At CryptoLocally, we are excited to announce that Solana (SOL) — the ultra-fast and censorship-resistant blockchain is now available to trade P2P on our fully decentralised platform. We continue to strive for our mission to offer the largest selection of P2P trading in crypto with a seamless trading experience for our users. Of course, this is one of many listings that will come in 2021.
What is SOL?
Solana is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.
What makes SOL unique when compared to others?
Bitcoin is a first-generation cryptocurrency that operates on a proof of work model. This model requires extensive computing power in order for blocks to be confirmed. Over the years the amount of electricity required to make this block confirmation has increased greatly and also the computing power as well, making mining somewhat difficult and also nearly impossible for your everyday kind of guy to operate.
SOL operates a proof of history (POH) network which allows block confirmation to be as easy as possible, fees paid are near to zero and can be compared to the likes of TRX, EOS, and others. It creates easy scalability of assets and allows for easy building of DApps (Decentralised Applications).
The Solana team hails from some of the best tech industries around the world and coming together, they were able to create a futuristic project which would aid in the onboarding of new developers to the crypto space by providing tools needed to help create DApps the easy way.
Why add SOL on CryptoLocally?
CryptoLocally aims to be the best way to trade SOL P2P in a safe and decentralised way. In addition to providing industry-leading security, CryptoLocally has a wide array of +40 payment methods users can buy or sell SOL with, without the need to deposit SOL on CryptoLocally and by being entirely protected by our revolutionary escrow system until the end of the transaction.
With a total supply of 488.63 million SOL, SOL operates on a POH (proof of history) network that creates a fast, scalable interface that beats pre-existing blockchain with regards to fees paid for a single transaction and time used for transaction confirmation, creating the somewhat perfect network for all and everyone to operate on.
Solana is actively collaborating with the likes of Chainlink, Audius, FTX, etc. The tech giants in the industry are leveraging Solana for DeFi, Web3, and blockchain gaming, and it has already attracted over 100 projects. With parallel smart contracts runtime and promising partnerships, SOL is carving out a formidable niche for itself.
With an all-time low of $0.54, SOL has come a long way from being vulnerable to general market instability. SOL has beaten all odds and is currently trading at a price of $8.03 as of the time of writing this article.
How to trade SOL on CryptoLocally?
Trading SOL on the CryptoLocally platform is simple. If you are a returning user, you just need to change the currency to SOL on our fast, easy-to-use P2P platform. New users can start trading on our platform by simply registering with their email address and phone number.
You do not have to go through the trouble of buying BTC or ETH before getting SOL anymore. You can directly do SOL-Fiat trades, which means low transaction fees and a faster way to get or cash out SOL. We provide a wide range of fiat payment options such as bank transfers, local cash transactions, cash deposits, PayPal, Mobile Money, Cash App, TransferWise, and many more to provide you the safest and easiest way to trade SOL at low cost.
Like all cryptos available on CryptoLocally, SOL transactions between users are protected by a unique escrow service until the end of each trade. All SOL traders can enjoy the same level of convenience, security, and privacy provided by CryptoLocally. For new users, no prior experience is required and all they have to do is to follow the simple instructions on how to create an offer and how to trade SOL on CryptoLocally by reading our guide.