This week, the SOL crypto asset will be listed on Indodax. Open deposit will start on 10 November 2021 at 14:00 WIB and open trading will start on 11 November 2021 also at 14:00 WIB.
It’s no wonder that Indodax’s friends are waiting for Solana. The crypto asset that is being discussed in 2021 is really a hit! Touted as the Ethereum Killer, with significantly lower transaction fees and faster transaction speeds, can Solana touch the ranks of the most prestigious crypto assets?
Because it’s finally here, this time, Indodax Academy will share and you can read this article to get to know more about Solana (SOL).
What is Solana?
Solana is a highly functional open source project for providing decentralized finance (DeFi) solutions. While initial ideas and work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation headquartered in Geneva, Switzerland.
To evolve with increasing user expectations, Soldex created a third generation cryptocurrency exchange built on the Solana blockchain. Soldex aims to address common user issues with features for automated trading, faster transaction times, optimized user-friendliness and anonymity.
One possible catalyst for this crypto asset’s bullish momentum was funding from investors led by Andreessen Horowitz and Polychain in June. Solana raised $314 million, which will be used to advance his technology in the decentralized finance (DeFi) arena. Specifically, the investment takes the form of purchasing SOL coins rather than traditional equity shares.
Another major reason for Solana’s SOL price spike is the announcement of the fourth hackathon event scheduled for October 8. The hackathon is targeted at developers whose projects are entered into competitions for a chance to win cash prizes and seed funding opportunities. This is considered a positive step for Solana, as it can help achieve wider adoption of the technology.
This year, non-fungible tokens (NFT) have become very popular as artists, investors, collectors, traders, and celebrities have started dabbling in this blockchain-based movement. The majority of NFTs are still transacted on the Ethereum network. However, Solana is slowly trying to gain share in this nascent market.
A new NFT project called Degenerate Ape Academy served as a test of its scalability as the entire collection of 10,000 apes sold out in just eight minutes. This caused the SOL price to jump to $53.70 on August 15, from trading at $44.11 the day before.
Solana NFT Market Solanart, which tracks sales of NFT collections, shows that NFT Ape Degenerate Academy is the dominant force in Solana’s NFT sales. The collection has amassed a volume of 765,000 SOL tokens, which is about $122 million at current prices.
Given this, those who once enjoyed transacting on the Ethereum network may be tempted to change sides altogether. Nathan Ross, former head of marketing for dating app Hinge, tweeted about how Solana is a better fit for NFT because it’s faster, cheaper and easier than Ethereum.
Then, there’s also integration with FTX, with the popular crypto derivatives platform launching its own NFT marketplace on September 6.
Who Founded Solana?
Solana is a layer one blockchain network that can implement smart contracts. Founded in 2017 by Anatoly Yakovenko, former Qualcomm senior staff engineer manager, Solana is considered a solution to Bitcoin and Ethereum scaling problems. Two years after its founding, Solana was able to raise $20 million in a Series A funding round led by Multicoin Capital.
While Bitcoin (BTC) is widely accepted as a peer-to-peer form of money, Ethereum, on the other hand, is a platform to transform almost anything peer-to-peer. Solana is in the same league as Ethereum, with smart contract capabilities and layer one infrastructure, but it brings a few other propositions.
Each Solana validator maintains its own “clock” that verifies the order of events and the time-travel hash. Therefore, it creates a sequence of hashes which are all achieved through a verifiable delay function. Yakovenko described it in 2018 as “a way to encode time as data.”
In other words, Solana can process transactions as they arrive as opposed to waiting for blocks to fill, which can be a lengthy process. This allows Solana to be more scalable, processing more transactions than some other blockchains.
SOL Crypto Assets
CoinMarketCap’s current rating is #4, with an immediate market cap of $74,689,818,971 USD and has an outstanding supply of 302,649,365 SOL and max. supply is not available.
How to Buy SOL Crypto Assets on Indodax
For those of you who want to buy SOL crypto assets, you can buy them on Indodax starting 11 November 2021 at 14:00 WIB. Here’s how to buy it:
- For those of you who are not yet a member, you can click the link here
- After that, make a deposit. For those of you who are confused about how to deposit, click on this link
- After your deposit and balance come in, you can return to the market
- Look for SOL in the Rupiah market then click
- After logging in, you just have to buy by filling in the balance and at what price you want to buy SOL. You can also buy it instantly or directly at the current price
- After that, you need to patiently wait for the price to increase for some time
- After the price increases, you can sell it at a higher price with the instant method
- If you sell with the limit method, you can place an order after buying. Make sure you enter a higher number when selling.