I think Solana is available in most crypto exchanges such as Coinbase, FTX, Gemini, Binance, etc.
I have seen a lot of users with issues when using Solana with Binance, so I think it’s probably better not to use Binance, at least for Solana.
I haven’t used any centralized exchanges to buy crypto yet, so I can’t give any great recommendations, but I have a CoinBase account and they seem very professional, have a good newsletter and that just gives a good impression.
Metamask is good, but it’s for Ethereum, so for Solana you are going to need Phantom. There are other Solana wallets, but Phantom is the most popular and best for beginners.
Also, if you are going to put more than $50 in the wallet, I highly recommend using a Ledger hardware wallet:
Having a ledger will actually keep your secret keys 100% locked up and away from the computer, so that it’s impossible to spend money from your wallet without you pressing the two buttons on your ledger.
When storing your crypto in a non-custodial wallet such as Phantom, your computer’s security instantly becomes very important. If you have malicious browser extensions or malware on your computer that can somehow get it’s hands on your seed phrase, that malware can transfer all of your money out of the wallet and once it’s done, you can’t do anything about it. It’s happened to many people.
If you keep your seed phrase only on your ledger ( Important: and you need to put your seed phrase in a very safe, offline place, like engraved on a piece of metal and locked in a safe ), then even malware on your computer will not be able to get your seed phrase.
It won’t protect you from everything, though. For instance, if you connect to a malicious website that wants to steal all your money, but is pretending to let you mint an NFT, then it still can steal your money if you approve that transaction on your ledger.
Always look at the transaction simulation in Phantom. Phantom will try out the transactions before you do them and tell you whether the transaction will add or subtract your tokens.
Yep, those are scams. Never listen to them! Never give anybody your seed phrase or private key. It’s like handing them all your money.
however, I’m not able to track the movements of the Solana token, and also, I don’t know if u heard about nft games; well, I know Solana is having stable and not scam projects and I would like to participate but I want to be able to track the movements of the tokens of those games, so, do u know how can I do it?
Sorry to ask again but, if we continue the trading topic, what I normally do is use a decentralized exchange like pancakeswap to exchange the crypto coins of my trades for stablecoins
however, the Solana token is not listed on pancakeswap, just in babyswap, but I don’t know if it’s the real Solana token
do u think u can provide me with the contract of the token? the last thing I want its trade a fake token
A lot of popular Solana tokens such as ATLAS, POLIS, GENE, DFL, etc. are on there. The only disadvantage is that you don’t get candlestick charts.
This is another option with great graphs, but I’m not sure if it has Solana game tokens on it or not.
Ah, well welcome to the club! I’ve only used decentralized exchanges.
Pancakeswap only runs on the Binance Smart Chain ( BSC ) and can only swap ERC-20 and the BSC equivalent tokens. It can’t swap Solana tokens.
To do swaps on Solana I highly recommend the Jupiter Aggregator, which will find the best price swap across a plethora of Solana’s decentralized exchanges, and it will support nearly every single Solana token that has any liquidity anywhere across those exchanges, so you can trade even the most obscure tokens on Solana.
If you find any Solana tokens on any Ethereum/BSC networks or any other networks that you connect to with Metamask, they will either be bridged tokens or scam tokens.
Real Solana tokens only work on the Solana network and with a Solana wallet.
Still, there are legitimate bridged tokens that allow you to bring, for instance an ATLAS token from the Solana network to a Wormhole Bridged ATLAS token on Ethereum or BSC.
I would recommend trading on Solana itself, instead of trading bridged tokens on Pancakeswap. You’re much more likely to find liquidity for your trades if you trade directly on Solana.
The native SOL token doesn’t actually have a contract address in Solana, it’s just native. There is WSOL ( Wrapped SOL ), which has a token address, but most exchanges on Solana, including the Jupiter Aggregator, will automatically handle wrapping and un-wrapping the SOL during trades so that you only have to deal with native SOL and not WSOL.
Yep! Essentially if it’s trading almost anywhere in the Solana ecosystem, then Jupiter will find the best price for it and let you swap it.
Yeah… I figured.
CoinMarketCap or CoinGecko do have a lot of the most popular token on it, so you can still probably use them for the more recognized game tokens such as ATLAS and POLIS at least and get candlestick charts.
In Solana, all the tokens are listed in the token list project on GitHub, and that includes stable coins such as USDC, USDT, UST, etc. You would have to check with the corresponding project’s websites or documentation to make 100% sure that the token in that list matches the token address deployed by the official USDC or USDT projects, but I’m pretty sure that’s already been done and that the projects in the list are already the official ones, that would just be if you wanted to ultra-double-check.
I’ve not needed to copy the token ID from anywhere to get them, I usually just trade for it directly using it’s symbol in the exchange, which uses the token list to get the token addresses corresponding to the token symbol.
When it comes to bridged tokens, such as wormwhole bridged BTC, ETH, UST, etc., you can verify the token addresses by checking the wormhole documentation, I think, but again, the token lists used by apps and exchanges such as Jupiter, pretty much map the token symbols to their correct address for you already.
I’ve checked Jupiter’s website and there’s a lot of stable coins with the same name, any of those can be a scam
do you have a tutorial to watch and learn about this? I don’t wanna make a mistake adding fake tokens, and again, In Jupiter appears a lot of the same tokens, any of those can be the original one, and I checked the token list project you provided me, but coding and programming are not my speciallity
Oh really? Which ones. I’ll have to look at it again. Which ones do you see multiples of?
I’m usually disconnected from Solana network due to network oddities on the computer I’m usually on, so I can’t look now.
I don’t know of any videos, but you should be able to find the contract addresses on the docs site for Wormhole. There should be a link to the docs site from their official website. Sorry I can’t give you an exact link, again because of my restricted website access.
Warning: It looks like they changed the website. Last I used it it was called Wormhole, I wonder if they re-branded it after the hack to avoid bad publicity or something weird. Anyway, do your own research for sure, I can’t look into it right now, but I’ll let you know if I get back to looking into it more!
FYI there was a recent, big hack on the Wormhole bridge, but nobody lost any funds because a company replaced all the lost funds ( the company must have a big stake in crypto and they didn’t want the hack to ruin the reputation of the bridge, as it’s important to their business ). The vulnerability was also fixed as far as I heard.
But it’s something to be aware of when holding bridged assets: that they are only as secure as the bridge that created them.
Ah, those are perfectly normal. Those are just, different kinds of USDT.
Let me explain ( and again, don’t take my word for everything, but this is to the best of my knowledge ):
USDT: The official USDT token on Solana. This is a native non-wrapped USDT. So the USDT project deployed this token on Solana.
soUSDT: This is a USDT token from Ethereum wrapped by the Sollet token bridge. So it actually represent USDT from Ethereum, but because it is a bridged token, the token is only as secure as the bridge. If the bridge is hacked soUSDT can lose it’s value.
USDTbs: This is a version of USDT that has been bridge through wormhole and originally came from the BSC chain. So it represents USDT from BSC.
pUSDT: I’m not familiar with this one exaction but it is probably a form of USDT that is staked in the Port Finance app, so it is only as secure as the Port Finance smart contract, but it probably does represent an actual native USDT token locked in Port Finance somehow.
aaUSDT: This is a USDT token bridge from the Avalanche chain through the Allbridge token bridge ( which is another bridge like wormhole ).
So, each of those USDT tokens is from a legitimate project, but the one you are interested in is the one that just says USDT, which is the official USDT token, without using any bridges or other smart contracts. So it will be the most secure, and most commonly used and traded across the ecosystem.
Ah, gotcha. Yeah, on Solana, the most common US Dollar tokens by far are USDT and USDC.
Absolutely! You can usually earn about 6% per year ( or maybe a little more ) in SOL by staking.
The best way, in my opinion, to stake in Solana is to put your SOL in a stake pool that will give you stake pool token in return. This has several benefits over normal SOL staking:
You don’t have to wait for activation/deactivation time periods that you must wait for when doing staking normally.
Your stake is automatically distributed across multiple validators to improve the networks fault-tolerance, and to maximize your rewards
You are given a token that represents a share of your stake in the pool. This token can actually be used across the ecosystem and can be traded or sometimes deposited to earn even more gains in different apps.
The most popular staking pool on Solana ( I think ) is Marinade:
Another one that seems legitimate, though far less popular so far, is JPool:
Wait, wait, so that means I won’t receive the SOL token and I will receive a different token?
Oh, also @zicklag I wanted to ask u something; u see, I will receive some of the stable coins in metamask from a game I’m playing, with that money, I want to buy SOL tokens from Binance or CoinBase to send them to my Phantom Wallet, can I buy the token using this stable coins?
So, normally, when you stake in a validator, you don’t get anything in return. Your tokens get locked. As they are locked up it slowly accumulates rewards that you can claim when you unlock your tokens.
With Marinade ( and it’s the same with JPool ), though, when you lock your SOL up, you get a corresponding amount of mSOL back. This mSOL token will become worth more and more SOL over time. And you can swap your mSOL back to SOL whenever you want. When you swap your mSOL back for SOL, it will actually be worth more SOL than you put in, because Marinade has staked your SOL and it has earned rewards.
The rewards should be essentially the same if you had staked normally, but the advantage is that you don’t have to wait for staking and un-staking delays.
Also, you can use your mSOL tokens to participate in decentralized finance apps, which would be impossible to do if you just staked your SOL normally and it got locked up without giving you some token in return.
Yeah, you can buy SOL with those.
There are a couple of ways you could do it:
You can transfer those stable coins to your Binance/CoinBase account, purchase SOL with that, and then send the SOL to your Phantom wallet.
You can use a token bridge to transfer your stable coins from MetaMask to Phantom directly, and then use a decentralized token swap such as Jupiter to swap them for SOL in your Phantom wallet. That process would be totally decentralized which is nice.
I can’t remmber if mSOL is the same as this, but with jSOL, you actually put in 1000 SOL and you get a little big less than 1000 jSOL because jSOL will slowly increase in value over time as it accumulates rewards, so jSOL will be worth more and more SOL as time goes on.
I believe so. I haven’t double-checked the token ID, but “Marinade staked SOL” is what you’re looking for.