At Stake.com, we want to make it as simple as possible for you to deposit and play with the latest cryptocurrencies. We accept a wide range of the largest cryptocurrencies and popular crypto coins, allowing you to make fast and secure deposits and withdrawals.
Thanks to Stake, you can enjoy safe and fun crypto gambling using Solana (SOL). In this guide, we’ll explain how!
What is Solana (SOL)?
Solana is a peer-to-peer blockchain platform that is used to host and power decentralised applications (dApps). SOL is the token traded on the Solana network, which users can purchase on exchanges or generate through staking SOL on the network.
The Solana network runs on proof-of-stake (PoS) and proof-of-history (PoH) consensus mechanisms to validate transactions rather than proof-of-work (PoW). The PoS model means that transactions on the blockchain are verified by validator nodes that have staked their SOL to earn rewards.
However, the Proof-of-history implementation improves the validation process by including hashed timestamps to verify when transactions occur. PoH simplifies network synchronisation, meaning the network operates significantly faster.
History of Solana & What is it Used For?
History of Solana
November 2017 – Solana founder Anatoly Yakovenko published a whitepaper outlining the Proof-of-History concept.
2018 – Solana Labs was founded by Yakovenko and Raj Gokal.
March 2020 – The Solana blockchain was launched, with the first block created on 16 March.
April 2023 – Solana Mobile launched an Android smartphone that features multiple dApps preinstalled.
September 2023 – Payment processor Visa announced support for the Solana blockchain when users send the stablecoin USDC.
What is Solana Used for?
SOL is the native token on the Solana network, and it can be used to power decentralised apps that fulfil a variety of purposes. Smart contracts are the key to running dApps, which include non-fungible token (NFT) marketplaces, decentralised finance projects and decentralised crypto exchanges.
It shares many similarities with Ethereum, as both are capable of running smart contracts. However, Solana offers faster transactions and lower fees, making it more suitable for online payments. You can use SOL for deposits and withdrawals at Stake, including playing casino games and making sports bets.
How to Deposit & Withdraw Solana at Stake
Deposit Method
Add SOL to your Stake account by following these steps:
Copy the wallet address and then paste it into your personal wallet. Double check it’s correct before going further.
Enter how much you want to deposit within the limits and confirm the transaction.
If you don’t already own SOL, simply purchase it on a crypto exchange and send it directly from the exchange.
Alternatively, you can purchase using the Buy Crypto option. This lets you use local currency and your preferred payment method to buy SOL through MoonPay and Swapped.com.
Withdrawal Method
Complete these steps to withdraw SOL from your account:
Open your wallet and check you have enough to cover the minimum withdrawal.
Copy and paste your personal wallet address and ensure it’s correct.
Enter the amount you want to withdraw then confirm the transaction.
Once the transaction has been validated, your SOL will be sent to your wallet.
Place your bet and watch the match live if a live stream is available.
Best Slots & Sports to Bet on with Solana
You can play any slots or casino games with SOL at Stake. We’ve got an impressive collection of games to enjoy, all provided by the best software developers in the business. Online slots are simple to play but offer the potential for big wins and exciting bonus features like extra paylines, jackpots and free spins.
Sports are always exciting to watch, but we’ve made your favourite sports even better thanks to our excellent odds and wide range of betting markets. Whether you love soccer, basketball, cricket, rugby, motorsports, Esports or anything else, we have hundreds of events for you to bet on every day. Check out the pre-live and live betting markets and enjoy our free live streams as you bet.
How does SOL Compare to Bitcoin, Ethereum & other Coins?
Solana is most often compared to Ethereum (ETH), another popular cryptocurrency. Both coins use a Proof-of-Stake and support smart contracts. Solana stands out from Ethereum due to Proof-of-History which allows it to process 2,400 transactions per second to Ethereum’s 15 per second. This means SOL transactions are much cheaper and faster.
Bitcoin (BTC) is by far the most popular cryptocurrency and the most valuable according to the current crypto market. However, it’s much slower and less convenient for online transactions compared to SOL and other cryptocurrencies. SOL is significantly easier to use when making payments.
Litecoin (LTC) is another cryptocurrency that supports fast and low-cost transactions. It can process around 56 transactions per second, which is still considerably lower than the speed of SOL. In addition, the Litecoin network isn’t capable of powering dApps.
Transactions on the Solana network are really fast, but the price of the SOL token, as with other cryptocurrencies, can be quite volatile. The market is often subject to highs and lows, resulting in your coins changing value over time. Stablecoins such as Tether (USDT) offer an alternative. Tether is pegged to the US dollar, so its value won’t change.
Other cryptocurrencies available to use at Stake include DOGE and EOS, both of which provide fast and low-cost payments. DOGE is best known for its unlimited supply, while EOS is designed to host business-focused dApps.
Benefits of Choosing Solana
Secure transactions – As you don’t need to enter your bank or payment card details, crypto gambling with Solana is extremely secure.
Super-fast payments – Cryptocurrency payments are normally fast, but Solana is one of the fastest blockchains, with the capacity to process thousands of transactions per second.
Very low fees – Because Solana is so fast and efficient, transactions are also extremely cheap, with low fees when sending or receiving coins.
Easy to purchase – Solana is available to purchase at all major crypto exchanges such as Binance, and it’s possible to buy it directly at Stake using MoonPay too.
Additional security – At Stake, we ensure you’ll always be able to keep your coins safe. Our vault allows you to safely store SOL and any other crypto assets, with two-factor authentication to ensure they’re secure.
Promotions, Stake VIP Club & Responsible Gambling
When you’re betting using SOL or any other cryptocurrency at Stake, make sure you follow our Stake Smart guidelines. Betting responsibly helps you have more fun while spending less, and ensures you don’t get carried away.
