JAN 25, 2024
The only guide you will ever need about Solana
by solfistooshort, 3ZTftcJ1Ey5ct11vPvux1yuha3SzKt6jSPAJNQaqe3Nk
Solana Season is coming, you don't want to be sitting on your hands when that happens: I want to guide all of you to Solana and it’s ecosystem Allow me to introduce you to: The only guide you will ever need about Solana
Solana is the fastest, most performant, most scalable, and the most cost-efficient chain available.
Solana is the fastest chain, reaching 65000 TPS (Transaction per Second) This is thanks to the Proof of History consensus algorithm, which involves generating timestamps for each block in the blockchain using a cryptographic function called Verifiable Delay Function (VDF) What’s incredible about this? The fact that the highest TPS ever is nothing compared to what Solana can achieve with Firedancer. I'll explain briefly what that is: Firedancer is a next-generation independent validator client for the Solana blockchain, designed to offer increased performance and scalability. For reference: In a November 2022 live demo, a single validator running the new Firedancer client processed 1.2 million transactions per second
Firedancer Data Propagation
Introduction to Solana
- First of all, you need a wallet:
The 3 main wallets are:
For this example, I've used Moonpay because I have found it easier to use it
Now that you have funded your wallet, you have access to the extensive world of Solana!
(If you don’t have much to start here's a list of three things you can do with $1)
- Earn free collectibles from @DRiP_haus On DRiP, you receive collectibles every week from your favorite creators, straight to your wallet. With droplets (points), you can earn collectibles for tipping creators. Or try 'Legendary Lock-In' for legendary/rare items, If you want to get started you can use this invite code: CaCeNCYW you use it here: http://drip.haus
- Collect @SayDialect packs. Dialect is a messaging experience on Solana that is also available on the app store. Discover new artists & projects by browsing collections, minting stickers, and/or completing sets.
- Lend, Stake, or Swap on @marginfi It's airdrop season, so I really recommend doing this. It's fast, cheap and you can deposit liquidity with ease. Yes, lending $1 is possible, but won't be enough for a sizeable airdrop. NFA.
Thanks to a recent airdrop that granted $13k per eligible wallet to people, Dex volumes have surged and so many people are trying to find the next gem! (Decentralized exchanges are platforms that provide users with a secure and transparent environment for trading cryptocurrencies)
By using all these DEX you could also farm for a possible airdrop:
Another reason why Solana has become so popular is thanks to NFTs..
Whereas people with a low amount of money managed to turn them into significant amounts, often hitting 100x
You can buy NFT from different marketplaces:
-1/1 And Open Edition
Whenever you do some transaction on Solana you are going to receive scam tokens that look like this
You don't want to open any link given to you by people you don't trust or people you don't know
At first, there was a problem with NFTs they weren’t liquid enough and people refused to invest in them.
However, many platforms emerged to fix this issue, and now you can Lend and Borrow against your NFTs!
When you have to mint something, first of all:
Create multiple wallets, you definitely need a burner wallet
(A Burner Wallet is a separate wallet used for minting, not the main wallet you use normally. Fund it with what you need for mint, that way if it is a rug or a drainer they don't get everything you have, just what's in the burner wallet. )
You can also earn Solana by staking:
1. (Native staking) You can stake without risking your assets.
You have to lock up your Solana, and during the lockup period, you can’t use them.
2. (Liquid Staking) You can stake and still have access to your Solana while they’re staked.
This makes it more accessible and convenient, but you get exposed to smart contract risks.
What's Saga mobile?
Solana Saga is an Android smartphone limited to 20k supply, designed specifically for Web3: crypto, NFTs, and dapps.
Saga was introduced at an event in New York in June 2022, where the name Saga was announced,
In the words of @rajgokal: “This name has been chosen because the story of crypto is still being written, and we believe opening up crypto to mobile will lead to greater adoption, better understanding, and more opportunities.“
This phone grants you access to future airdrops!
Special features of the Solana Saga:
• Seed Vault
• Solana dApp Store
• Solana Mobile Stack (SMS)
• Saga Rewards
Current airdrop for saga owners
The Solana community is one of the most powerful and active communities in the entire crypto space.
Here’s a list of people you should follow to enhance your timeline:
Thank you so much for reading you can find more content on my X account:
Leave a like and comment on what you think about Solana!
Have a great day, Solf!