Solana is a fast and secure blockchain network built on the RUST programming language that is used to build DeFi applications and SOL tokens. It is one of the fastest blockchain networks, completing over 50,000 transactions per second.
Exodus is one of the wallets that supports Solana, along with over 150 additional cryptocurrencies. If you are considering using the Exodus wallet to keep, manage and trade SOL, keep reading. This guide will introduce you to the Exodus wallet and its features to help you determine whether it is the right Solana wallet for you.
What is Exodus?
The Exodus wallet was founded in 2015 by JP Richardson and Daniel Castagnoli, providing a solution for storing and managing a wide range of cryptocurrency assets that is friendly for users with all levels of technical expertise. Exodus can be classified as a decentralized software wallet and is non-custodial in nature, giving investors full control over their private keys which are stored directly on your device.
Exodus is also known for being beginner-friendly and having an intuitive, easy to navigate interface both in its desktop and mobile wallet version. Mobile and desktop wallets can even be paired, allowing you to manage your crypto on all your devices, as you see fit.
By using the Exodus wallet for Solana, you’ll be able to:
- Conveniently access your wallet from your desktop ( Linus, Mac and Windows) or mobile devices (iOS and Android).
- Keep tabs on your portfolio and monitor real-time crypto charts.
- Send and receive crypto using a QR code or address.
- Exchanging one crypto asset for another directly on the wallet using its exchange feature.
- Safely keep and manage over 150 different cryptocurrency assets.
- Exchange cryptocurrency coins and tokens directly from the Exodus wallet with support for peer-to-peer trading.
- Connect your Trezor hardware wallet to exodus to maximize security.
- Restore your wallet using your unique 12-word recovery seed phrase.
- Get human assistance with live support available 24/7.
- Use the wallet’s app explorer to find crypto apps allowing you to earn interest and rewards from your holdings.
From the wallet, users can access features from separate tabs. There’s a designated Portfolio tab giving you an overview of all holdings as well access to their crypto charts. Coins and tokens are sent and received from the Wallet tab and crypto-to-crypto coins can be traded from the Exchange tab. Users can also quickly configure their wallet from the Settings tab and access resource resources and chat from the Help tab.
Exodus Supported Coins
Exodus supports over 150 crypto assets, including Solana (SOL). Among supported assets we find the following popular coins and tokens:
- Binance coin
Exodus Wallet Pros and Cons
Exodus is an excellent choice for beginners looking for a fully-functional wallet that is both safe and easy to use. It’s clean design is very appealing to the eye and easy to navigate. Paired with its extensive support resources (including 24/7 live support) and software availability for desktop and mobile devices, this is one of the best choices for those just getting started with crypto.
Support for Exodus wallet is extensive, including a complete knowledge base with multilingual resources and support videos available, email assistance, and customer support Slack channel.
At the same time, Exodus allows crypto staking, allowing you to earn rewards, and to access different crypto apps directly from the wallet. Users also have the option to link their desktop wallets to a Trezor hardware wallet, be it the Trezor One or the Trezor Model T, for additional security making it an attractive option for more advanced users.
When using a software wallet, users are also concerned about using technology that is reliable and up-to-date. Exodus definitely wins in this aspect, since new software is released every 2 weeks since its launch and there are consistent product updates users can depend on.
On the downside, users find that network fees for transactions are higher on the Exodus wallet. Currently, with the latest version Exodus allows you to set custom fees for Bitcoin and Ethereum transactions only. You should also consider that Exodus is not fully open source, which means that code is not visible for all, which can raise some security concerns.
Using a hot wallet also carries some risks as these wallets are more vulnerable to viruses, malware and hackers. For those looking for the highest level of security, a hardware wallet is a better choice.
Exodus Wallet: The Verdict
If you are looking for an easy-to-use software Solana wallet that supports multiple other cryptocurrencies, Exodus is a good wallet for you. Its desktop and mobile options provide great accessibility to your assets and allow you to manage your investments on the go. However, you should keep in mind that there are more secure options available and that you might be able to get lower fees with another wallet.