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What is Solana?
Founded in 2017 as an open-source project, Solana is a Layer-1 blockchain platform designed with the objective of hosting decentralized, scalable applications. San Francisco-based Solana Labs built the blockchain and is currently handled by the Solana Foundation based in Geneva. SOL, the crypto that runs on the Solana blockchain, depicted by the ticker symbol SOL- soared as high as 12,000% in 2021. It has a market capitalization of over $11 billion and ranks 9th in the list of largest cryptos.
Solana is a Proof-of-Stake (PoS) blockchain that uses another consensus mechanism called Proof-of-History (PoH) in combination with PoS. The PoH consensus is proof for verifying order and passage of time between instances. It also encodes a trustless passage of time into a ledger.
PoS allows validators to verify the transactions considering how many tokens or coins they hold and stake, while PoH facilitates the timestamping and quick verification of those transactions.
Solana’s architecture aims to show that a set of such software algorithms exists, which, when used in a combination to implement blockchains, obliterates software as a hindrance to performance, enabling transactions throughout to measure in proportion with network bandwidth.
Why buy Solana?
Crypto enthusiasts count Solana as Ethereum’s biggest rival. Solana can process up to 50,000 transactions per second and charges substantially lower transaction fees than many rival blockchains. It displays a theoretical upper limit of 710,000 TPS on a standard gigabit(GB) network and 28.4 million TPS on a 40 GB network. Solana’s architecture ticks all three boxes of desirable attributes in a blockchain. It is scalable, secure, and decentralized.
Solana’s market cap amounts to more than double the value of Terra and Avalanche. As of the date of writing this article, 1 Solana in INR amounts to ₹3,950. Great activity has been witnessed in Solana’s on-chain data and derivatives market. Its TVL peaked in November 2021 and reached an all-time high of $15 billion. Since then, it has been on a steady decline but still has managed to be one of the best-performing crypto projects in 2022.
Solana has also gained market share with Solanart, its own NFT marketplace, which runs on the network. Solana’s minimum fees and high transaction speed play out as one of the biggest advantages for NFT enthusiasts.
Buying Solana (SOL) in India in 5 Easy Steps
Below are a few simple steps you can follow and buy the SOL token in India with WazirX, India’s most trusted and widely used crypto exchange.
The best way to buy SOL tokens is by depositing INR in your WazirX wallet. Alternatively, you can also buy SOL using P2P trade; to get answers to all your queries related to the P2P trade, click here!
Step 1 – Sign-Up on the WazirX platform
To begin buying and selling SOL, you are required to create an account on the WazirX platform by signing up. Also, you can directly login if you have an account already on the platform.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.
Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX wallet.
To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”
You can deposit INR using any mode (NEFT/ RTGS/ IMPS).
You can also buy SOL through P2P to the WazirX wallet. The SOL will act as funds to help you buy your favorite Cryptos.
Step 5 – Finally, buy SOL on WazirX.
After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total INR amount to be paid.
Your order will be placed according to the price you have input. And, in the case of P2P trade, a seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the SOL Tokens you purchased in your WazirX wallet.
Buy Solana using USDT on WazirX
To buy USDT, you can use the WazirX P2P route. This is fast, secure, and free. Follow these simple steps to buy USDT and then your Solana crypto:
- Log in to your WazirX account on the web/mobile app and select “P2P” from the “exchange” option.
- Next, click on the ‘Convert INR into USDT’ option.
- Add the INR price at which you want to purchase USDT. Next, add the number of USDT tokens you want to purchase and click on “BUY.” Here, the minimum purchase should be 14.5 USDT.
Once you click on the buy button, WazirX will match you with sellers. However, if you wish to purchase the USDT from a specific seller, you can add the XID of that person and complete the transaction.
- You need to select a preferred mode of payment next. UPI and IMPS mode are the two options available. Please note that IMPS linking is mandatory on the WazirX platform; however, UPI linking is optional.
- Once you confirm and click on the message “YES, I WILL PAY’, you will get 60 additional minutes to complete your payment. In case of non-payment, a minimum penalty of 10 USDT or 1.2% of trade will be levied once confirmed. False confirmations can also cause your account to get locked.
- Complete the payment as per the payment details on the screen (seller’s bank/UPI details). Once the payment is complete, upload the payment proof and click on the checkbox “I HAVE PAID”.
Once the seller confirms the receipt of payment, your order will be marked complete, and the USDT purchase will be reflected in your “funds”.
- Now you can use this newly acquired USDT balance to purchase Solana crypto on WazirX exchange. Go to the “exchange” option on the web/mobile app and select Solana crypto from the list of the tokens available in the USDT market. All price charts, order book data, and an order input form are visible on the right side of the screen.
Fill out the buy order form and click on Buy Solana. Wait for some time. It will only be a short while before your order is executed. Once it’s done, you will receive the Solana coins you purchased in your WazirX wallet.
Learn how to buy crypto safely and securely via WazirX P2P:
What is the future of Solana?
The Solana network is immensely popular, with numerous NFT and Defi projects being built on it. If the Solana platform continues to advance at the current pace, especially with the onset of web3, its price can hit the $260.06 mark. The Solana price prediction in INR indicates a price of 20,165 INR, making it reach its all-time high.
According to a crypto forecast portal, the Solana price in India might trade at around 21,773 INR ($280.80) by the end of 2022. Coin Price Forecast sees SOL prices skyrocketing to $676 by the end of 2023, which amounts to Solana’s price in India at around 52,417 INR!
Considering Solana’s current price, the technical indicators predict a bullish scenario for Solana. Along with the recent developments in decentralized finance, yield aggregators, online games, and NFT marketplaces, the Solana market has set a higher benchmark for its prices. The price predictions for the coming years reflect a positive sentiment.
Crypto analysts have identified a few factors contributing to Solana's falling price. Firstly, the Crypto market has experienced a downturn over the past few months, impacting Solana majorly. Secondly, Solana has faced tough competition from newer and more innovative blockchain projects, attracting attention and investment away from Solana.
Solana is a promising investment due to its fast transaction speeds and low fees. It has attracted the attention of prominent investors and institutions, and its value has increased significantly in recent months.
Solana has established itself as a strong player in the NFT market, with strong fundamentals indicated by user base, network stability, and transaction activity. Despite the FTX market meltdown, Solana's performance in the NFT space remained stable. The launch of Solana Mobile, which is the world's first crypto phone, is a crucial project to watch out for, as it represents Solana's entry into the world of Web3. Solana has made significant efforts to reassure its developers that the network is not going away, and its ecosystem is vibrant. Its benefits however can be reaped by long term investors