In advance of our upcoming ISOLA token launch and other exciting upcoming launches on our launchpad, we’d recommend starting to get your wallets in order!
This involves two steps:
- Setting up and preparing a Sollet wallet
- Funding your wallet with SOL and other assets
Solana & SOL
The Solana blockchain is a separate alternate blockchain to existing solutions in market such as Ethereum and BSC. In order to complete transactions and interact with the Solana ecosystem, you will need to create, fund and use a separate wallet to what you would normally be using (ie. Metamask).
Transaction costs on the Solana network use SOL which is the native token of the Solana blockchain. SOL are spent as transaction fees for any movements or other transactions done the Solana blockchain, similar to GAS being used as fees on Ethereum. Is is therefore important that you have at least a small amount of SOL in your Sollet wallet to start using it. You may purchase SOL from a number of exchanges such as FTX or Binance etc. and then transfer it to your Sollet wallet once it is setup.
To ensure proper and smooth functioning of the Intersola launchpad we require you to setup and use a Sollet.io wallet. Over time we endeavour to add alternate wallet support, but in the short-term we ask that you set up and use a Sollet wallet.
Sollet.io is a non-custodial, browser-based web wallet created by the Project Serum (a Solana-based DEX) team.
Non-Custodial — Sollet does not retain control or is able to access any of your funds, you remain in total control.
Browser-based — Your wallet keys are stored in your local storage which can be encrypted using a password
The most important feature of non-custodial browser-based wallets is the 24 word mnemonic seed phrase that will be provided when you create a new wallet. It is extremely important that you backup this information safely and securely. If you lose your seed phrase, you will lose access to your coins and tokens in your wallet.
Setting Up Your Sollet Wallet
Setting up your wallet is a simple process and can be completed in a few minutes.
- Go to sollet.io. You will be provided with the below screen presenting a ‘Create New Wallet’ screen. As mentioned above, please make sure to save your seed phrase (words) somewhere offline and keep them safe and secure. This will be the only way you can recover your access if you ever lose your ability to log back in.
2. Once you have backed up your seed phrase, you will be asked to add a password. Whilst this is not necessary, this is highly recommended. It needs to be noted however, that you will not be able to recover your account unless you have your seed phrase.
3. You’re now ready to use your wallet how you wish, however first it must be funded.
Funding Your Sollet Wallet With SOL
Now that you’re set up, let’s make sure it’s funded and usable. It is highly recommended that regardless of what you ultimately intend to fund the wallet with (ie. USDT on SPL), that you initially fund it with SOL.
- Firstly you will need to purchase SOL which can be done on a number of exchanges (see the market section in Coingecko for example) such as FTX or Binance
- You will then need to send your SOL to your Sollet wallet. In order to this, you will need to click on Receive (see below image a). A pop up will appear with your SOL deposit address (see below image b). Use this address to send SOL from an exchange. Note: Only send SOL to this address, do not send other SPL tokens using this.
3. Alternatively you can fund your wallet with ETH via. Metamask, which will convert it to SOL on your behalf. To do this, click on the ETH tab (image c) and connect to your Metamask wallet and complete the required steps.
4. Finally, you may now add other SPL addresses to track other Solana based assets that you may trade or receive. To add another address click on the + icon on the top right hand corner of image a) above.
A pop up will appear (image d) where you will be able to add popular SPL tokens such as SRM, FTT, BTC, ETH, USDT and USDC.
Other tokens may also be added manually similar to how you would add a custom token to Metamask. To find the required info to manually add a custom SPL token, you will need to find the contract address also known as the token mint address. A simple way to do this is to find the relevant asset on Coingecko or Coinmarketcap and copy the Contract address.
5. You’re now ready to receive other SPL assets. These assets can be deposited in a number of different ways:
- Sent from another Solana wallet
- Traded for SOL (or other SPL assets) via a dex such as Serum
- FTX — You can use ftx.com to deposit tokens (ERC20, BTC etc.) and withdraw from FTX to Sollet. FTX will automatically wrap your crypto as a SPL token which can be used with the Serum DEX. You can similarly unwrap these tokens back into the native chain by depositing into FTX and withdrawing the unwrapped assets
- Depositing ERC20 tokens directly and converting them to SPL tokens using Sollet and Metamask (see below guide)
Funding Your Sollet Wallet with ERC20 Assets (ie. USDT on ERC20)
Your wallet is now functional and you may now use your SOL as you wish, converting it to other assets or performing transactions. In some circumstances however, you may need to convert your ERC20 assets (such as USDT) to SOL or vice versa using your Metamask wallet. This is a fast way to transfer existing assets that you may need to use on Solana. For example, transferring USDT from Ethereum to Solana (ERC20 to SPL).
- The first step is to click on the token within Sollet that you would like to deposit, and once you see the deposit popup, click on the ERC20 tab
2. Click on Connect to Metamask which will cause a Metamask popup asking you to allow Sollet to spend your ERC20 asset. You will need to click to confirm this first (left-hand side of image g). After this is confirmed and your wallet is connected, enter the amount of ERC20 you want to confirm and click on convert. A Metamask popup will open to confirm your transaction and gas fees required (right-hand side of image g).
3. Wait for the transaction to be confirmed on the blockchain. Once this is confirmed, the funds will be available in your wallet!