How to buy Wrapped Solana (SOL) in Australia

Note: This coin is not listed on Binance for trade and service.

Binance is constantly reviewing and adding cryptocurrencies that can be used on the Binance platform. If you would like to know where to buy Wrapped Solana, which is currently not listed on Binance, you can follow the step-by-step guide below.

The most straightforward way is to find a reliable centralized exchange where you can buy Wrapped Solana, similar to Binance. You can refer to Coinmarketcap.com's Markets section to find the list of centralized exchange the coin is listed on.

Another option to buy the Wrapped Solana is through a decentralized exchange (DEX) which supports the blockchain where your Wrapped Solana resides. This guide will show you how to buy Wrapped Solana by connecting your crypto wallet to a decentralized exchange (DEX) and using your Binance account to buy the base currency.

Download a Trust Wallet Wallet

There are several crypto wallets to choose from within the Solana network and Trust Wallet appears to be the most integrated. If you are using a desktop computer, you can download Google Chrome and the wallet Chrome extension. If you prefer using your mobile phone, you can download the wallet via Google Play or the iOS App Store if it’s available. Just make sure that you are downloading the official Chrome extension and mobile app by visiting Trust Wallet’s website.

Set up your Trust Wallet

Register and set up the crypto wallet via the wallet’s Google Chrome extension or via the mobile app you downloaded in Step 1. You may refer to the wallet’s support page for reference. Make sure to keep your seed phrase safe, and take note of your wallet address. You will be using it later on Steps 4 and 6.

Buy SOL as Your Base Currency

Once your wallet is setup, you can login to your Binance account and proceed to the Binance Crypto webpage to buy the SOL. If you are not an existing user, you can refer to our How to Buy SOL guide on registering and buying your first cryptocurrency on Binance.

Send SOL From Binance to Your Crypto Wallet

Once you buy your SOL, go to your Binance wallet section and look for the SOL you purchased. Click on withdraw and fill up the required information. Set the network to Solana, provide your wallet address and the amount you want to transfer. Click the withdraw button and wait for your SOL to appear in your Trust Wallet.

If you are using Binance Website:

If you are using Binance App:

Choose a Decentralized Exchange (DEX)

There are several DEXs to choose from; you just have to make sure the wallet you selected in Step 2 is supported by the exchange. For example, if you use Trust Wallet wallet, you can go to Raydium to make the transaction.

Connect Your Wallet

Connect your Trust Wallet wallet to the DEX you want to use by using your wallet address from Step 2.

Trade Your SOL With the Coin You Want to Get

Select your SOL as the payment and select the Wrapped Solana as the coin you want to acquire.

If Wrapped Solana Doesn’t Appear, Find its Smart Contract

If the coin you want does not appear on the DEX, you can refer to https://explorer.solana.com/ and find the smart contract address. You can then copy and paste it into Raydium. Beware of scams and make sure you got the official contract address.

Apply the Swap

Once you are done with the previous steps, you can click on the Swap button. From deciding where to buy Wrapped Solana to making the purchase, your crypto transaction is now complete!

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A robust community of independent validators forms the backbone of the Solana network. As a permissionless network, anyone can run a validator node at any time, for any reason. This idea is the keystone to the entire concept of a decentralized network: All are welcome, for any reason. It’s what the Solana community should strive for.

At the same time, the Solana Foundation strives to support this community-led network while encouraging high performance, decentralization, and secure node operations. To advance these goals, the Solana Foundation has committed to direct a portion of its treasury to efforts which advance the decentralization and security of the network — most notably, through voluntary programs such as the Solana Foundation Delegation Program.

As the Solana network, the protocol software, and the community of validator operators evolve and mature, the Solana Foundation evaluates its own efforts to ensure that any incentives or support programs are structured effectively and appropriately. To this end, the Foundation implemented updated programs for new and existing validators to encourage a more secure and self-sufficient network. Read more about these changes here.

Read on for an in-depth dive into the Solana Foundation’s philosophy when it comes to supporting the validator network, and the various programs it uses to do so.

Supporting Key Focus Areas

The Solana Foundation’s network support is focused on four main areas:

Support for a large testnet and time-bound incentives for new operators.

Direct time-bound support for newer or smaller validators on mainnet beta to offset some voting costs.

Matching stake delegations to high-performing mainnet nodes, proportional to the amount of external stake delegations a node has attracted.

Deposits into community-run stake pools to decentralize the Foundation’s own delegation strategies across a variety of community-led approaches.

Testnet Support

Solana testnet is critical for protocol changes, experimental features, adversarial testing, as well as a learning sandbox for validator operators — all of which are important for a strong, resilient Solana mainnet beta environment. The Solana public testnet should maintain the following properties:

Testnet should have a significantly larger node count than mainnet. This stress tests various distributed systems and networking parts of the protocol.

New software releases or forks from the various validator development teams should be run on testnet to ensure stability compatibility with existing software.

Activation of new features happens on testnet before such a feature would be proposed to be introduced or activated on mainnet.

Adversarial and load tests take place on testnet to discover and address potential performance issues.

New and existing validator operators have an environment to test out new configurations, new software or hardware to ensure they have a robust production node on mainnet.

To support testnet as a critical resource for Solana development, the Solana Foundation Delegation Program offers a time-bound (up to six months) incentive for operators to help offset some startup costs to run a validator on testnet.

Additionally, for any validators who run on mainnet and wish to be eligible to receive stake matching from the Foundation, the Foundation requires that these operators also continually run a well-performing node on testnet, and participate in timely network exercises such as planned upgrades/downgrades or other activities such as a simulated network outage and restart. This ensures a responsive testnet population, and an experienced validator set on mainnet.

Mainnet Voting Support

On Solana, consensus votes are submitted to the onchain Vote program, and are processed in the SVM runtime alongside all other user-submitted transactions. Consensus votes incur standard transaction fees like all other transactions on the network in order to have their result confirmed by the validator set. While individual transactions on Solana are extremely low-cost (a single vote transaction carries a 0.000005 SOL transaction fee), Solana’s short block times of 400ms means that a perfectly performing validator could submit up to 216,000 vote transactions per day, incurring a theoretical upper bound of up to 1.08 SOL in transaction fee costs daily.

This voting cost can create a financial barrier for some new operators who want to help secure the Solana network. Once a validator has received stake delegations on the network and earns block rewards from transaction fees included in any blocks they produce, these protocol rewards can be used to offset their voting costs.

To help new or smaller validators overcome this initial barrier, the Foundation will run a time-bound program to partially cover a node’s vote costs with diminishing coverage over time to encourage operators to find their way to self-sufficiency. For new operators on mainnet who choose to apply for voting support, Solana Foundation will now cover:

100% of voting costs for epochs 0-45

75% of voting costs for epochs 46-90

50% of voting costs for epochs 90-135

25% of voting costs for epochs 136-180

After 180 epochs (approximately one year), the Foundation will not cover any vote costs for node operators. All vote coverage is contingent upon the node performing well on mainnet, as well as a high-performing associated node on testnet.

Mainnet Stake Matching

The Solana Foundation Delegation Program aims to amplify the impact of stake delegations issued to a node, whether they are from the node operator, a third party delegator, or from an independent stake pool.

For eligible, high-performing validators, the Solana Foundation will now match external delegations 1:1 up to 100,000 SOL. For example, if a validator receives 5,000 SOL from external delegations, the Foundation will delegate an additional 5,000 SOL to that node as long as it meets ongoing performance and decentralization criteria. If that validator’s delegation increases over time up to 100,000 SOL, the Foundation will continually increase its matched delegation. When a validator’s external stake exceeds 100,000 SOL, up to 1,000,000 SOL, the Foundation match will remain capped at 100,000 SOL. If a validator’s external delegations exceed 1,000,000 SOL, the Foundation will no longer delegate to that node.

Any residual SOL held by the Foundation that is committed to this program after all the stake matching delegations are made will be distributed evenly to eligible validators as long as they meet program performance requirements.

The initial matching ratio of 1:1, matching limits, and the pool of residual SOL delegations are all expected to decrease over time as the Foundation increases its deposits into community stake pools, thereby reducing any operator’s reliance on any single delegation strategy or on the Foundation as a whole.

Community Stake Pool Deposits

Numerous stake pools and protocols have emerged on Solana and are growing to underpin many important aspects of the Solana networks’s security and onchain activity. Growth and resiliency of staking protocols are valuable to Solana’s decentralization and enable more people to easily participate in securing the network. By leaning on a competitive set of stake pool operators, the Foundation reduces its influence over the network and its validators, putting more control where it belongs, in the hands of the community which drives it.

Over time, the Foundation intends to deposit a large portion of its SOL tokens across a number of stake pools, which in turn have their own varying validator growth and decentralization criteria.

How to apply

While being a validator and securing the network is open to all, participation in one or more of these programs requires an application and specific program requirements. Interested validators can learn more here.

How to Buy Wrapped Solana (SOL) in Australia