Solana is home to a rapidly growing decentralized finance (DeFi) ecosystem. Hubble Protocol is proud to contribute to this growth by developing a service that lets users borrow USDH and access the liquidity trapped in their long-term assets.
For users who would like to start experiencing DeFi with lightning-fast speeds and incredibly low transaction costs, we’ve created a step-by-step guide for getting started on Solana.
Before you can begin using Hubble on Solana, you'll need to install a Solana wallet and acquire some SOL, Solana's native token.
Setting Up a Solana Wallet
Solana is currently the fastest public blockchain available. Since Solana’s architecture differs from many other blockchains, you'll need a Solana-compatible wallet to begin interacting with the network.
You will, however, need to use a different wallet, like MetaMask, for bridging your tokens from other networks to Solana. On the Solana side of the bridge, you will need one of these wallets currently supported by Hubble:
Follow the instructions for installing and setting up each wallet. Phantom provides clear instructions for setting up a wallet here. The process is generally the same for each wallet.
Make sure to write down the series of words (your seed phrase) the wallet gives you. You’ll need this seed phrase to get back into your wallet if you ever forget your password or somehow lose access to your wallet.
You need to write down the words correctly and in order. For security reasons, you should write your seed phrase on a piece of paper, not on your computer.
You can easily lose access to all of the assets controlled by your wallet if you spill tea on your laptop or experience a technical failure that requires reinstalling your operating system. Make sure you keep your seed phrase safe.
You cannot access your wallet from a new computer without your seed phrase. Keep your seed phrase in a safe place, ideally with a copy on a cloud service like Dropbox or Google Docs, and never share it with anyone.
Acquiring SOL to Pay for Solana Transaction Fees
Blockchain networks require users to pay for transactions by using the network’s native token. This is called “paying gas,” and the gas fees on Solana are very low compared to the fees on other networks. Once you’ve set up a Solana wallet, you’ll need SOL to pay for gas.
If you plan on bridging assets from another network to Solana, you will need SOL in your wallet before you can complete that process. There are currently no airdrop programs for supplying SOL to your wallet during the bridging process.
You must acquire SOL on Solana before you bridge, or else your assets may get stuck in limbo. There are three ways to top-up your Solana wallet with SOL:
Withdrawing SOL from a Centralized Exchange (CEX)
You can use fiat to acquire SOL on a centralized exchange like FTX, Binance, Coinbase, KuCoin, or Huobi. You can then withdraw SOL to your Solana wallet by following the instructions for each centralized exchange (CEX).
Be careful! Make sure the CEX you’re using currently allows you to withdraw SOL from the exchange to the Solana network. CEXs can suspend withdrawals of certain assets at will, and their most recent updates or terms and conditions may prevent you from withdrawing SOL to Solana.
Getting Some SOL from a Faucet
Faucets are services that reward users with free tokens for clicking a button. Faucets have been created with the express purpose of promoting new user activity on a particular blockchain, but they can be developed by independent parties and have no relation to the project they support.
NB: Make sure you trust a site before you approve connecting your wallet. The following SOL faucets have been successfully used by many users, but their security cannot be verified or endorsed by Hubble Protocol. Use these faucets at your own risk.
To gain some free SOL, navigate to Stakely’s Solana Faucet, and tick the RECAPTCHA:
- Enter your Solana wallet address, and click verify.
- Next, Stakely creates an automated Tweet that you will have to post on Twitter with your personalized code.
- Select whether you would like to keep your @username private, and click the ‘Tweet’ button.
- Confirm that you intend to use the free SOL to use the Solana blockchain, and click ‘Tweet’ once again.
- This will redirect you to Twitter, where you will need to login if you haven’t already.
- Here is what your tweet will look like:
- After tweeting, you will receive your free SOL in your Solana wallet.
Another Faucet for earning SOL is Togatech’s SOLfaucet. This faucet has a wide variety of games through which users can accumulate SOL. However, playing these games isn’t necessary to get a bit of SOL on hand.
- To receive some SOL in your Solana wallet, navigate to the SOLfaucet site.
Enter your Solana wallet address.
- Check the CAPTCHA to verify you are human.
- Then, click “Claim!”
- A small amount of SOL will be transferred to your wallet. If you need more SOL, you can play some of the games available through the platform.
You will receive a very small amount of SOL from these faucets, but
Getting Some SOL from Another User
You don’t have to pay gas to receive tokens. Once you set up a Solana wallet, anyone you know can send you some SOL to get started.
If you have a friend who already has some SOL in a Solana wallet, ask them to send you a small amount of their SOL to get you started! When you finish bridging your assets over to Solana, you can swap for more SOL and send it back with a little extra as a thank you.
Bridging Assets from Another Network to Solana
Blockchain bridges are a very difficult piece of technology to engineer. They are technical marvels that unite two entirely different security systems and allow users to transfer assets from one to the other.
In Part 2 of "How To: Get Started on Solana," we'll explain how to use these bridges to move your assets from another blockchain to Solana.
In Part 3 of the series, we'll explain how you can swap your bridged tokens for the tokens you need to begin exploring DeFi on Solana.
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