11/6/2023 0 Comments Does binance support solanaSolana project mainly focuses on making decentralized finance (DeFi) accessible on a larger scale. This project was launched in March 2020 by the Solana foundation. Solana is a permission-less, open source blockchain that is designed to provide DeFi (Decentralized Finance) solutions. This is what we’ll be covering in this beginners guide.īefore we see how to setup SPL token wallet and use the Solana blockchain here is a quick introduction to Solana. To access those platforms and to use SPL tokens (A token standard on Solana) you need a SPL token wallet. Similarly there are many DEX and DeFi platforms popping up on the Solana blockchain as well. Know how to connect MetaMask wallet to BSC. Other than these there are many BEP20 tokens on the rise and to use them you need to connect your wallet to the Binance smart chain. Pancake Swap (CAKE) (DEX) and Venus (lending platform) on BSC are some good examples. They are designed to give users an option to use DeFi with lower fees and transact instantly.Įthereum gas fees is one main reason why DeFi users moved from Ethereum to other blockchains. These platforms help educate more people about DeFi as users don’t have to spend a fortune on fees to learn. Thankfully platforms like Binance smart chain (BSC) and Solana (SOL) are providing cheap on chain transactions. Solana (SOL)?ĮTH-based DeFi platforms such as Uniswap ( UNI) (a decentralized exchange DEX) and Sushi Swap (SUSHI) has become expensive for beginners and small budget users. This wallet allows you to send, receive SOL and interact with SPL tokens (SOL based tokens) on the Solana blockchain. The following guide explains how to setup and use Solana wallet (sollet.io) designed specifically for Solana ecosystem.
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