Solana (SOL)

What is Solana?

Here are 5 key points about the Solana Blockchain:

• Solana uses the Proof of History (PoH) consensus mechanism that helps to create a historical record of when transactions occurred, significantly increasing the speed and efficiency of the network validation process.

• Solana is capable of processing over 50,000 transactions per second, making it one of the fastest blockchains in the industry.

• The fees on Solana are extremely low, often costing less than $0.01 per transaction, which is advantageous for both developers and users participating in the network.

• Supports high-growth and high-frequency applications without the need for layer two solutions or off-chain enhancements, offering substantial scalability natively within its layer one infrastructure.

• Solana's architecture achieves transaction finality in seconds, reducing the wait time for confirmations and enhancing the overall user experience.

tip

Learn more about Solana by reading the Gem Wallet Learn article:

What Is The Solana Blockchain?

Solana is Fully Supported by Gem Wallet

Gem Wallet provides a user-friendly interface for interacting with the Solana blockchain.

Gem Wallet can be used to:

• Buy Solana (SOL) with fiat using debit/credit cards.
• Store Solana (SOL) and SPL tokens securely. Private keys are encrypted, giving you full control over your assets.
• Send and Receive SOL and SPL tokens natively. Customize transactions fees based on your preference.
• Swap SOL to SPL tokens and vice versa.
• Stake SOL to earn more SOL.
• Swap Solana to another crypto via Cross-Chain Swap.
• Connect to Solana Dapps with WalletConnect.

What are SPL tokens on the Solana Blockchain?

SPL tokens is a token standard on the Solana blockchain with the following features:

• Similar to ERC-20 tokens on Ethereum, they facilitate the creation, exchange, and management of tokens within the Solana ecosystem.
• SPL tokens are designed to be easily integrated with various applications and services on Solana, promoting seamless interactions and transactions across different decentralized applications (dApps).
• The quick transaction processing times and minimal fees on Solana is also applicable to SPL tokens, enhancing usability and performance for token holders and developers.

tip

Learn more about SPL tokens from this Gem Wallet Learn article:

What Is SPL and What You Need to Know About Tokens on the Solana Blockchain

How to Receive Solana with Gem Wallet?

Here are some ways to acquire some Solana (SOL):

• Buy Solana (SOL) directly on the Gem Wallet app.

• Receive SOL with the unique Solana address on the Gem Wallet app.

How to Receive SPL Tokens with Gem Wallet?

• Your Solana (SOL) address in Gem Wallet also serves as the unified address for all your SPL tokens, simplifying management and transactions.
• As an example, after adding USDC-SPL to your Gem Wallet, tap "Receive" to see your USDC address, which is the same as your Solana address.

How to Send Solana with Gem Wallet?

Tap on Send, then input the Recipient Address manually or use the QR Code Scanner. Next, set the amount of Solana you want to send.

When sending Solana, ensure you have sufficient SOL in your wallet to cover the network fees. Adjust the Network Fee based on your desired transaction speed. Once ready, Confirm the transaction.

How to Send SPL Tokens with Gem Wallet?

Tap on Send, then input the Recipient Address manually or use the QR Code Scanner. Next, set the amount of USDC you want to send.

When sending SPL Tokens, ensure you have sufficient SOL in your wallet to cover the network fees. Adjust the Network Fee based on your desired transaction speed. Once ready, Confirm the transaction.

Transaction Fees on the Solana Blockchain

The fees on Solana are summarized as follows:

• Transaction fees on the Solana blockchain are notably low, typically costing less than $0.01 per transaction.
• Fees on Solana are used to compensate validators for the computational and bandwidth resources they expend to process transactions and run the network.
• Solana employs a fee-relay system that allows transaction fees to remain stable and predictable despite fluctuations in network activity.

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You can check the current priority fees on Solana by going to this site, Solana Priority Fee Tracker. Fees can be adjusted by tapping "Network Fee" and selecting your preferred option.

Can I Swap Solana and SPL tokens on Gem Wallet?

• You can seamlessly swap Solana for any cryptocurrency supported by cross-chain swaps, and vice versa, allowing flexible conversions between Solana and other compatible cryptocurrencies.

• Effortlessly swap Solana (SOL) for SPL tokens using integrated Decentralized Exchanges (DEXs) for fast, secure, and efficient transactions.

• Easily convert SPL tokens back to Solana (SOL).

Can I Stake Solana on Gem Wallet?

Yes, you can stake Solana (SOL) on Gem Wallet to earn rewards. Follow the Solana staking guides to delegate your SOL tokens to a validator.

note

You need to have SOL in your wallet to pay for network fees, also known as gas fees. These fees are required to process transactions on the Solana blockchain, including token swaps and staking, as each transaction consumes computational resources. Without SOL to cover these fees, the swap or stake transactions cannot be executed.

What is Solana Rent?

• Rent is a minimum SOL balance every account needs to stay alive (like a deposit for your storage box).
• When you transact, you can’t leave a tiny bit of SOL that’s less than this minimum—it’s either enough to keep the account open or zeroed out by closing it.
• This keeps the network clean and prevents "dust" from cluttering things up.
• The "rent-exempt minimum" SOL balance is currently set to 0.001 SOL.

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Learn more about Solana Rent.

How to Check Solana Balance?

Gem Wallet app connects to the Solana (SOL) blockchain to show the SOL balance on your wallet. Tap on the 3 dots at the upper right corner, then tap on View address on Solscan.

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Solscan is the default SOL explorer of Gem Wallet. You can manually check balances and transactions by going to Solscan and search for your SOL address.

Key Points for Managing Solana and SPL Tokens in Gem Wallet

• No limit on the amount of SOL or SPL tokens you can receive.
• Share your Solana address from Gem Wallet with the sender and verify its accuracy.
• Add SPL tokens to your wallet’s token list via "Manage Token List" using the Solana network filter.
• No receiving fees charged by Gem Wallet, but senders pay gas fees based on network activity.
• Sending and swapping require gas fees paid in SOL, varying by network activity.
• Always double-check the recipient’s address before sending.

Why Choose Gem Wallet for Solana?

• User-Friendly Interface: Gem Wallet’s intuitive design makes Solana (SOL) management effortless for all users, offering seamless navigation for sending, receiving, staking and swapping SPL tokens with ease.
• Enhanced Security: As a self-custodial wallet, Gem Wallet ensures full control over your Solana assets and private keys, reinforced by open-source code and biometric authentication for top-tier protection.
• Continuous Innovation: Regular updates deliver cutting-edge features and performance improvements, keeping Gem Wallet at the forefront of Solana management and DeFi integration.

Conclusion

Solana (SOL), a high-speed blockchain platform, enables fast, scalable, and cost-effective decentralized applications and financial solutions. With Gem Wallet’s robust support for Solana, users can effortlessly manage their SOL, engage in staking, and interact with a wide range of Web3 applications. Gem Wallet is your trusted gateway to thriving in the Solana ecosystem.