Solana is one of the most promising cryptocurrencies to earn in 2022 – the basic blockchain of the project provides ultra cheap transactions at a highly scalable level. This guide introduces several ways to earn Solana. If you are interested, please keep reading.
Working for Solana (SOL)
One of the quickest and easiest ways to earn Solana coins is to work in Solana and get paid. Many years ago, you couldn’t work and get paid through the bank. This is the origin of the so-called “daily workers”, because they get paid immediately after work.
Fortunately, technological advances have enabled people to work around the world. With the introduction of technology, fintech introduced swift into cross-border payment. At present, more than 50% of the individuals and companies you work for will ask if you are interested in using cryptocurrency. According to the type of digital currency you want, you can send your wallet address to interested parties and complete the payment in a few minutes. More importantly, there is no hidden cost in this way, so you have the opportunity to complete the work of full value in a given time. Many people have asked such a question, what kind of work or work can pay me with cryptocurrency such as Solana? You can browse freelancers and outsourcing markets, such as Craigslist, people per hour, monster, zipprecruiter, upwork, giggrabbers, golance and guru. COM and freelancers, etc.
On these platforms, you can establish good professional relationships with specific customers, which can be transformed into personal relationships. You can then work directly for them without these platforms acting as intermediaries. When they are done, if they are willing to pay you in cryptocurrency, you can send your wallet address and view the payment reflected in your account. You can not only get paid for your services, but also earn Solana sol through legal channels.
Lending Solana (SOL)
As a fan of Solana project, you will realize that the agreement has a huge ecosystem. This means that there are decentralized applications (dapps) that rely on automated market makers (AMM). Some dapps under this category are decentralized lending, exchange and income aggregation. You should know that Solana has more than 500 applications on its blockchain. Among them, 41 are decentralized exchanges (DEX), 29 are AMM and 116 are defi assets. This means that you have more than 150 independent liquidity pool markets, which can help you obtain continuous passive income through betting. Check the liquidity provider pool (LPP). Select the one with the best annual yield (apy) from the list. Once you make a profit at the end of the period, you can invest your profits in buying more sun coins. Another way to lend money to Solana for profit is to find a decentralized finance expert, a blockchain technology enthusiast, who is also a cryptocurrency trader. You can use the proceeds to invest in Solana, hoping to make more money and buy more Solana coins.
Staking Solana (SOL)
It is important to remember that as a staker, you are merely delegating your tokens to a validator, meaning you will not lose access to them. Your stake serves as a vote of confidence to a validator as they confirm transactions on the network. In fact, you can stake and un-stake your coins at any given time.
Buy SOL from an exchange
The first step is to get some coins to stake. Please see our How to buy SOL guide for detailed instructions on how to purchase or trade fiat currency or other cryptocurrencies for SOL.
Get SOL tokens in a wallet
After acquiring your coins, you need to send them to a digital wallet that supports SLP assets.
Choose a Validator
Once your wallet is set up, choose a validator from whatever platform you’re using. Chances are, your chosen wallet already supports native staking. All you need to do is determine which validator has the right balance of annualised rewards, total stakes and reputation for your needs.
Determine the Amount You Want to Stake
Finally, input the amount of coins you want to stake. Remember to leave a small amount of SOL in your wallet for transaction fees. Solana transactions are incredibly cheap to conduct and average only $0.00025 per transaction fee, which is exponentially cheaper than that of its main rival Ethereum. You can now start earning based on your contribution and the distribution schedule of rewards.
How to Earn Free Solana?
- Solana Faucet
- Solana PTC Sites
- Solana Airdrop
- Solana GameFi
- Solana Bounties
- Learning About Solana
- Shopping Reward
- Solana Interest
- Owning a Faucet
- Write about Solana
- Solana Affiliate Program
- Free Solana Cloud Mining
Read More: How to Earn Free Solana (SOL) in 2022 (12 Safe Ways)
How to Earn More Cryptocurrency?
What is Solana?
Solana was launched in 2019 as a means to improve on the short fallings of legacy blockchains like Ethereum. By this, we mean offering network users a faster, cheaper, and more scalable blockchain ledger.
As a prime example, although Ethereum is the world’s second-largest cryptocurrency and the de-facto smart contract protocol of choice, only 15 transactions per second can be facilitated. This is nowhere near efficient enough to operate as a global blockchain network. In comparison, Solana can allegedly process in excess of 65,000 transactions per second.
Why Choose Solana Coins?
Before zooming straight into the best methods on how to earn Solana coins fast, it will be in your interest to get to know more about the Solana project.
Why Solana? Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions.
To put it simply, Solana is a protocol designed to facilitate the creation of decentralized protocols and applications (DAPPS).
The idea was conceived in 2017 but the official launch of the protocol was in March 2020.
Solana was founded by Anatoly Yakovenko and Greg Fitzgerald. The project has the aim of making decentralized finance available to all, especially, the underbanked and unbanked.
Solana Price Prediction
Various Solana price predictions that you find in the online space will argue that the value of the token is set to regain its previous all-time high before the end of 2022.
Read More: Solana (SOL) Price Prediction 2022-2030
However, when you consider that the broader cryptocurrency markets are largely driven by the rise and fall of Bitcoin, Solana price predictions offer little real-world value.
Furthermore, while some market commentators are bullish on Solana, others make a case that the digital currency is overvalued.
And as such, instead of relying on Solana price predictions to make an informed investment decision, it’s best to conduct your own independent research.
