How to Set up a Solana ($SOL) Blockchain Wallet

For the majority of users, it is recommended to use app wallets or browser-based web wallets, which will provide a more familiar user experience.

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Recently, the total value locked on the Solana blockchain surpassed $2 billion, and with the SOL token hitting $100 at time of writing, there is growing interest in this blockchain that launched its mainnet only one year ago.

However, to start on Solana, one needs a wallet.

A crypto wallet is a device or application that stores a collection of keys and can be used to send, receive, and track ownership of cryptocurrencies.

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SEE ALSO[WATCH] Solana ($SOL) Crosses the $100 Milestone Hinting a Major Feature Announcement

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A wallet might be a directory or file in your computer’s file system, a piece of paper, or a specialized device called a hardware wallet.

For the majority of users, it is recommended to use app wallets or browser-based web wallets, which will provide a more familiar user experience.

A wallet comes with a public key, which is known as the wallet’s receiving address, and senders use this address to send crypto to your wallet.

The wallet also comes with a private key, which a wallet owner uses to access their wallet and make transactions.

Solana Supported Web Wallets:

  • Phantom
  • Solflare
  • Sollet
  • MathWallet

Solana Supported App Wallets:

  • Exodus
  • Trust Wallet
  • Coin98
  • Zelcore

Here are the steps to set up a wallet with Sollet, which is a common and user-friendly service for new Solana users:

  • Go to https://www.sollet.io/ and, by default, it will create a new wallet for you. You will also be provided with a 24-word seed phrase, which you must save in a safe place before clicking continue
  • In step 2, you have the option to add additional protection by adding a password, which is recommended. Normally you can close the wallet and access sollet.io wallet back by just entering the password
  • Once the password has been chosen, click create wallet, and the wallet will generate a new SOL (Solana) address for you
  • Drop down the SOL account and copy the deposit address.

Note: This is your SOL receiving address. Only send SOL to this address and not any SPL tokens. Unlike ERC-20 which you can send to your ETH address, you’ll need to add each SPL token separately and each token will create a unique deposit address. Only use that specific address for that particular token

To add SPL tokens, you will need the cryptocurrency SOL to pay for the transactions of adding SPL tokens. You can purchase SOL from exchanges such as Binance and FTX.

  • Buy $SOL and send it to your Sollet wallet SOL deposit address

To add SPL tokens, click the plus icon on your Sollet wallet to add tokens

A popup screen will open which will contain three options:

  • Popular Tokens
  • ERC20 Tokens
  • Manual input

On the other hand, you can copy the token mint address and search it on the Solana block explorer: 

https://explorer.solana.com/

Once you are sure about the token, you can proceed to add it to your wallet.

Adding each token costs 0.002039 SOL

Apart from SPL tokens, users can also add ERC-20 tokens, and even custom tokens.

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RECOMMENDED READING:  Introducing Neon – an EVM Solution Allowing Ethereum dApps Transaction Processing on Solana

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