All of the hype around these Cryptocurrencies have led people to choose between the thousands of coins that have been created in the wake of Bitcoin and Ethereum. Solana has been one of these coins that currently ranks 8th by market cap in the world of crypto. As well as having a large market cap, the Solana chain also boasts an impressive 3000 transactions per second, rivaling that of the NASDAQ stock exchange. You may be thinking, “Well with those high transaction speeds must come high fees!”. However, Solana also has one of the lowest transaction fees for any large chain at a current fee of $0.00055, virtually unnoticeable!
You may be wondering, “What is in this for me” or “I don't like investing” but that's not all that Solana has to offer. Solana also has one of the largest NFT marketplaces in the entire blockchain space. Solana has NFTs ranging from as low as $1 on minting sites like Launch My NFT ranging to NFTs selling at $26,000! This incredible market for Non-Fungible-Tokens backed up by Solana's efficient and cheap ecosystem makes it the ideal target for someone looking to enter the NFT space and crypto in general. I can personally say that my first NFTs were just $1 as I learned how to purchase them, trade them with my peers, and sell them back to the market on places like Magic Eden.
However, the fun with blockchain and crypto doesn't stop at some pixels on a screen and some “coins” in your crypto pocket. Solana also supports liquidity provision, similar to that of depositing cash at a bank and earning interest-like rewards in return for your lending. This service works by providing two different coins, called a “pair” that Defi (Decentralized Finance) projects will use to allow people to trade those two coins on their platform. For example, if I hold 50 tokens of USDC (A stable coin worth $1 USD) and $50 worth of Solana tokens, I have the opportunity to deposit them both in a “pool” that will provide me with a percentage of the fees that are collected from people trading coins.
One of the best Defi project that I have found for this is Orca DEX (Decentralized Exchange). On Orca, people have the opportunity to swap a variety of coins on the Solana blockchain for other coins on the chain. Returning to my previous example, I may swap $50 of USDC in exchange for some more Solana! This allows people a quick, safe, and private way for you to change Solana into dollars or any number of coins currently on the chain. In my experience with the app, I have always had immaculate service with low fees and incredibly fast swapping times.
Keep an eye out for some more in-depth tips and tricks involving liquidity pools with Orca and other new and amazing news and features in the crypto space. Feel free to contact me on Discord if you have any questions!
