BitGo is pleased to announce that we now offer secure storage and staking for Solana. Clients can set-up either hot or custodial wallets, and stake out of either one.
What is Solana?
Solana is one of the fastest-growing Layer 1 blockchains in the world today, providing high-speed transactions and low fees (currently averaging $0.00025 per transaction). It achieves this through a combination of Proof of Stake and a new consensus mechanism called Proof of History. Consequently, Solana boasts a current throughput of over 3,000 transactions per second with an estimated peak potential of 65,000 transactions per second.
Solana is home to a number of applications that themselves have seen significant growth since March 2020. Many decentralized exchanges such as Serum and Raydium are built on Solana, as well as lending protocols like Solend.
Solana even boasts a move-to-earn application, StepN, in which players purchase NFT sneakers and are then rewarded for walking, running, and exercising. StepN launched in December and already has over two million monthly active users.
Solana developers are even working on a web3-centric Android phone called Saga, which will enable users to easily interact with decentralized applications. Using dApps on mobile devices is an arduous process today.
Solana has also evolved into the second-most prominent blockchain for NFTs (non-fungible tokens). Magic Eden, the top NFT marketplace on Solana, launched last August and has already achieved unicorn status with a private valuation of $1.6 billion in its Series B funding round in June.
Top NFT collections on Solana have gained traction, too. When Okay Bears launched on Magic Eden in April, it marked the first time a Solana-based collection topped the charts in 24-hour sales volume. Likewise, the launch of Trippin’ Ape Tribe led to another first for Solana: surpassing Ethereum in daily NFT volume.
While Solana’s NFT landscape is still much smaller than that of Etherum, it has firmly entrenched itself as a viable alternative layer 1 for NFT creators and investors.
Protecting your SOL
BitGo uses both on-chain and off-chain security measures to create the most secure environment for your tokens.
For Solana, we’re using a security standard called Threshold Signature Scheme (TSS). Our TSS solution combines the best features of multi-signature wallets with the best features of MPC.
BitGo’s TSS is a unique implementation that still distributes multiple key shares, yet offers more accountability than traditional MPC solutions. Moreover, unlike some MPC options, TSS is open-sourced and has been peer-reviewed, further proving its effectiveness. TSS also allows us to continue using purpose-built hardware security modules (HSMs), which are significantly more secure than other alternatives on the market.
Get started
For existing BitGo clients, head to the wallet dashboard and create a new SOL wallet. For new BitGo clients, connect with our team by filling out this form.
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