How to buy Socean Staked Sol (SCNSOL) in the UK

Where to buy Socean Staked Sol in the UK

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

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

How to purchase SCNSOL using a decentralised exchange.

1. Find SCNSOL on a decentralised 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 GlobalBlock. 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 finalise 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 UK.

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.

Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.

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.

Today's Socean Staked Sol price versus ATH

Compare today's price of Socean Staked Sol ($23.72 USD) against its all-time-high price of $250.02 USD on 09 November 2021. The closer the bar is to 100%, the closer SCNSOL is to reaching its ATH again.

How to trade, convert or sell Socean Staked Sol

You can convert or sell your SCNSOL with the same exchange you bought it through:

1. Sign in to the exchange you have SCNSOL on.
2. If you store your Socean Staked Sol in a digital wallet, compare crypto exchanges to convert or sell it on.
3. Choose Sell or Convert and place a sell order.
4. Choose the amount of SCNSOL you'd like to convert or sell.
5. Confirm the sell price and fees and close your sale of Socean Staked Sol.
6. Complete your transaction and move your SCNSOL to a wallet for storage.

* Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.

Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.