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Solana is hailed to be the fastest programmable blockchain in the cryptocurrency space. The price of SOL is hitting all-time highs. All of the boom has happened after Solana entered into the NFT space.
Noteworthy, Solana launched the Degenerate Ape Academy that sold a collection of pictures of cartoon apes. About 10,000 of them sold during the first 10 minutes. Naturally, this drove the SOL token higher as people needed the cryptocurrency to buy the cartoon apes.
IGNITION, is the Solana Hackathon offering $5 million in prizes and funding across 4 tracks: DeFi, Web3, Gaming, and Arts/Collectibles.
The hackathon will run from August 31 through October 8. Each track will have five winners, with a Grand Prize of $75k USDC and 3 passes to the Solana Breakpoint Conference in Lisbon.
A world-class team of judges and speakers have joined the Solana community in participating in the hackathon.
Solana entering the NFT space has improved its position in the cryptocurrency space. Lots of things are happening in the space ranging from margin trading, NFT’s, automatic market makers, and meme coins.
Transactions on Solana are 30,000 times cheaper and 3,500 times faster. Thus, Solana is evolving to be a friendlier blockchain. It is very easy to get started with Solana.
You create a Solana Wallet, buy $SOL and gain access to the growing Solana ecosystem. The first step is creating a Solana Wallet, buying $SOL, and accessing the ever-increasing Solana ecosystem. It is important to keep track of the “Secret Recovery Phrase” safe. Sharing the seed phrase is like giving the password of your Bank Account to someone.
An Empty wallet is worth nothing. It is important to have some SOL to get started to pay for the transactions. SOL can be bought from one of the exchanges. It helps to create an account on one of the decentralized exchanges to buy SOL. Once you have opened an account in an exchange, you will be able to buy SOL for the amount you are willing to buy it for at the existing value of SOL using your fiat. After buying the SOL from the exchange, you can transfer it to your wallet.
Once you have the SOL in your wallet, you are ready to explore the SOLANA ecosystem. The ecosystem is huge, but to start with, you can explore Raydium, Automated Market Maker (AMM); Mango Markets, a decentralized trading platform that enables cross-margin trading; CryptoKickers is a metaverse wearable company; Serum – non-custodial DEX; COPE ranks traders performance. These are just a few places where you can kick start to explore the ecosystem.
