How to Buy Solana: Buy SOL in Nigeria in 3 Simple Steps 

Solana is a fast, low-cost blockchain platform with its native cryptocurrency, SOL. Solana is known for its high transaction speed of over 2,400 transactions per second. With a market cap of $112.56 Billion, SOL is one of the top 5 largest cryptocurrencies by market capitalization. 

Many prefer Solana over other options like Ethereum due to its speed, scalability, and low transaction fees. In this guide, we’ll walk you through how to buy Solana and explore some of its distinguishing features. 

What is Solana?

Solana is a blockchain platform and cryptocurrency that allows users to build and create decentralized applications. Founded in 2020 by Anatoly Yakovenko and the Solana team, Solana has become popular with users who want to send and receive crypto quickly and affordably. Unlike other blockchains, Solana can handle thousands of transactions per second, leading to faster processing times and lower fees. The Solana Foundation, based in the U.S., oversees the project, and developers can create scalable applications without running into performance delays or limitations. 

Solana as a Blockchain Network

Solana is one of the fastest blockchain networks available. It uses a combination of Proof of Stake (PoS) and Proof of History (PoH) to process transactions efficiently. With PoS, transactions are verified based on how many coins a user holds, while PoH timestamps and records events, verifying the passage of time between them. This unique system allows Solana to handle thousands of transactions per second, far surpassing Ethereum’s capacity, which struggles to process more than 15 transactions per second.

Solana as Cryptocurrency

The Solana blockchain is powered by its native cryptocurrency, SOL. Users use SOL to pay for transaction fees, stake for network security, and participate in governing the blockchain. With its fast transaction speeds and low fees, SOL has become one of the most popular cryptocurrencies and currently ranks as the 5th largest cryptocurrency by market cap. 

Solana Stats

Market Cap	$103.47 Billion
Circulating Supply	$476.1 Million
Max Supply	—
24h Trading Volume	$9.78 Billion

How to Buy Solana

You can buy Solana through a crypto wallet of your choice. Solana is available in both hot and cold wallets, as well as custodial and non-custodial wallets. To buy Solana, it’s preferable to use a hot wallet like Mular because hot wallets offer easy access to your funds and enable faster transactions compared to cold wallets. Here’s how to buy Solana:

1. Create an Account

Start by creating and verifying your Mular account if you don’t already have one. Download the Mular app from the Play Store or App Store, then enter your name, email address, and preferred password. Complete your KYC (Know Your Customer) process to verify your account.

2. Fund Your Account

Once your account is set up, select the “Fund” option from your dashboard. A window will pop up with different funding methods. Choose “Fund using Bank Transfer.” Enter the amount you wish to deposit in your Mular wallet, then copy the provided bank account number and transfer the desired amount. Your Mular wallet will be credited with the Naira equivalent.

3. Buy Solana

To buy Solana, you’ll first need to swap your Naira for USD Tether. Once you have USDT in your wallet, select the “Swap” option on the dashboard. Enter the amount of USDT you want to convert to Solana, and the system will calculate the conversion automatically at the current exchange rate. The rates refresh every 7 seconds for accuracy. You will be charged a 1% conversion fee on your transaction.

Why Should You Buy Solana?

Solana offers users a fast, affordable, and scalable solution for crypto transactions. With high-speed transaction processing, it’s ideal for users who need to send or receive payments without long waits or high costs. Plus, as a popular token in the crypto space, Solana enjoys wide support across many wallets and exchanges, making it easy to buy, store, and use for everyday transactions. Here are some of Solana’s key features: 

• High Speed: Solana’s unique blend of Proof of Stake and Proof of History allows it to process transactions faster than traditional blockchain networks like Bitcoin and Ethereum. Solana handles over 2,400 transactions per second, far outpacing Ethereum’s 15-30 transactions per second.

• Low Transaction Costs: Solana’s efficiency translates into incredibly low transaction fees. The average cost per transaction is about $0.00026, making it one of the most affordable blockchain networks.

• Scalable: Thanks to Solana’s innovative architecture, it can handle a high volume of transactions without requiring significant computing power. This scalability allows Solana to process large numbers of transactions in real time efficiently.

• Interoperability: Solana works seamlessly with other blockchain networks. This allows you to interact with a wide variety of assets and decentralized applications (dApps) across different platforms.

• Security: Solana maintains high security despite its sizeable geographical spread. Its Proof of History mechanism, combined with Proof of Stake, provides a secure and tamper-resistant network for all users.

• Decentralized: Solana is fully decentralized, with thousands of nodes spread across the globe. This decentralization enhances the security and reliability of the network, ensuring that no single entity has control over the blockchain.

• Proof of History: The Proof of History (PoH) mechanism is at the heart of Solana’s speed and efficiency. It works by creating a historical record of events, proving that a specific event occurred at a particular moment in time. This allows transactions to be processed quickly without needing to wait for consensus on the entire blockchain.

Frequently Asked Questions about Buying Solana