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How to buy Solana (SOL) in South Africa
Learn how to buy Solana (SOL) easily by following a step-by-step guide and compare 10+ crypto exchanges.
How to buy Solana
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Solana.
- Open an account on an exchange that supports SOL.
Jump to our table to compare popular options — just remember that most exchanges require an email address, phone number and proof of ID to register.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Solana.
- Buy Solana.
Complete your Solana purchase and then find the best wallet to store SOL.
What is Solana?
Solana is a blockchain looking to address the scaling issue head-on, allowing users to process a massive number of transactions per second (TPS). To put things into perspective according to Binance Academy, while Bitcoin, Ethereum and Visa currently offer TPS rates of just 7, 30 and 2000 respectively, Solana allows users to facilitate a whopping 50,000 transactions per second. SOL is the native token of the Solana ecosystem and has a maximum supply cap of 489 million tokens. Since the platform makes use of a Proof-of-Stake (PoS) network, participants can stake their SOL coins to become validators within the network as well as earn passive rewards for their efforts.
In August 2021, Solana jumped onto the non-fungible token (NFT) bandwagon, adding it to its hefty list of decentralised finance (DeFi) projects. Its entry into the NFT market is known as the Degen Ape Academy, where users can purchase an avatar (which is a ‘smooth-brained’ ape) and enrol them as a student in the Academy. From there, NFT holders will be able to create and submit artwork to competitions and participate in a customisable kart-racing game with in-built rewards.
Upon the NFT platform’s launch, all 10,000 Apes available were sold out within 10 minutes, immediately causing a surge in Solana’s token price. Well-known celebrities such as Paris Hilton and Gary Vaynerchuk were some of the many to purchase an Ape NFT at launch.
The success of their NFT ventures, plus heightened interest in blockchains with “smart contract” capabilities, has led to Solana rising a whopping 15,300% in 2021.
SOL is the native token of the Solana network and has a number of use-cases, including: governance, staking, buying goods from merchants, building decentralized applications and participating in NFT games and metaverses. These tokens can be held in Solana’s native wallets, Fantom and Sollet.
Solana (SOL) is the 9th largest cryptocurrency in the world by market cap, valued at $11,325,817,096. The current price of Solana is $33.05, which is -2.400% lower than yesterday. Prices have ranged between $33.92 and $32.07 over the past 24 hours. All prices are listed in US dollars and accurate as of July 02, 2022 08:07 UTC.
Where to buy Solana
Find an exchange to buy, sell and trade SOL by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Solana at a glance
|Total SOL supply||508,180,964|
|All time high||US$259.96|
|Notable team members||Anatoly Yakovenko, Greg Fitzgerald|
|Partnerships||Terra, OKEx, MXC|
|Token uses||Platform fees, staking, governance|
Solana price performance over time
Recent Solana developments
January 2022: Solana experienced 3 network malfunctions throughout 2021 and 2022, with the most recent January issue resulting in thousands of failed transactions. The potential server attack affected third-party platforms too, with Coinbase reporting its users would be unable to withdraw SOL tokens for 24 hours.
December 2021: Solana Ventures alongside Forte and Griffin Gaming Partners announced a funding initiative worth US$150 million to incentivise developers to build blockchain-based games for the network. This announcement came on the back of Solana’s focus on cornering the GameFi market as it moves into 2022.
How to sell Solana
You can cash out your SOL with the same exchange you bought it through:
- Sign in to the exchange you have SOL on.
If you store your Solana in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of SOL you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Solana.
What to consider when buying SolanaBelow are the aspects you should consider before investing in SOL:
- Highly secure: Solana’s blockchain framework is steeped quite heavily in the ethos of decentralization. The system makes use of a hybrid consensus mechanism, employing a novel ‘Proof-of-History’ model where historical records of all blockchain transactions happening within the ecosystem need to be verified before they are finally added to the ledger. Proof-of-History ensures that transactions on the Solana blockchain are lightning-fast, while the Proof-of-stake mechanism allows for economic security as well as an incentive for investors to participate in the network.
- Unique data processing model: The platform divides data that needs to be relayed to and from each node into smaller packets, allowing for transmissions to become easier and more streamlined. Not only that, by breaking down the info into fragments, Solana is able to mitigate various bandwidth and transaction speed-related issues that many other blockchain systems are routinely faced with. This makes Solana one of the best protocols at addressing cryptocurrency’s omnipresent scalability problems.
- Solid backing team: Solana is the brainchild of Anatoly Yakovenko, who founded the platform back in 2017. Prior to his work with Solana, Yakovenko worked for Qualcomm as well as other established companies like DropBox. Other prominent members of the team include Greg Fitzgerald, Eric Williams, and Raj Gokal.
- Concurrent operational capacity: One of the more underrated aspects of the Solana blockchain is that it is able to deploy thousands of smart contracts in parallel with each other, thus allowing for a better, more efficient runtime.
- Active use cases: SOL tokens have one of the broadest use-cases of any crypto token. Serum, a high-speed, non-custodial spot and derivatives decentralized exchange (DEX), has been devised atop the Solana blockchain, using SOL as its native token. In conjunction, SOL tokens can be used to participate in NFT ecosystems such as the Degen Ape Academy, build decentralized applications, staked for additional interest and used to buy goods and services.
- Competition: Solana is one of a number of high market-cap tokens dubbed “Ethereum killers”. This is due to their smart contract capability, which allows them to mirror Ethereum’s functionalities with greater transaction speeds and lower gas fees. Solana is competing with other popular cryptocurrencies like Cardano (ADA) and Polkadot (POLKA) to take down Ethereum’s title as smart contract king.
Solana (SOL) in the news
Solana ($SOL) Staking Becomes Available on Crypto Exchange Coinbase
Strong Cryptos Like Gnox (GNOX), Binance Coin (BNB), And Solana (SOL) Could Be Your Ticket To Profits In Bear Market
Solana price analysis: Will SOL/USD break above $34.26 levels?
Disclaimer: Cryptocurrencies, including Solana, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of SOL 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 Solana or any other cryptocurrency discussed.
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