SOL

Solana (SOL)

Solana (SOL) is a high-throughput blockchain with fast, cheap transactions, home to DeFi apps, NFTs and memecoins. Transfers confirm in seconds. At ROVEN exchange you can buy or sell SOL for USDT and other coins.
Network
SOL
Price
$95.85
Reserve
500 SOL

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What is Solana

Solana (SOL) is a high-performance blockchain and its native coin. The project was founded by Anatoly Yakovenko, a former Qualcomm engineer, and its mainnet went live in 2020. Solana’s core idea is to process thousands of transactions per second with minimal fees, without splitting the network into parts or offloading work to separate layer-2 networks.

To achieve this, Solana combines proof-of-stake with its own Proof of History technology — a cryptographic “clock” that helps nodes agree on the order of events quickly. A new slot is produced roughly every 0.4 seconds, and an ordinary transfer costs a fraction of a cent. As a result, Solana has become a popular home for decentralised exchanges, NFTs, memecoins and payment apps.

Key facts

ParameterValue
TickerSOL
Network at ROVEN exchangeSolana (mainnet)
Address format32–44 base58 characters, no prefix
SpeedConfirmation within seconds
Network feePaid in SOL, usually a fraction of a cent
Memo / tagNot needed

What Solana is used for

  • Paying network fees. SOL is needed for every operation on Solana, including token transfers.
  • Decentralised exchanges and DeFi. Low fees make Solana convenient for frequent trades.
  • Staking. SOL holders can delegate coins to validators and earn rewards.
  • NFTs and memecoins. Solana is one of the main venues for issuing and trading such assets.

How to exchange Solana at ROVEN exchange

  1. Choose a direction, for example SOL → USDT TRC20 or USDT TRC20 → SOL, and enter the amount.
  2. Enter a Solana wallet address to receive to: Phantom, Solflare or an exchange deposit address on the Solana network.
  3. Create the order — the rate is locked for 30 minutes — and send the exact SOL amount to the address in the order.
  4. Solana transfers confirm within seconds, so a swap usually takes just a few minutes.

What to watch out for

  • Solana addresses have no recognisable prefix, so compare the beginning and end of the address especially carefully after pasting.
  • A new Solana account needs a minimum balance for data storage “rent” — a very small amount of SOL. A tiny transfer to an empty address may fail.
  • If you’re sending SOL from an exchange, choose the Solana network, not versions of SOL on other blockchains.
  • Keep a little SOL in your wallet if you plan to send Solana tokens: the fee is paid in SOL.

SPL tokens and USDC on Solana

Besides SOL, the Solana network hosts SPL-standard tokens, including popular stablecoins. They sit in the same wallet but are technically tied to separate “token accounts”. At ROVEN exchange, Solana directions work with the SOL coin itself. If you need a stablecoin, choose USDT or USDC on the network stated in the direction and make sure your wallet supports it.

How to store Solana

The most popular Solana wallets are Phantom and Solflare, along with Trust Wallet and the Ledger hardware wallet. Use a hardware wallet for large amounts. Be careful with transaction signatures on unfamiliar sites: “drainers” that trick users into signing and then empty their wallets are common in the Solana ecosystem.

Frequently asked questions

Do I need a memo to send SOL?

No. At ROVEN exchange, Solana doesn’t use a memo: every recipient has their own address.

How long does a SOL transfer take?

The transaction confirms within seconds. The whole swap, including the operator’s check, usually takes a few minutes.

Can I receive SOL on an exchange address?

Yes. Enter your exchange’s SOL deposit address on the Solana network specifically and check that the exchange accepts SOL on this network. No memo is needed.