Solana Network (SOL) is a blockchain platform that is aims to provide an ecosystem for decentralized apps (DAPPs) and other applications.
Although the project is based on the Ethereum network, it has some unique characteristics that set it apart from other platforms.
The Solana Network team has developed a gateway between the Solana Mainnet and Ethereum Mainnet so that its users can transfer their Ethereum funds into the Solana Mainnet without having to wait for the Ethereum mainnet to process their transaction, as was previously required by the Metamask wallet.
How to add Solana Network to Metamask in 2022?
The short answer is NO. Right now you will need to use the Phantom wallet, but you can add the Bina smart chain (BNS) and polygon Matic onto Metamask. The Solona network is not compatible with the Ethereum Virtual Machine Blockchain.
How to Add Solana From Binance To Phantom Wallet
Solana (Sol) is a blockchain platform that aims to improve the scalability and speed of blockchains.
The Solana team has created a unique proof of history, an algorithm that enables speedier transactions and an increased decentralized marketplace.
To transfer your Solana from Binance to your wallet, you will need to have an ERC20 compatible wallet like the Phantom Wallet.
I will show you how to transfer Solana from Binance to Phantom Wallet:
1. Go to binance.com login into your account.
2. Then select Wallet on the top right-hand corner of your screen.
3. From the dropdown, select “Overview.”
4. Select the Withdrawal section.
5. Once you go to the withdrawal section, you need to choose Solana (Sol). It‘s going to be bitcoin by default in the dropdown list.
6. Now Go and log in to https://phantomwallet.io/ or click on the Phantom extension in your browser, Enter your password and unlock it.
7. Click to copy the address at the top where it says Wallet 1.
8. Now, go back to Binance in step 4 above and paste your address in the address section.
9. Enter the amount of Solana you want to transfer and click the Withdrawal button at the bottom.
10. Your Solana will be transferred from Binance into your Phantom Wallet successfully.
Is Solana a Good Investment in 2022?
It is a question that many investors and potential investors are asking themselves. The answer is yes. It is a good investment for 2022. The coin is expected to surpass Eth at over $260. Remember, this is a possibility. It can happen or may never happen.
Is Solana better than Ethereum?
Solana is a new blockchain platform that can scale to millions of transactions per second.
It’s built on top of the Avalanche Consensus Protocol, which was designed to solve the scalability problem for blockchains.
Solana claims to be able to process 10,000 transactions per second (TPS), and it has already been tested at one million TPS on testnet.
Ethereum currently processing at 15 TPS, so Solana is more than 100x faster than Ethereum. So, in terms of transaction speed, Solana is much much better.
Differences Between Solana and Ethereum
- Ethereum currently still uses a proof of work mechanism, they are mining Ethereum with their computers on the other hand Solana similar to nearly every other blockchain use a proof of stake mechanism which means that as long as you’re staking your Solana then you are contributing to the blockchain.
- In terms of transaction fees for Solana, they have extremely low fees per transaction. Every single one of them is so incredibly small that you don’t know the number, but it is less than one cent. On the other hand, Ethereum fees can be very high depending on the type of transaction and how congested the network is at the time that you’re trying to do it.
I hope this article was helpful in adding your Solana to Metamask. Although Solana cannot be directly added to the Metamask wallet, I have provided the best alternative wallet, which is the Phantom wallet, to add your Solana in a step-by-step process.
If you have any questions or clarifications, feel free to reach us at the contact page.