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What is Sollet Wallet? Instructions to create and login Sollet Wallet

  1. 1.What is Sollet Wallet?
  2. 2. Evaluation of Sollet wallet
  3. 2.1 Advantages
  4. 2.2 Cons
  5. 3. How to create the simplest Sollet wallet
  6. 3.1 How to create a new Sollet wallet
  7. 3.2 How to restore old Sollet wallet
  8. 4. Instructions for creating another SPL Token wallet on Sollet Wallet
  9. 5.Instructions for trading SOL Token on Sollet Wallet
  10. 5.1 How to deposit SOL into Sollet Wallet
  11. 5.2 How to withdraw SOL from Binance to Sollet Wallet
  12. 6.Instructions for trading SPL Token on Sollet wallet
  13. 6.1 How to deposit SPL Token on Sollet Wallet
  14. 6.1.1 Deposit USDT
  15. 6.1.2 Deposit SRM (SPL)
  16. 6.2 How to withdraw SPL assets from Sollet Wallet to another wallet
  17. 6.3 How to create Sub Account and Import SPL wallet into Sollet Wallet
  18. 7. Some tips on using Sollet Wallet
  19. 7.1 How to convert ETH to SOL
  20. 7.2 How to Export Private Key
  21. 7.3 How to Export Seed Phrases It
  22. 7.4 How to delete Seed Phrases to secure Sollet
  23. 7.5 How to integrate Solana Tokens into Sollet Wallet

What is Sollet Wallet? This is one of the widely used wallets for most of the projects being invested in Solana. The Solana ecosystem is currently very developed and highly appreciated by investors. So, on what criteria is the assessment of the pros and cons of Sollet based? Follow the article of BHO Network below to learn information about Sollet Wallet!

1.What is Sollet Wallet?

Sollet Wallet is an open-source electronic wallet on Solana Blockchain. The wallet allows users to connect to projects built on Solana, manage assets, store, send and receive SOL and other SPL assets like SRM (SPL), USDC (SPL), RAAY (SPL),... In addition, Sollet can also convert ETH into SOL and ERC-20 tokens into SPL right inside the Wallet.

Sollet Wallet is an open source electronic wallet

2. Evaluation of Sollet wallet

After understanding "What is a Sollet wallet" mentioned in the above content. So, what do investors say when evaluating Sollet? Let's see the pros and cons of this Wallet now!

2.1 Advantages

Here are some outstanding advantages of using Sollet wallet as follows:

  • Easy access and connection to manage assets. At the same time, the wallet interacts well with the Ledger cold wallet to enhance security.
  • Provide users with a tool to manage assets and interact with decentralized applications that are safe and highly secure.
  • Provide a feature to swap tokens directly on the wallet to create convenience for users.
  • Supports both websites and browser extensions.

2.2 Cons

In addition to the advantages of ease of use or website support, Sollet wallet also has the following limitations:

  • For example: the SRM sub-wallet, RAY sub-wallet, and USDT sub-wallet... all have startup fees. Create and have different wallet addresses.

  • Compared to other Solana wallets, the Sollet wallet is more challenging. The working mechanism of Sollet Wallet is that each different SPL Token will have to have its sub-wallet to store. Each of these wallets will have its wallet address and there will be a fee when creating them (in SOL), except for SOL wallets.

  • To convert ERC-20 Tokens to SPL Tokens, a high fee is required.

  • The wallet has a simple and yet eye-catching interface.

  • The browser extension that installs the Sollet wallet has some bugs.

  • It is reported that the project team has stopped building new features for Sollet wallet settings. All recent parts are made by external contributors or for the sole purpose of helping other wallets.

Sollet has a separate fee for each address

3. How to create the simplest Sollet wallet

Sollet Wallet is used by most projects built on Solana. Therefore, the development of Defi projects on Solana is essential. So, the content below will guide new members through the steps to using Sollet wallet!

3.1 How to create a new Sollet wallet

Creating a new Sollet wallet is quite simple, with only 2 basic steps, users can easily create a short wallet. Let's follow the steps below!

Step 1: Select network "Mainnet" or can join "Testnet." After that, save "Seed Words" carefully and tick to confirm saved => "Click Continue."

Choose Mainnet or can join Testnet

Note: You need to copy "Seed Words" on paper and keep it in a safe place in case you forget your password or lose your computer. "Seed Words" will be used to recover Sollet. This is the usage of Sollet wallet for users.

Step 2: Enter the password, then click "Create Wallet."

Enter the password, then click "Create Wallet"

Thus, with only 2 steps mentioned above, users can easily successfully create a new Sollet wallet through the Sollet wallet creation instructions shared.

3.2 How to restore old Sollet wallet

To login to the previous Sollet wallet that the user created and backed up "Seed Words carefully," you can restore the wallet to continue using by the steps below:

Step 1: Click "Restore existing wallet" and enter "Seed Words" to restore.

Click "Restore existing wallet" and enter "Seed Words" to restore

Step 2: Enter "Seed Words" then the new password and "Click Next."

Enter "Seed Words" then new password and finally "Click Next"

Step 3: Click Restore.

Click "Restore"

4. Instructions for creating another SPL Token wallet on Sollet Wallet

Note: Solana Blockchain's different wallet mechanism:

  • SOL Wallet is the parent wallet, created for free, so users only deposit SOL into this wallet.
  • SPL tokens, such as Serum (SRM), USDT(SPL),... are a sub-wallet of SOL wallets that will incur a fee, in SOL, to update the contract.
  • The address of the SOL wallet and each sub-wallet of each Token is different. This is different from the Ethereum network, where different ERC-20s are contained with the same address.

Solana Blockchain's Different Wallet Mechanism

If you already know how Wallet works on Solana Network. Let's proceed to create a Token SPL wallet and Deposit assets!

To ensure users have SOL in Wallet, you "Click (+)" on the Menu of Account to add other SPL Tokens. Every time you add a new Token wallet, you will lose a small fee for Smart Contract (currently 0.002039 SOL).

"Click (+)" on the Menu of Account

Select "Add" next to Token.

Select "Add" next to token

Select "Approve" in the wallet for Smart Contract to proceed to create a wallet for Token. In addition, you can also manually add Tokens in the "ERC-20 Token" or "Manual Input" tab or paste the address of that Token and then click "Add."

Select "Approve" in the wallet to Smart Contract

5.Instructions for trading SOL Token on Sollet Wallet

After completing how to create another SPL Token wallet on Sollet Wallet. The following content will assist investors in how to set up SOL Token transactions on the Sollet wallet. Let's see now!

5.1 How to deposit SOL into Sollet Wallet

Step 1: Select SOL assets and then click "Receive."

Select the SOL property then click "Receive"

Step 2: Copy the SOL wallet address.

Copy SOL wallet address

Users buy SOL on FTX, Binance,... Then send it to the new SOL address to copy. If the exchange asks to choose Chain, remember to get Solana (SPL).

Tip: Sollet.io can be used, if you have ETH in your Metamask wallet and want to convert to SOL.

You need to click Deposit SOL ⇒ Pop-up appears ⇒ Switch to ETH tab ⇒ click 'Connect to Metamask' and convert. However, the transaction fee is a bit high, so everyone should calculate it carefully!

Click Deposit SOL and wait for the Pop-up to appear and then switch to the ETH tab

5.2 How to withdraw SOL from Binance to Sollet Wallet

After having the Sollet Wallet, you will load SOL Coin into your wallet to create contracts for other Tokens. Here are the steps to guide users to withdraw SOL from Binance to Sollet as follows:

Step 1: Access the Binance wallet, provided you already have an account at the exchange.

Access Binance Wallet

Step 2: Type in the search box "Solana" and click the SOL icon below.

Type in the search box "Solana" and click the SOL icon below

Step 3: After selecting the Coin to withdraw, the system will switch to a new tab to paste the withdrawal Sollet Wallet address.

Select Coin to withdraw

Step 4: Add a withdrawal wallet if the user is not in the allowlist.

Add withdrawal wallet

After selecting “Go to more,” click “Add withdrawal address.”

Click on “Add withdrawal address”

Enter the search box for the type of Token you want to withdraw as “SOLANA.”

Enter the search box for the type of Token you want to withdraw

Next, after selecting the SOL to withdraw, the system will automatically select the SOL network.

The system will automatically select the SOL . network

Step 5: Copy the wallet created on Solletwallet.

Copy the wallet created on Sollet Wallet

Step 6: Choose the number of Tokens withdrawn.

Choose the amount of Tokens to withdraw

Step 7: Enter the number of Tokens.

Enter number of Tokens

Step 8: Confirm withdrawal request.

Confirm withdrawal request

Step 9: Results appear on Sollet Wallet as follows

Results appear on Sollet Wallet

6.Instructions for trading SPL Token on Sollet wallet

How to create a Sollet wallet on SPL exchange? See the content below to see how to exchange SPL Coin on Sollet!

6.1 How to deposit SPL Token on Sollet Wallet

Select the asset you want to Deposit. For example, the USDT.coin must ensure that the user has created a wallet for the Token.

Click "Receive" to get the SPL Token address you want to add and send only the correct type of Coin.

Click "Receive" to get the SPL Token address

6.1.1 Deposit USDT

Make sure you have SOL in your wallet. The user clicks the (+) icon on the account's menu to add the SPL Token. However, if you want to add 1 new wallet, there will be a small surcharge for the "Smart Contract."

Click the (+) icon on the menu of the account

Next, select "Popular Token Tab" and click "Add Wrapped USD Tether."

Select "Popular Token Tab", click "Add Wrapped USD Tether"

"Approve" in Sollet.io to create Wrapped USD Tether (USDT). Click on the newly created USDT wallet, select "Receive" then copy the Wrapped USD Tether address.

"Receive" then copy the address Wrapped USD Tether

User deposits USDT or SPL to the newly copied address. If you buy USDT Token on the exchange, paste the Wallet address. The deal will automatically update the Chain and charge the fee. Therefore, users sending from decentralized wallets like Trust, Metamask,... need to make sure that the USDT is SPL Coin, the second SOL in the wallet is a fee.

User deposits USDT or SPL to the copied new address

You can transfer USDT by selecting the ERC20 USDT tab connected to Metamask. Sollet will automatically convert the user's ERC-20 USDT into USDT (SPL). However, this method is quite complicated and expensive, so investors need to consider it carefully!

6.1.2 Deposit SRM (SPL)

Select the (+) icon on your account's menu to add SPL Tokens. Every time you create a new wallet, you will lose a small fee for Smart Contract.

Click "Popular Token Tab," select "Add Serum." Then accept Sollet.io to create a Serum wallet.

Click "Popular Token Tab" and select "Add Serum"

You will be sent the SRM to the newly copied address. If a user buys SRM on an exchange like FTX, etc., pasting the address will automatically transfer the Chain to you.

6.2 How to withdraw SPL assets from Sollet Wallet to another wallet

To withdraw assets from SPL to Sollet Wallet simply by creating a Sollet wallet on your phone. Select the asset you want to remove SOL then deposit.

Choose the asset you want to withdraw SOL

Paste the Solana address of the Token you want to withdraw and enter the amount, then click "Send."

6.3 How to create Sub Account and Import SPL wallet into Sollet Wallet

Click "Account Tab" and select "Add Account" to create Sollet account.

Click "Account Tab" and select "Add Account"

Name the sub-account, select "Add" click Import Private Key and paste it in.

Select "Add" and click Import Private Key and paste it in

7. Some tips on using Sollet Wallet

Suppose you have ETH Token in Metamask and want to convert to SOL with Sollet Wallet. You can refer to the content below for tips on *how to use Sollet wallet *by following steps:

7.1 How to convert ETH to SOL

Step 1: Select SOL assets, click “Receive.”

Select on SOL property, click “Receive”

Step 2: Switch the ETH tab, click "Connect to Metamask" and convert with a transaction fee of 0.0010 ETH.

Switch ETH tab click "Connect to Metamask"

7.2 How to Export Private Key

You can export your Private Key to any token wallet. In the example, the instructions on the SOL wallet are as follows:

Step 1: Click Coin SOL at the main interface and select "Export."

Click Coin SOL at the main interface and select “Export”

Step 2: Open “Reveal” to see the Private Key, then back up the whole thing.

Open “Reveal” to see Private Key

7.3 How to Export Seed Phrases It

It is essential to store Seed Words, this will help you recover your Sollet wallet. If users have not backed up when creating a wallet, they can perform the following steps:

Step 1: In the “Account” section, click “Export Mnemonic.”

In the “Account” section, click “Export Mnemonic”

Step 2: Select “Reveal” to view, then you can backup Seed Words.

Select “Reveal” to view, then you can backup Seed Words

7.4 How to delete Seed Phrases to secure Sollet

Sollet.io wallet is working in the anonymous browser. Therefore, you need to protect the wallet yourself to do the security. You can delete the Seed Phrase after the transaction is completed. Next transaction, you need to restore the wallet via Seed Phrase as instructed. The steps to delete Seed Phrase is implemented as follows:

Step 1: In the account section -> select "Log out" and "Delete Mnemonic."

Select "Log out" and "Delete Mnemonic"

Step 2: Select "Seed Phrase," click "Delete."

Select "Seed Phrase" and click "Delete"

7.5 How to integrate Solana Tokens into Sollet Wallet

After you have a certain amount of Solana Tokens, the integration of Solana Coins is as follows: Click on the “+” icon in the screen item, a list of Tokens will appear. Choose to integrate.

The “+” icon in the screen item

After that, continue to click "Add" and the cost will appear to integrate each type of Token.

Click on “Add”

The transaction is confirmed on Solana Explorer. The wallet will then update the list of Tokens below.

Transaction confirmed on Solana Explorer

Similarly, the remaining content is displayed as shown below:

Similar to Raydium

Below is the entire content "What is Sollet Wallet? Instructions for creating and logging in Sollet Wallet". You can now connect to Sollet and quickly and easily access DEX and Defi applications built on the Solana ecosystem. For more helpful information about the financial market, please visit the company's website: https://bho.network/ Please contact BHO Network immediately if you have any other questions!

Published on March 12, 2022

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