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ECHO

@TheEchosO

6 months

The ultimate beginner's guide to the most powerful blockchain in crypto. From the best wallets to the strongest memecoins, this guide will give you everything you need to know about getting started on Solana. Bookmark this for future use and let's begin | ECHO Scrolls: Solana

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ECHO

@TheEchosO

5 months

1/11 Exploring Liquid Staking Tokens (LSTs) and Sanctum on Solana Let’s dive into the world of liquid staking, where SOL transcends native staking to become instantly usable in DeFi, payments, and beyond. Discover how LSTs intertwine with the SOL eco.

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ECHO

@TheEchosO

6 months

VI. Staking Staking SOL is like having a turbo-charged savings account (~7% APY) that helps decentralize your favorite blockchain. Stake with any validator you like, a full list can be found here: We obviously prefer @StrongholdSOL by the SixNine.

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ECHO

@TheEchosO

6 months

III. Secure Your Wallet (cont.) Make 3 accounts in your wallet: 1. Burner 2. Core 3. Vault Burner: Use this account to interact with new sites that you think are safe Core: Only use on well-known sites that you know are safe Vault: Do not ever connect this wallet to any site

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ECHO

@TheEchosO

6 months

I. Get SOL The first step toward exploring Solana is buying its native token; $SOL can be purchased on any major centralized exchange (CEX). Some of the top CEXs are: - @coinbase - @binance - @krakenfx Tip: Use a payment method that allows for instant crypto withdrawals.

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ECHO

@TheEchosO

6 months

Written by @slatticus + the ECHO Team Artwork by @RossTheRedx + @18goodin Powered by @TheSixNineO 🥷

ECHO

@TheEchosO

6 months

The ultimate beginner's guide to the most powerful blockchain in crypto. From the best wallets to the strongest memecoins, this guide will give you everything you need to know about getting started on Solana. Bookmark this for future use and let's begin | ECHO Scrolls: Solana

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ECHO

@TheEchosO

5 months

Written by the ECHO team in partnership with @StrongholdSOL Contributors @slatticus @LeonExoticJPEG @Noche203 Artwork by @RossTheRedx + @18goodin Powered by @TheSixNineO 🥷

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ECHO

@TheEchosO

6 months

X. Memecoins Solana is now the home of Memecoin trading. The more viral something is, the higher its market cap and vice versa. Here are some examples of Solana memecoins that are popular at the time of writing this post: $BONK - @bonk_inu $WIF - @dogwifcoin $WEN - @wenwencoin

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ECHO

@TheEchosO

6 months

II. Set up Your Wallet A Solana wallet is your gateway to the Solana network. Anything you want to interact with, trade, or own will all happen through your wallet. Here are the top Solana wallet providers with both desktop/mobile: - @phantom - @Backpack - @solflare_wallet

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ECHO

@TheEchosO

6 months

I. Get SOL (cont.) If you already have other cryptocurrencies and want to swap them to SOL, you can send them to a CEX and swap them, or use non-KYC swap/bridge services like: - @sideshiftai - @wormholecrypto - @phantom / @JupiterExchange (EVM-only)

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ECHO

@TheEchosO

6 months

III. Secure Your Wallet You'll be given a 12-24 word seed phrase as the key to your wallet. Write it down on paper and keep it somewhere safe. Do not keep it on your devices. If you ever lose your devices, this seed phrase will be the only key to access your wallet again.

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ECHO

@TheEchosO

5 months

3/11 LSTs are reward-bearing. This means their balance in your wallet does not change, but their value compared to SOL increases over time. In addition to this value accrual from staking yield, validator LSTs can run incentive or loyalty programs.

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ECHO

@TheEchosO

5 months

8/11 What about the different yields? Yields have a variety of factors. These factors include inflation rate, validator uptime, validator fee (commission), and percentage of network stake.

Staking

Staking and Inflation FAQ

solana.com

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ECHO

@TheEchosO

5 months

6/11 What do you mean enhanced liquidity? Sanctum maintains a reserve pool of over 200,000 SOL, backing the protocol and enabling instant swapping of LSTs to SOL.

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ECHO

@TheEchosO

6 months

VIII. Decentralized Exchange (DEX) A DEX is where you can swap $SOL for other Solana-based coins, everything from dollar-backed stablecoins to dogs wif hats and bats. @JupiterExchange checks all the DEXs for you on every trade, getting you the best exchange rates on Solana.

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ECHO

@TheEchosO

5 months

7/11 With Sanctum's innovative approach, the liquid staking scene on Solana is poised for expansion. They’ve launched validator-specific LSTs which offer the benefits of native staking with added liquidity, encouraging wider adoption and use of staked SOL in the economy.

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ECHO

@TheEchosO

6 months

You should now have a basic knowledge of the Solana ecosystem and how to interact with it. If you have questions, reply to the first post of this thread. Follow @TheEchosO for more 🥷 This information is educational and not financial advice. Always DYOR | Echo Scrolls: Solana

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ECHO

@TheEchosO

5 months

5/11 @sanctumso on Solana has revolutionized liquid staking by offering instant unstake options and a consolidated liquidity layer that includes various LSTs. This ensures even small LSTs and new tokens can be immediately converted, enhancing liquidity across the board.

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ECHO

@TheEchosO

6 months

IV. Send $SOL to Your Wallet 1) Press "Receive" in your wallet and copy the Core address 2) Go to the homepage of your CEX and click "Transfer/Send" 3) Choose "Solana" and the amount you want to send 4) Paste your wallet address and confirm Tip: Test with a small amount first.

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ECHO

@TheEchosO

6 months

IX. Ecosystem Tokens There are many Solana-based products and protocols with tokens that you can trade just like $SOL. Three popular ones are: $PYTH - @PythNetwork $JUP - @JupiterExchange $BONK - @bonk_inu Owning these can qualify you for airdrops of other new coins, too.

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ECHO

@TheEchosO

6 months

XI. Leaders There are many great leaders to follow in the Solana community: - @solana / @aeyakovenko / @rajgokal - Solana Founders - @0xMert_ / @armaniferrante / @TheOnlyNom - Prominent Builders - @SOLBigBrain / @EasyEatsBodega / @jords - Thought Leaders

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ECHO

@TheEchosO

6 months

V. Welcome to Solana You are now on-chain and ready to explore the Solana ecosystem. Stay safe and don't interact with the spam NFTs and coins people send you. The rest of this guide will cover the following topics: - Staking - NFTs - DEX - Ecosystem Coins - Memecoins - Leaders

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ECHO

@TheEchosO

5 months

Bonus Sanctum has introduced a gamified element to the LST experience with special Community Quests tailored for specific Sanctum LSTs. The latest quest offers 2x EXP for bonkSOL and strongSOL. Join the journey to maximize your rewards with the inaugural batch of quests.

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ECHO

@TheEchosO

5 months

9/11 How does staking APY get to the LST holder? The SOL used to trade for the LST is sent to a stake account with the LST’s validator. The staking rewards from that SOL are then added to the market value of the LST, unlike native staking where you are distributed the staking

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ECHO

@TheEchosO

5 months

11/11 Liquid staking is set to redefine the usability of staked assets, making them as flexible as they are beneficial. With projects like Sanctum leading the way, Solana could see a new era of engagement and utility in blockchain and crypto spaces.

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ECHO

@TheEchosO

5 months

10/11 Despite these benefits, liquid staking hasn't reached its full potential yet, with less than 5% of staked SOL being liquid staked. By addressing this liquidity issue and making it as user-friendly as possible, Sanctum is positioned to support broader adoption.

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ECHO

@TheEchosO

6 months

VII. NFTs NFTs are tokens that typically grant access to communities/products on Solana. Many are PFPs that can become a part of your identity in crypto. Top Projects: - @MadLads - @tensor_hq - @Claynosaurz Top Marketplaces: - @MagicEden - @tensor_hq Marketplace airdrops 🔜

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ECHO

@TheEchosO

5 months

4/11 LSTs entail minimal risk. Smart Contract Risk: Solana Labs built the Solana LST program, audited multiple times and has been operational for significant period of time. Market Liquidity Risk: (Will cover in next post)

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ECHO

@TheEchosO

5 months

2/11 Solana staking involves pledging tokens to validators securing the network. Liquid staking differs; you receive Liquid Staking Tokens (LSTs), representing your staked SOL. These tokens, akin to SOL, can be traded and utilized in diverse financial applications.

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