Solana (SOL)
What is Solana?
Here are five key points about the Solana blockchain:
Solana uses Proof of History (PoH), a unique mechanism that timestamps transactions, enabling fast and efficient validation.
The network can process more than 50,000 transactions per second, making it one of the fastest blockchains in use today.
Transaction costs are extremely low - typically under $0.01 - which is ideal for both developers and users.
Solana supports scalable, high-frequency applications directly on layer one, without requiring extra scaling solutions.
Transactions reach finality within seconds, ensuring fast confirmation and a smooth user experience.
Tip: Learn more by reading our article: What is the Solana blockchain?
Solana support in Wraith Wallet
Wraith Wallet provides full integration with Solana. You can:
Buy Solana (SOL) with debit or credit cards.
Store SOL and SPL tokens securely, with self-custody of your private keys.
Send and receive SOL and SPL tokens with adjustable fees.
Swap SOL to SPL tokens (and back).
Stake SOL directly in the app.
Swap SOL with other cryptocurrencies via cross-chain swaps.
Connect to Solana dApps with WalletConnect.
What are SPL tokens?
SPL tokens are Solana’s token standard, similar to ERC20 on Ethereum.
They can represent stablecoins, memecoins, or other assets on Solana.
Your Solana address also serves as your SPL token address, making management simple.
Low fees and fast transactions apply to SPL tokens as well.
Tip: Learn more by reading our article: What is SPL and what you need to know about tokens on the Solana blockchain.
Getting Solana
Buy SOL directly in Wraith Wallet.
Receive SOL with your unique Solana address in the app.
For SPL tokens:
Add them via Manage token list.
Tap Receive to display your Solana address (the same for all SPL tokens).
Sending Solana and SPL tokens
Tap Send and enter the recipient’s address or scan a QR code.
Set the amount of SOL or token to send.
Adjust the network fee based on speed preference.
Confirm the transaction.
Note: When sending SPL tokens, you must have a small amount of SOL to cover fees.
Solana transaction fees
Fees are very low, generally under $0.01 per transaction.
Fees are used to compensate validators and maintain network efficiency.
Solana fees remain predictable even under heavy network activity.
Tip: Track current Solana fees on the Solana Priority Fee Tracker.
Staking Solana in Wraith Wallet
You can stake SOL to earn rewards by delegating to a validator directly within the app.
Note: A small amount of SOL is required to cover staking transactions.
What is Solana rent?
Each Solana account must hold a minimum balance (rent-exempt minimum) to stay active.
This is like a refundable deposit that prevents accounts with dust balances from cluttering the network.
The current minimum is around 0.001 SOL.
If you close the account, you can reclaim this deposit.
Checking your SOL balance
Wraith Wallet connects directly to the Solana blockchain.
Tap the three dots in your SOL wallet.
Select View address on Solscan to see balances and transactions.
Solscan is the default Solana explorer in Wraith Wallet.
Why use Wraith Wallet for Solana?
Speed and scale: Manage SOL and SPL tokens with near-instant confirmation.
Low-cost: Take advantage of Solana’s ultra-low fees.
Full control: Self-custody of your assets with open-source security.
Staking built-in: Earn SOL rewards with validator delegation.
DeFi-ready: Easily connect to dApps through WalletConnect.
Conclusion
Solana (SOL) is a high-speed blockchain with low fees and unmatched scalability. With Wraith Wallet, you can manage SOL and SPL tokens, stake, and connect to dApps seamlessly - all in one secure app.
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