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SOLLET Wallet — Knowhow

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Avatar for Cyekmyster
Written by   5
1 month ago

One project which I strongly believe is going to do wonders for the crypto world is Solana. I have been following Raj Gokal (COO Solanalabs), Anatoly Yakovenko(CEO Solanalabs) and the team for a while and know what they have achieved so far is nothing short of incredible. Solana is a blockchain which is fast like a fighter jet in a world of propeller engines. It is secure and decentralised.

Sollet is a wallet just liked any other browser-based crypto wallet, designed for the Solana ecosystem. Like we pay Ethereum & BNB for gas on their respective networks, SOL is the native token of Solana which is used for all sorts of transactions. SOL can be held on any third party mobile wallet but the SPL tokens cannot. SPL tokens are the tokens on the Solana blockchain just like ERC-20 and BEP-20. This is where Sollet comes into play. It is a client side browser wallet just like Metamask where the keys are stored locally & can be encrypted using a password.

Sollet was created by the same team which created Project Serum, a DEX on Solana.

Setting up the wallet is the easiest part. Head to sollet.io and it creates a default wallet for you displaying a 24 word mnemonic seed instead of a 12 word mnemonic. Write it down and create a password to encrypt your wallet. It uses the m/44'/501'/0'/0' as default derivation path for main wallet. Derivation path is essentially how your seed phrase derives your private keys. So just keep it the way it is unless you know what to do with it.

Once the wallet is created, it will get you to the main account which will have the public address for you to receive SOL. You can also create multiple accounts by clicking ‘account’ on top and select ‘add account’. It has various other options which are self explanatory.

Add other SPL tokens

To add any other SPL tokens on Sollet, SOL balance is needed and for that SOL will have to be transferred. It is not like Metamask where you can add tokens without any gas fees, however, the transaction fees is very low and costs only 0.002039 SOL. With a SOL balance in the wallet, SPL tokens can be added simply by clicking the ‘+’ sign on the grey ‘Main Account Balance tab’. The list shows popular tokens, ERC20 tokens and manual input. Popular tokens are most used tokens on Solana like Serum (SRM), Raydium (RAY). It also has wrapped tokens like BTC, ETH amongst others. ERC20 is only for the pegged tokens and can be manually added by entering the ERC20 contract address. Manual input is to add a token manually by entering the token mint address which is same as the contract address. Like ethscan and bscscan, Solana has its block explorer to find the token mint addresses. All you need to do is copy the token mint address and paste it while adding the token manually. The process is exactly like you do on Metamask.

How to get SOL on your wallet

You can get SOL from any of the exchanges and transfer it to your Sollet address, which is pretty much self explanatory.

However, there is an added option of converting ETH to SOL through Metamask. Simply, select ETH and connect your Metamask wallet. And it will convert ETH to SOL. Likewise, all other ERC20 tokens can be converted to SPL and vice versa using convert function of Sollet from Metamask.

Solana is yet to pick up & once it does, I am certain we all will see more of Sollet.

For more info on Sollet, you can click on this link

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