Crypto Exchange Gemini has announced that it is now supporting $SOL, the native token of Solana, which is “an open source project implementing a new, high-performance, permissionless blockchain” that is maintained by the Geneva-based Solana Foundation.
Yesterday (February 28), Gemini announced on its blog that it has added support for $SOL. Currently, $SOL is supported for deposits and can “custodied” at the exchange’s wallet. As for trading, Gemini says:
“Trading for SOL will follow, opening first on our API/FIX and ActiveTrader applications for USD trading pairs. It will then open on our Gemini Mobile App and website on a rolling, token-by-token basis for USD, GBP, EUR, CAD, AUD, HKD, and SGD pairs.“
According to data by TradingView, on crypto exchange FTX, current (as of 11:11 a.m. UTC on March 1), $SOL is trading around $97.1475, down 0.07% in the past 24-hour period.
On February 21, crypto analyst and investor Miles Deutscher explained via a Twitter thread how people could “earn insane APRs” on their $SOL Holdings:
- “
You’ll need $SOL in a Solana wallet like @phantom to get started. You can transfer from a CEX to your wallet to get involved in DeFi.
- “You’ll need $SOL in a Solana wallet like @phantom to get started. You can transfer from a CEX to your wallet to get involved in DeFi.“
- “Firstly, you’ll need to stake 50% of your $SOL for stSOL on @LidoFinance . For staking your $SOL, you’ll receive stSOL which pays a 5.8% APY.“
- “Next, you can take this stSOL and swap it for aSOL on @Saber_HQ . The reason we’re swapping it is because the aSOL pool pays a better rate…“
- “Once you’ve got aSOL, you can create an aSOL-SOL LP on Saber under ‘Pools’.“
- “Now that you’ve got your aSOL-SOL LP, you can navigate over to @SunnyAggregator in order to stake it. Sunny is paying a 13% APY on this pool!“
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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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Featured Image by “Horwin” via Pixabay
