CryptoLocally, the fast-growing peer-to-peer trading site, has added Solana (SOL) to the list of cryptocurrencies available on the platform.
Solana, commonly referred to as SOL, is an open-source, highly functional crypto project. It leverages the blockchain’s permission-less nature to provide high utility decentralized finance or DeFi solutions seamlessly.
The listing comes as yet another of CryptoLocally’s efforts to give the market a compelling trading experience on its P2P trading platform, which does include some of the most popular and exciting crypto assets in the industry. As many have pointed out in the past, this is one of the many reasons CryptoLocally is also emerging as one of the top P2P trading venues in the crypto market.
Solana and CryptoLocally
Solana and CryptoLocally’s mission aligns: to provide a decentralized platform for users. By listing Solana, which is focusing on dApps and decentralized finance, CryptoLocally is looking to keep its promise to make financial assets more accessible to everyone across the globe. At the same time, of course, Solana will become more actively traded and viewed by the market through a decentralized and non-custodial channel. This listing is mutually beneficial for all parties: Solana, CryptoLocally, and the users.
What is Solana (SOL)?
Solana is relatively new to the crypto industry but is making considerable waves due to its unique innovations. Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized applications (DApps). While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.
Solana is growing rapidly in the crypto space due to the incredibly short processing time it offers to users. Its blockchain’s hybrid protocol paves the way for a considerable decline in the overall validation time when it comes to the transaction as well as smart contract execution. This enables SOL to provide lightning-fast transactions and processing time to its users and has helped it garner institutional interest as well. This unique and innovative SOL protocol has been developed with the intent to serve a wider audience segment which includes small-time users as well as enterprise customers.
DApps, frequently referred to as the future of application, create an incentive to the developers and the users as well. Traditionally, most funds go back to developers and ads, with little or none going back to the community. DApps tackle this imbalance and creates an atmosphere where both developer and user benefits, unlike the traditional application. By embracing DApps, SOL will help to foster this into reality with its lightning real-time processing power and ease of use.
Trading SOL on CryptoLocally
CryptoLocally is one of the most trusted P2P trading platforms in the digital currency marketplace and involves no intermediaries – a unique factor that sets it apart from conventional exchanges. On CryptoLocally, people can buy or sell more than 20 different popular cryptocurrencies using their FIAT currency. These are all done securely under the protection of CryptoLocally’s revolutionary smart contract escrow system.
This means that users have the flexibility to execute transactions using any means they find convenient, be it one-on-one meetings, payment processors, and even bank transfers. The buyers and the sellers hold the sole right to decide which payment methods they want to utilize to facilitate their transactions.
Trading SOL will follow the same easy and necessary trading procedure that has helped CryptoLocally gain good traction in the market. Moreover, the platform ensures that a blockchain-based escrow service secures all transactions carried out by users at every step!