Weighed up with traditional asset classes, digital asset markets still own a “long way to go before more risk-averse investors are fully at ease,”. Based on a report by CryptoCompare.

NFT effect on Ether

As NFTs obtain reputation regardless of an overall bearish sentiment in the crypto market. Some NFT critics inside the market took to Twitter blaming the non-crypto natives who withdrew their Ether at once after NFT sales for the uninspired price movement of the second-largest cryptocurrency by market capitalization.

However, based on multiple analysts and market contributors, the effect of NFT sales, stays a nonfactor on Ether’s prices. Instead, the complaint showcases many traders and investors’ frustrations in a slow market.

The guess“is more like a reflection of the current market sentiment,”. Daniel Lv, co-founder of China-based blockchain Nervos Network, told Muyao Shen through a representative.

The blame, though, isn’t all irrational since growth in the NFT market has not quite slowed down partly because of the large number of confirmations, got from non-crypto celebrities.

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Celebrities Who Have Invested in Bitcoin

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Bitcoin, and cryptocurrency in general, is an ever-growing phenomenon in the 21st century. Since the invention of Bitcoin in 2009, Bitcoin stocks have grown rapidly. People today are becoming more and more accepting of Bitcoin, with seventeen percent of the American adult population admitting to having invested in Bitcoin, and even more admitting that they’ve invested in other cryptocurrencies. 

It isn’t just regular, everyday people who have shown an interest in Bitcoin, and crypto, though. Many major celebrities have embraced digital currency, and have made quite a pretty penny out of it. In this article, we will take a look at a few celebrities who have invested in Bitcoin and the profits they have made. 

But first, let us take a look at how Bitcoin investment works, and how you can profit off of it.  

How to Profit off of Bitcoin

The best way to profit from any form of digital currency is to make an account at one of the many crypto trading sites. These sites offer an interface that is easy to use for beginners and allow new investors to purchase or sell their digital assets. Most trading sites require little else than a password, email, and username.

One of the sites which offer these benefits is Bitcoin Power. Not only is it easy to use, but it also provides a safe and secure network, allowing you to track your earnings at any point in the day, in real-time. Also, these sites use new Artificial Intelligence technology to read and predict the volatility and fluctuation of the crypto stock market and allow you, as an investor, to make the best investments and maximize your profit.   

Now let’s take a look at a few celebrities who have embraced cryptocurrency as a viable method of profit, and how it went for them.  

Paris Hilton

Hotel heiress, actress, and social media influencer, Paris Hilton has admitted to dabbling in Bitcoin and NFTs. Last year, Ms. Hilton admitted to purchasing stocks in Bitcoin, and subsequently, she changed her social media profile images to feature laser eyes. The laser eye meme is associated with the rise of the stock of Bitcoin. 

When questioned further about bitcoin and NFT’s in the interview, Ms. Hilton claimed Bitcoin is the future, and she is very excited about the opportunities it can provide. In March of 2020, Ms. Hilton won the NFT Charity Award for her first NFT, which subsequently blew up and has been very exciting for the young heiress.  

Mike Tyson

Bitcoin has become quite a popular form of currency in the boxing world, with many professional boxers, such as Floyd Mayweather looking into, or already investing in the cryptocurrency. But, in 2016, ex-heavyweight champion, Mike Tyson, took his interest in Bitcoin a step further, with the launch of his very own digital wallet. A year prior, Mr. Tyson had sponsored a Bitcoin ATM, an ATM that allows Bitcoin investors to trade real cash into cryptocurrency. After this proved successful, the ex-heavyweight champion took it further by releasing a digital wallet.

A digital wallet, for those who may not know, is a software system that allows for the safe storage of user information regarding numerous payment methods, including Bitcoin. This move has inspired other professional boxers, such as Tyson Fury to get into the world of cryptocurrency and NFTs

50 Cent

American rapper, actor, TV, and music producer 50 Cent, real name Curtis Jackson, made the controversial decision to accept Bitcoin payments for his album “Animal Ambition” in 2014. At the time, Mr. Jackson got about 700 Bitcoin, which in 2014 was worth around $500.000. A few years later, however, in 2019, the price of Bitcoin skyrocketed, earning the rap legend an astonishing $8.000.000. 

Jackson, in an Instagram post, claimed that he is proud of himself, thought that he had forgotten all about selling his album for bitcoins. 

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