The Best Solana (SOL) Wallets

The virtual market is developing so fast that day by day there are new projects whose developers confidently declare that they are cooler, faster, and more profitable than anything that has emerged before. And these projects are no longer competing with the old-fashioned Bitcoin, which has been conceived as “anonymous money without intermediaries”. They cross swords with next-level cryptocurrency platforms like Ethereum. Solana is a direct competitor to Ethereum, and one of the fastest crypto coins these days.

Solana Overview

Solana is a platform for Defi solutions with support for smart contracts and decentralized applications. Solana emerged in 2017 and then was launched in 2020. 

Features of Solana cryptocurrency are the following:

• Transaction processing speed. The declared velocity is 50 thousand transactions per second (TPS) with the possibility of increasing it to 700 thousand. For comparison, Ethereum has a speed of less than 15 TPS, while Visa processes about 65 TPS. Bitcoin network handles 3-7 TPS. 

• The commission within the network is 0.000005 SOL or 0.0045 USD. In contrast, the commission in the ETH network is floating and amounts to more than 10-20 USD per transaction.
• Issuance. Theoretically, the quantity of coins is limited to 1 billion, as stated by a number of sources. But in fact, there are 355 million coins in circulation so far out of 511 million ones. Solana supports coin mining by stacking, which is inherent to the PoS consensus algorithm.
• The number of validators is 1,432 (which is increasing all the time). Validators are the nodes in the blockchain that make the network work. The more they are available, the higher is interest in the network.
• Rust is Solana’s blockchain-based application development language. It is one of the most sought-after programming languages, comparable to C/C++ in speed and capabilities.

It is also important that Solana is a one-tier system, i.e. all operations (transactions, smart contracts, and so on) are performed on the same blockchain layer. Not all modern cryptocurrencies are structured that way.

SOL is the project`s native blockchain asset launched for the following purposes:

• Stacking, which allows its holders to earn rewards for supporting and securing the network;
• Fee Payment for executing operations and interacting with smart contracts;
• Governance of the protocol with votes.

How does Solana wallet work?

A wallet that works with this cryptocurrency may come in handy for you. Solana’s high throughput and low fees make it ideal for traders to accept payments in stablecoins, as well as for gaming projects, decentralized funding pools, and NFT token trading spots.

The Best Wallet for Solana (SOL) in 2022

Below we present our list of the popular Solana wallets for further consideration. 

Solflare

This is storage from the Sunrise Finance team, which has created the Solana cryptocurrency. That’s why it is utmostly adapted for SOL coin. The developers tried to create a product with a simple and clear interface, while maintaining the ability to fasten the wallet with Solana dApps, introducing transaction modeling to track balance changes at a new level, stacking, half-price NFT functionality with a gallery to view tokens, etc.

This wallet functions for Android and iOS and has both SOL cryptocurrency and SPL (an alternative coin from Solana developers that performs other functions) available. A fully functional NFT gallery is built into the program, allowing you to see exactly what the token is tied to. You can do anything with NFT like trading, sending, and accepting. It demonstrates the extreme security because all the keys to access the account are stored on the user’s phone, not on the developer’s servers. Additionally, you can protect your account not only with a standard password but also with biometric data.

Atomic Wallet

Atomic Wallet gives users full control over their digital assets. Clients keep on their side private keys, passwords and data on performed transactions. The wallet has the next features:

• Multicurrency. Exceeding 300 coins and tokens.
• Cross-platform. Storage application is available on PCs and smartphones. It is considered the best Solana pc wallet.
• Anonymity. The creators adhere to the basic principles of decentralization, and do not collect or store customers` data.
• Additional features. Users can buy cryptocurrency with fiat through the built-in gateway, instantly interchange assets in the account, earn in stacking and receive cashback from transactions.

Exodus Wallet

Exodus is one of the SOL wallets with multicurrency capability. Owners are offered to make an exchange directly in the app. This wallet is available for Android and iOS. The software does not require downloading blockchains of all supported networks, as it is a “thin” type of storage. This is another advantage. Other advantages include:

• Trading function.
• Reflection of cryptocurrency rates in fiat equivalent.
• Lack of registration and verification.
• Offloading of private keys.
• Round the clock support service.
• Backup with a mnemonic phrase.
• Local storage of private keys on the client’s device.

At the same time, the creators have closed the source code of the software. This raises concerns for the owners. 

Ledger Wallet

Ledger cryptocurrency wallet is the best Solana wallet. It is a physical device, which is considered the most reliable, convenient, and popular among miners. Such a wallet has special software installed, which protects cryptocurrencies from viruses, and hacking, and during operations, a pin-code is requested. Private keys in such a device are generated locally and are not transmitted anywhere, which again protects against interference by unauthorized persons. Ledger supports a huge number of different cryptocurrencies, and guarantees maximum security, has applications for smartphones and PCs. These wallets can be joined via Bluetooth and USB. You can quickly just transfer cryptocurrency, check balances, receive coins, as well as use them in real life (to pay for services, and goods via mobile application).

The first batch of Ledger physical wallets was released back in 2014. In all subsequent years, the manufacturer has sold over a million devices and there have been no serious complaints about them. Two models Nano S and Nano X are produced.

Phantom

Phantom is considered by many as the best wallet for Solana. It is a simple and convenient non-custodial web storage with Web3 support and Ledger hardware wallet integration as a browser extension. Phantom offers storage, transfers, stacking and exchange of SOL using a built-in exchange.

Besides SOL, Phantom supports USD Coin tokens (USDC), and non-exchangeable tokens (Collectibles, aka NFTs). The platform works in Chrome, Firefox, Edge, and Brave.

Сonclusion 

We have listed the top Solana wallets. The decision on the best SOL wallet should first and foremost be based on expediency. But most often people use several storages at once, separating them according to their purpose. 

If you have really big stocks of crypto, then the Ledger hardware wallets are preferable for long-term storage. So, specifically for SOL, the subsequent versions will be suitable: Nano S, Nano X, and Nano S Plus. If you have a small amount of SOL coins, then playing with the purchase of Ledger will not be worth the candle, because the сost of the hardware storage is pricey.

It’s recommended to install Phantom on the cell phone because it has many useful features and it is considered the best Solana mobile wallet. These days only an iOS mobile version is available, in the foreseeable future there will be a version for Android. Moreover, there is an extension for the browser and Web version, allowing access to assets from any device, and the level of security provides for safe operations even in large amounts. 

FAQ

Does Solana have a wallet?

Vast majority of SOL wallets are either a web version or a mobile app. For example, the Solana platform’s own Phantom wallet is such an application. Phantom is available on Android and iOS, and as an extension to Chrome. Although mobile apps and browser extensions have obvious disadvantages (they’re not the most secure and can be hacked), Phantom has a lot of fans. Its audience has already exceeded 1 million people.

Does Solana use proof of stake?

The speed of the platform is due to a large number of innovative solutions. These are not the least related to cryptocurrency mining. While most cryptocurrencies use either PoW or PoS, the upgraded Solana applies PoS – PoH. Let’s say that Solana uses a refined PoS because stacking is available. PoS with added PoH (Proof-of-History) is unprecedented and the first of its kind: very roughly speaking, just the time of transaction works to confirm it.

Is Solana (SOL) safe and legit?

In August 2022, a severe security breach was discovered in the Solana ecosystem: users reported that their funds were withdrawn without their knowledge from a whole list of Solana-based hot wallets, including Phantom, Slope, and Trust Wallet. The current Solana security incident shows that crypto investors need to be vigilant in protecting their assets. Optimistic experts are confident that the developers will overcome the described problems and that the level of trust in Solana will be completely restored.

Is Solana a good investment?

It is difficult not to notice a strong decline in the SOL value in 2022. But a hefty dose of experts is confident that the project will gradually return to its previous level of popularity. 

Guarantees of protection against hacking are also of great importance. In August 2022, 7.7 thousand wallets on the Solana blockchain were hacked, and users’ losses exceeded $8 million. The investigation into the incident is ongoing. Failures and weaknesses in the protection will be eliminated, as the developers focused maximum attention on the problem areas of the project.  As a result, despite the problems, many cryptocurrency experts consider Solana a promising project. 

At the same time, Solana’s cost of gas is stable and tangibly lower than that of Ethereum, and the speed of transactions is significantly higher. 

Investing in Solana you invest in the future demand for fully decentralized systems that can support complex, high-value transactions, high throughput, and rapid completion.

What is the best Solana Marketplace to choose now?

Currently, Solana is one of the top 10 most capitalized cryptocurrencies. SOL coins can be purchased on most major cryptocurrency exchanges. The best exchange for buying cryptocurrency is different for everyone: someone prefers a user-friendly interface, others are attracted by additional ways to work with cryptocurrency, and the third ones want responsive technical support and minimum interest. 

Godex.io is a cryptocurrency exchange service that works according to the following principle: the required amount of cryptocurrency is entered into one field, the system calculates the amount of payment, and then the transaction is made. Buying cryptocurrency in this way is beneficial for those who want to make a quick, anonymous transaction at an acceptable, fixed rate without upper and lower limits. Due to the fact that there are a large number of exchanges in the network, you can choose the appropriate rate and exchange option yourself. But this method has a disadvantage because the system takes a percentage of the transaction, at the same time, Godex.io has a huge advantage over its competitors, as it charges a minimal commission.

How do I know if Solana is worth buying?

Most experts recommend buying coins when the next decline in the cryptocurrency market begins. For now, in their opinion, Solana cryptocurrency will be frozen at the current level due to the low amplitude of quotations.

Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.