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How to buy Socean Staked Sol (SCNSOL)

Learn how to buy Socean Staked Sol (SCNSOL) in our step-by-step guide.

Where to buy Socean Staked Sol

It looks like SCNSOL may not be available to purchase on an exchange in the US.

You can still purchase SCNSOL by using a decentralized exchange (DEX) instead. Decentralized exchanges are web applications that run on blockchains like Solana and allow users to trade any asset directly with one another.

Decentralized exchanges (DEX) are unregulated and run using autonomous pieces of code known as smart contracts. To use a DEX you must interact with the blockchain directly, which is not recommended for novice users. Please learn about decentralized exchanges first if you're unfamiliar.

How to purchase SCNSOL using a decentralized exchange.
  1. Find SCNSOL on a decentralized exchange and make sure Socean Staked Sol can be traded for SOL which is the native asset of the Solana blockchain. Popular DEXs include Raydium, Marinade Finance and Saber.
  2. Buy SOL to trade for SCNSOL using an exchange like Crypto.com. You will need to purchase enough SOL to swap for SCNSOL as well as SOL to pay for transaction fees on the Solana network (known as gas). Gas fees only cost a fraction of a cent on Solana, so keeping 0.01 SOL set aside for gas will be plenty.
  3. Transfer the SOL into a Solana web 3.0 wallet like like Phantom to connect to the DEX.
  4. Trade SOL for SCNSOL on the DEX of your choice, following the instructions on screen. Make sure to leave a small amount of SOL in your wallet to pay for gas.
  5. Wait for the transaction to finalize and the SCNSOL tokens will arrive in your wallet.
  6. You may now keep the tokens in your web 3.0 wallet or transfer them somewhere more secure like a hardware wallet.

You can follow the same process when you want to sell your tokens, or come back to this page to see if they can now be traded on an exchange in the US.

Best Socean Staked Sol wallets to store your SCNSOL

You can keep your SCNSOL on the exchange you purchased it on, or move it to a personal wallet:

  • Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
  • Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your SCNSOL below.
Read more

Ledger Nano X Wallet
★★★★★ 4.6

Price (USD)
$149
Supported assets
5,500+
Go to site

Trezor Model T Wallet
★★★★★ 4

Price (USD)
$219
Supported assets
1,456+
Go to site

SafePal S1 Wallet
★★★★★

Price (USD)
$49.99
Supported assets
30,000+
Go to site

Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.

Is Socean Staked Sol a good investment?

Like all other altcoins, scnSOL is a cryptocurrency that is subject to high volatility. It is, therefore, crucial to understand the token’s purpose and associated platform before investing. Here are a few core aspects of the project worth considering:

  • Innovative use case scnSOL is innovative in its operational utility, such that SOL coin holders can amplify their liquidity. scnSOL tokens can receive SOL staking rewards from the Solana blockchain and can also be used as liquidity within other DeFi applications, adding another method of passive income for investors. Multiple passive income methods are always attractive prospects to those familiar with the DeFi ecosystem.
  • Multifaceted token utility:The scnSOL token can be used for a range of different purposes within the Solana DeFi ecosystem including lending, borrowing and providing liquidity. The token can also be used for day trading as well as other internal transaction purposes. However, when a user wants to retrieve their original SOL tokens from the Socean platform, the equivalent number of scnSOL will be required.
  • Competitors Although an innovative idea, the platform already has at least one competitor within the Solana ecosystem - Marinade Finance. Marinade Finance offers a very similar SOL staking pool. Instead of scnSOL, users receive the mSOL liquidity provider token. Socean will need to outmanoeuvre competitors to ensure that the protocol dominates.
Read more

Today's Socean Staked Sol price versus ATH

Compare today's price of Socean Staked Sol ($23.20 USD) against its all-time high (ATH) price of $250.02 on November 09, 2021. The closer the bar is to 100%, the closer SCNSOL is to reaching its ATH again.

Current price: $23.20
All time high: $250.02
9%
90%

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Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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