Instant transactions, unprecedented low fees, Solana is attracting investors' cash flow. Do you already have a Sollet wallet to store coins on the Solana blockchain?
In this article, I will show you how to create a wallet and recharge Sollet wallet for newbies. Let's start!
What is Sollet Wallet?
Sollet.io is the open source wallet of the Solana blockchain.
This is a wallet used to store Solana (SOL) and SPL tokens built on this blockchain such as Raydium (RAY) or Serum (SRM)…
Instructions to create Sollet wallet
First you go to the website solet.io then select the network https://solana-api.projectserum.com. If anyone wants to try testnet, choose testnet.solana.com.
You write down 24 seed words in the Seed Words box and keep it carefully. You will later use these 24 seed words to restore the wallet.
Then you tick the box I have saved these words in a safe place then press [Continue] to continue.
Note: If you already have a Sollet wallet, click [Restore existing wallet] at the bottom. Then you enter 24 seed words to restore the existing wallet.
Next you can set a password for Sollet wallet but it is not required. If you forget your password, you can choose to recover your wallet using the 24 seed words above.
Then you press the [CREATE WALLET] button and you're done.
Then here is a difference compared to other blockchains such as Ethereum or Binance Smart Chain.
In BSC, you only need to send BEP-20 tokens to Smart Chain address to receive.
But here SOL wallet only contains SOL, not SPL tokens built on Solana such as SRM, RAY, OXY...
To store these tokens you must create a secondary wallet for it.
For example, if I want to store RAY, I have to create a sub-wallet called RAY and then send RAY to this wallet, not to the parent wallet, which is SOL.
Every time you create a child wallet, you have to pay a little fee in SOL, so before creating a child wallet, please transfer some SOL to the Sollet wallet.
Although transaction fees on the Solana network are very low, it is impossible without SOL!
Transfer SOL to Sollet wallet
On the main screen of the Sollet.io wallet, click the drop-down arrow next to the SOL balance. Then select [RECEIVE]:
Then you select the network as SOL => click the copy button to copy the address of SOL. You can also click on the QR Code image next to it to scan the QR code if you want.
Then you go to Binance or FTX and send SOL to this address. Fees are zero and transactions are instant.
After checking that SOL has entered the Sollet wallet, start creating the sub-wallet you want.
Create a secondary wallet on Sollet
Here I will create a sub-wallet called RAY. This will cost approximately 0.002039 SOL fees.
First at the main screen of Sollet wallet, click on the (+) button at the top:
Then you select the POPULAR TOKENS tab and then find the token you want to create a wallet => click [ADD] next to the token name.
Wait a moment and you will see the RAY token appear on the Sollet wallet. Similarly, click on the drop-down arrow next to the balance to see the address of the wallet.
So I just went through what Sollet wallet is and some operations on Sollet.io wallet for newbies.
Leave a Reply