Recently, the total value locked on the Solana blockchain surpassed $2 billion, and with the SOL token hitting $100 at time of writing, there is growing interest in this blockchain that launched its mainnet only one year ago.
However, to start on Solana, one needs a wallet.
A crypto wallet is a device or application that stores a collection of keys and can be used to send, receive, and track ownership of cryptocurrencies.
A wallet might be a directory or file in your computer’s file system, a piece of paper, or a specialized device called a hardware wallet.
For the majority of users, it is recommended to use app wallets or browser-based web wallets, which will provide a more familiar user experience.
A wallet comes with a public key, which is known as the wallet’s receiving address, and senders use this address to send crypto to your wallet.
The wallet also comes with a private key, which a wallet owner uses to access their wallet and make transactions.
Solana Supported Web Wallets:
Solana Supported App Wallets:
Here are the steps to set up a wallet with Sollet, which is a common and user-friendly service for new Solana users:
Note: This is your SOL receiving address. Only send SOL to this address and not any SPL tokens. Unlike ERC-20 which you can send to your ETH address, you’ll need to add each SPL token separately and each token will create a unique deposit address. Only use that specific address for that particular token
To add SPL tokens, you will need the cryptocurrency SOL to pay for the transactions of adding SPL tokens. You can purchase SOL from exchanges such as Binance and FTX.
To add SPL tokens, click the plus icon on your Sollet wallet to add tokens
A popup screen will open which will contain three options:
Once you are sure about the token, you can proceed to add it to your wallet.
Adding each token costs 0.002039 SOL
Apart from SPL tokens, users can also add ERC-20 tokens, and even custom tokens.