Solana coin FAQs - Learn more about SOL
Everything you need to know about SOL inside of Exodus.
In this Article:
- Minimum Balance
- SOL powered assets
- Earn Rewards
- If you want to learn how to stake your Solana, check out this article: Solana Staking FAQ
General Solana Questions
Solana Minimum Balance
Solana’s SOL is a special asset that has built-in rules on minimum balances held in SOL addresses, just like some bank accounts where you have to maintain a minimum balance. In order to activate and use SOL in your Exodus wallet, please deposit at least 0.01 SOL into your Exodus Solana address.
Solana's official stance
The SOL asset is unique in that, unlike other assets, Solana only allows accounts to be alive on their network by paying rent. This rent is needed in order to maintain the information of your address on the Solana network.
Rent is usually paid to the network automatically from your Solana balance. However, you can have a rent exception, which means you do not need to pay rent to the Solana network to use your SOL.
To be exempted from rent, you will need to ensure that your Solana address locks away a small amount of SOL in a minimum reserve. The current minimum reserve requirement is 0.01 SOL in Exodus.
How Exodus handles SOL minimum balances
Similar to how Exodus requires a a minimum Ethereum balance to send ERC20 assets, Exodus also requires a small amount of SOL to be stored in your wallet to use Solana inside of Exodus without paying rent.
The current minimum balance required is 0.01 SOL. If your SOL address in Exodus has less than this minimum balance, this warning is displayed in the upper right-hand corner of Exodus when viewing your Solana SOL wallet:
SOL powered assets
What are SPL assets?
Solana Program Library (SPL) tokens are assets that live on Solana’s network. These assets benefit from Solana’s scalability and network performance.
These assets use SOL the same way an ERC20 asset uses ETH. Small amounts of SOL are used to fuel each transaction on the Solana network.
Supporting Serum SRM on SOL
Exodus supports the Solana token Serum (SRM). Serum requires SOL to power its transactions.
Do I Need Solana To Send My SOL Assets like SRM in Exodus?
Yes! Every Solana asset such as SRM uses some SOL to pay for network fees.
Network fees can be seen at the bottom of the “SEND” screen, in this case the fee for sending SRM was 0.000005 SOL.
How do I manage unsupported SOL tokens?
We do not yet have a feature to add assets that are missing from this menu. Currently, only Serum SRM on the Solana network is supported as a SOL SPL in Exodus. While the funds will be safe at your address, you won’t be able to interact with those tokens within the Exodus wallet.
To manage your unsupported tokens and send them out of your Exodus wallet's SOL address, you’ll need to:
- Access your SOL private key
- Import this into a service that supports SLP tokens
- Move your tokens to a supported wallet
Please be very careful when using your private keys. Never share this with anyone, not even support. Avoid storing this on any electronic device and only use this in trusted applications.