Using Solana & Finding GEMS!! Complete Guide

Sep 11, 2021

👨‍🏫Solana Recap👨‍🏫

Solana was built by Solana Labs, a software company based in San Diego, California which raised over 25 million dollars between multiple sales of the SOL coin in 2019 and 2020. Like most cryptocurrency projects, Solana is owned, operated, and overseen by the Solana Foundation, a non-profit based in Switzerland which commissions Solana Labs to maintain the Solana blockchain. In contrast to most cryptocurrency projects, Solana’s blockchain can process transactions at speeds comparable to traditional payment processors. Official figures range from 50 to 65 thousand TPS.

👨‍💻How To Set Up Solana Browser Extension👨‍💻

When it comes to interacting with the Solana blockchain, the first step is to download a web wallet browser extension. Your best bet here is the Phantom web wallet which I’ll leave a link to in the video description.

💰Adding SOL To Solana Browser Extension💰

The best place to buy SOL is the FTX US cryptocurrency exchange, and that’s because the Phantom web wallet can be connected directly to your FTX US account. Note that this integration is not currently available for FTX global, though you should have no issues making an FTX US account even if you’re not based in the United States.

💱Solana Raydium DEX Tutorial💱

The first dApp you should familiarize yourself with is a DeFi protocol called Raydium which acts as a sort of one stop shop for everything DeFi on Solana. Raydium’s AMM DEX has been particularly popular, and it recently became one of the top DEXes in cryptocurrency by trading volume.

🤑Where To Find New Solana Projects🤑

The first place you can find new Solana projects is the FTX Global exchange. FTX has hosted 9 initial exchange offerings so far, and almost all of these have been for projects building on Solana. The second place you can find upcoming Solana projects, and that’s Raydium’s Accelerator launchpad. Raydium’s accelerator has hosted about half a dozen initial DEX offerings for Solana projects. The third place you can catch Solana projects early is Solanium. If the name didn’t give it away, Solanium has a similar IDO process as Raydium, but the barriers to entry are a bit lower, at least for now.

🖼Solana NFTs🖼

You can buy and sell pieces from Solana’s most popular NFT collections on Any NFTs you buy there should automatically show up in your Phantom wallet in the collectibles tab. As it so happens, FTX recently released their own NFT marketplace which lets you buy, sell, and mint NFTs on both Solana and Ethereum. Although you won’t be able to withdraw any NFTs you purchase to your Phantom wallet for the time being, FTX’s documentation suggests this will soon be possible. Not only that, but you’ll even be able to deposit any Solana NFTs you bought elsewhere and put them up for sale on FTX’s NFT marketplace.

~~~~~ 📜 Disclaimer 📜

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.