How to Buy Solana - Comparewise

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How to Buy Solana

As cryptocurrencies become more mainstream, investors are looking beyond bitcoin and ether to get in on the action. These two coins still command the lion’s share of the $1.7-trillion global crypto market (all figures in U.S. dollars), but as they increasingly move in sync with stock markets, some investors are buying altcoins to diversify their holdings.

One of the beneficiaries of this trend is SOL, the native coin of the Solana blockchain. It is currently the ninth-largest crypto, with a market cap of about $28 billion, as of March 21, 2022, per CoinMarketCap. SOL traded at over $175 at the start of January, but fell to about $81 by March 15, 2022, amid a broader market decline. At the time of writing, there were about 320 million SOL tokens in circulation.

If you’re looking to expand your crypto exposure or add coins that are less sensitive to news headlines, SOL merits a closer look—here’s what you need to know and where to buy it.

What is Solana?

Solana was co-founded by Anatoly Yakovenko, Greg Fitzgerald and Stephen Akridge, all former employees of U.S. chipmaker Qualcomm. Solana Labs is the company that runs the Solana blockchain. Launched in March 2020, Solana is a high-performance, open-source blockchain platform designed to support smart contracts and the creation of decentralized applications (dApps). For that reason, Solana is considered one of the strongest challengers to Ethereum, a much bigger rival with similar capabilities.

Solana runs on a hybrid protocol of proof-of-stake (PoS) and proof-of-history (PoH), a proof for verifying order and passage of time between events. Due to this unique protocol design, Solana can handle up to 50,000 transactions per second, compared to 15 to 30 transactions for Ethereum. (Ethereum is currently transitioning from its proof-of-work (PoW) consensus protocol to a more energy-efficient proof-of-stake (PoS) mechanism.)

Lower fees and faster transactions are sticky features that encourage users to stay within the Solana ecosystem, especially for their decentralized finance (DeFi) apps and non-fungible token (NFT) purchases, says Michael Zagari, an investment advisor with Mandeville Private Client and Zagari+Simpson.

“When it comes to gaming, finance and NFTs, having transactions processed quickly, at low fees, and an easy-to-use platform to build on top of make for a better user experience and help scale decentralized applications,” he says, adding that Solana seems to be attracting developers faster than ethereum did at the same stage of its growth cycle.

Solana’s ecosystem comprises a suite of technologies that work synergistically, including decentralized apps, DeFi projects, NFT marketplaces and lending protocols, which are built on Solana’s open infrastructure. The more users a dApp attracts, the greater its network effect and value. In the case of Solana, “the higher the demand for dApps built on its network, the stronger the demand for SOL, its native coin,” Zagari says.

Buying SOL with Canadian dollars

SOL is one of the many cryptocurrencies available on CoinSmart* (ticker symbol SMRT), where you can pay in Canadian dollars. It was the first fully regulated crypto platform in Canada and also one of only two with marketplace registration status.

CoinSmart allows you to access your funds the same day you make a deposit. The platform is secure, and it offers a transparent fee structure. Customer support is available 24/7, and seasoned investors will appreciate the Advanced Trading Tools. CoinSmart also has a referral program. Once your account has been verified, you can share your unique referral link. When new users make a deposit, you’ll get CAD$15 in bitcoin, and so will they.

Bottom line

From NFTs to DeFi and the metaverse, Solana offers many plays. However, investors should carefully consider their objectives and risk tolerance, and weigh the perils against any potential payouts. Cryptocurrencies can offer windfall-like gains, but they’re also prone to extreme volatility.

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Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

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May 6, 2022
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