How To Use Solana? Solana Crypto Guide 

how to use solana

We already know What Solana is, now it’s time to learn about how you can use it to your advantage. By participating in a rapidly growing ecosystem like Solana and others mentioned throughout the site, you become part of that growing community and earn a portion of its increasing value. If Solana was a machine made of bolts and steel, SOL coins would be its petrol. The Solana Network has a broad spectrum of underlying products that all utilize their own fungible tokens known as SOL tokens. These tokens are stored in the same place as your SOL coins and interact with different products built using Solana. To get the most from your SOL coins, use the following tools to their full advantage. Don’t be shy either, all of the services discussed below can be accessed with less than 1 $USDC and a little SOL. Don’t be afraid to make mistakes and enjoy playing in the sandbox. So, let’s dive in and see how to use Solana!

Wallets

You can’t do anything without a good wallet. So here is a list of the best available wallets for Solana users. All products in this section are non-custodial and require you to safely store your private key.

Phantom

Phantom is the most popular and widely used wallet on Solana. It offers an easy-to-use interface, built-in staking, and swap features for quick trades. This all-in-one wallet is the most useful tool for earning money on Solana. For this reason, we have a Phantom Wallet Tutorial available to get everyone started. Phantom has done an excellent job of being the first wallet integrated with many new projects being released on Solana. Phantom Mobile Wallet is available now for Apple, while the desktop wallet is available for Chrome, Brave, Firefox, and Edge browsers.

Solflare

solflare

Offering the same all-in-one experience as Phantom, Solflare enables users to navigate easily across the Solana Network and interact with all of the best products Solana has to offer, except Solflare offers this as a mobile experience for both Android and Apple users. This is the only difference and does not affect their compatibility with other protocols in this guide. If the only operating system you have is Android, Solflare is your best option. Solflare is also available for desktop on Chrome, Brave, Firefox, and Edge browsers.

Automated Market Makers

AMMs are an incredible way to earn high returns on your SOL Coins. Participating in the DeFi community is an interest-earning opportunity no one should pass up. Take advantage of the following Automated “Money” Makers to effortlessly grow your SOL Coins.

Raydium

radium

Raydium $RAY is the largest and most used AMM available for Solana. Raydium has quickly grown to be a central hub for almost everything related to Solana and its growing use cases. For this reason, we have created a complete How-to use Raydium Tutorial. This will help navigate you through all the options for maximizing your returns with Raydium in a simple and easy-to-follow way.

Orca

orca crypto

Orca $ORCA had a later start in its Solana journey but has become one of the most used decentralized exchanges on Solana in a short time. Orca provides a frictionless experience for users of all levels, giving even the shyest DeFi users the easiest-to-understand interface of any available AMM. Transactions on Orca are near-instant and include a “Fair Price” routing process that ensures you get the absolute best price for your trade. Orca offers exchange and liquidity services but does not offer any staking options like Raydium.

Decentralized Investment Funds

While still in their infancy, DeFi Investment Funds on Solana are a new and profitable way to own a basket of assets in lieu of dollars alone, allowing you and other fund owners to make trades on behalf and for the betterment of everyone involved. Please note these protocols have nothing to do with common Copy-Trade and Trading Bot Scams. As with any non-custodial platform, you are always in complete control of your tokens.

SolStreet Finance

solstreet finance

SolStreet is a non-custodial asset management and investment protocol built on Solana to allow asset managers and traders to launch decentralized investment funds directly to investors using the Solana blockchain. While not as widely a discussed feature of DeFi. SolStreet makes it extremely easy to create your own investment fund while maintaining full control of your investments, instead of relying on the high-fee marketplace in traditional finance. Everyone now has the ability to build and grow their own portfolio with family and friends.

Solrise Finance

solrise finance

Solrise SLRS token was the first to introduce this type of fund management to Solana. While it no longer allows you to create your own fund like SolStreet. It does allow you to participate in funds created and maintained by others since launching in mid-2021. As these Funds are given more time in the market, better data is available to choose the best managers to increase your assets, while you still maintain control of your positions. The possibility of losing money from bad trading still exists.

Lending & Borrowing

Lending and borrowing your SOL coins or other Solana-based SLP tokens can earn you some very good returns. But, the best part about this slice of DeFi is that it allows you to borrow & lend tokens to yourself. To put it simply, you can give a lending platform 500 USDC and then borrow 250 USDC. Now instead of only earning interest rewards on the 500 USDC, you’re able to take that extra 250 USDC and re-invest it somewhere else. Earning interest on a 750 USDC position instead. You could even put it back into the same or completely different Lending Platform and take out another loan. As long as you are staying well below the allowed utilization rate, the possibilities are limitless.

Apricot Finance

apricot finance

Apricot $APT has managed to find the sweet spot between having too much or having too little. Offering a mix of lending services and yield farming, Apricot is on a mission to help users maximize yield while protecting their downsides. With Apricot X-Farm, users do not need to own any USDT or USDC to start farming. Instead, they can collateralize their non-stablecoin assets to borrow Stablecoins with up to 3x leverage, and start farming USDT-USDC LP right away. One of the reasons we’ve put together an easy-to-use Apricot Tutorial is to walk you through how the platform operates.

Solend

solend crypto

Solend SLND tokens became one of the top 5 liquidity pools available in the Solana Network only a few months after its release. Users who supply tokens, collect an APY from the users who borrow. The APY reward is then split with everyone in the entire pool. You can deposit USDT for USDT yields, SOL for SOL yields, and so on. Solend even allows a leveraged SOL position up to 10x. But beware, higher leverage comes at the cost of increased liquidation risk. Proceed with caution!

Jet Protocol

jet protocol

Jet Protocol $JET has done a fantastic job of simplifying the lending & borrowing process. With over 25 options available on Solend, Jet offers services only for Bitcoin, Solana, USDC, and Ethereum. By far one of the easiest protocols you may ever interact with. Everything on Jet Protocol is available from one single page. Whether you choose to deposit, withdraw, borrow, or repay your Loan. You can do it all from the same place without having to navigate around.

How To Use Solana? Solana Crypto Guide  - - 2022

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How To Use Solana? Solana Crypto Guide  - - 2022

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