If you've tried to move a token on the Solana blockchain and got the error message saying you don't have enough SOL to cover network fees its because every transaction on the Solana network requires paying gas fee for the transaction to be processed, which is paid in SOL and your wallet doesn’t have enough SOL, the native cryptocurrency of the Solana network. So, then what's the fix? You can deposit fiat or crypto to your PlasBit wallet and convert it into SOL, which can then be transferred to the wallet where your transaction is frozen. Problem solved!
PlasBit streamlines the entire procedure regardless of skill level. It's a way of avoiding those annoying times when you lack the SOL you need to pay network charges. The platform provides a straightforward and efficient way to get the SOL required to keep your transactions flowing.
We'll take a closer look at how to go about it.
Step-by-Step Guide to Fixing the "Not Enough SOL to Cover Network Fees" Error on the Solana Network
1. Go to the deposit section
2. Enter the fiat amount and currency you wish to transfer and choose to deposit through Bitcoin
3. Go into the "Exchange" section
4. Select SOL from the drop-down menu and enter the amount you wish to buy in the input "Amount to Buy"
5. Select BTC in the input "Amount to Sell" then click “Sell BTC for SOL" or "Buy SOL with BTC"
6. Confirm your order details and click "Submit order"
7. Once the SOL is in your wallet, you can go to your Plasbit wallet
8. Transfer the SOLANA to your external wallet so you will have the SOL to pay the gas fee
Why are Transaction Fees Needed on the Solana Blockchain and What is Gas?
So, you don't have enough SOL to cover network fees? Let's take a look at what these fees are for in the first place. Gas fees are required to compensate the network's validators—the individuals or institutions who execute and validate transactions on the Solana network. The native coin, SOL, is used to pay for these network costs.
But why do we need processing fees? Solana, like other independent blockchain networks, uses validators to make sure that transactions are honest. It takes processing power for the network to check and confirm each operation. Gas fees, which are also called transaction costs, give these validators a reason to keep the network safe and quick. Without these fees, the network wouldn't have the tools it needs to handle many deals quickly and safely.
These validators are driven to keep the network safe and fast by the gas fees they receive.
Gas costs also deter spam and malicious network assaults by imposing a cost on each transaction. This makes sure that the network is free of spam or illegal behavior and lets real users make transactions without any problems.
While Solana's gas fees are significantly cheaper than those of other blockchains like Ethereum, you still need enough SOL to cover these modest but necessary fees while executing transactions.
How to Understand Layer One and Layer Two Crypto: Key Differences and Uses
People who work with blockchain technology often use terms like "Layer One" and "Layer Two" to talk about different kinds of systems and solutions. But what do they mean and how are they different?
Layer One (L1) Crypto
The first layer of a blockchain network is called Layer One. Solana and Ethereum are two examples. They are basic systems where transactions happen and smart contracts are carried out. Layer One solutions are in charge of keeping the network's core functions running smoothly. This includes security, consensus methods, and validating transactions.
Layer One's job is to set up the main framework for decentralized apps (dApps) and other activities that use blockchain. When demand goes up, these networks can have problems like slow processing speeds or high transaction fees because they handle everything on-chain. As a Layer One blockchain, Solana is known for being fast and having low fees. This makes it very competitive with Ethereum and other Layer One options.
Layer Two (L2) Crypto
Building on top of Layer One networks, Layer Two systems try to fix problems with being able to expand. L2 networks don't work as separate blockchains. Instead, they handle transactions off-chain or in smaller groups, which helps the Layer One network stay free of congestion. Polygon, which was made on Ethereum, is a well-known Layer Two option. These methods are meant to speed up and lower the cost of transactions, especially when Layer One is busy.
Layer Two's job is to make Layer One networks run faster by taking on a lot of the transactions. This makes it easier to add more users without lowering protection.
Which Investment Is Safer?
Most people think that Layer One networks are safer places to spend because they provide the basic infrastructure that Layer Two solutions need. Some networks, like Solana's Layer One, have their own local token. These networks are usually more stable and safe. Layer Two options, on the other hand, have a lot of room to grow because they solve real scalability problems.
Key Features, Team, and History of the Solana Project
Solana is a high-performance blockchain that is known for how fast it is and how cheap it is to send money. When it came out in 2020, it was made to fix the problems with growth that older blockchain networks like Ethereum have. With almost no fees, Solana is one of the fastest blockchains on the market and can handle more than 50,000 transactions per second. When you think you don't have enough SOL to cover network fees, it's worth remembering that this is a very low fee coin compared to many others!
The Team Behind Solana
Anatoly Yakovenko, who used to work as an engineer at Qualcomm, started Solana in 2017. Yakovenko and co-founders Greg Fitzgerald and Eric Williams proposed using Proof of History (PoH), a unique way to reach an agreement. This technology helps the network order transactions more effectively, which speeds up processing without affecting the idea of decentralization. After that, Yakovenko and his team started Solana Labs. The project began in 2020, after an Initial Coin Offering (ICO) raised more than $25 million. The Solana Foundation, a non-profit that helps the environment grow, also gives money to Solana.
What Problems Does Solana Solve?
Older networks, like Ethereum, have trouble with congestion, which makes transactions take a long time and cost a lot. Solana's Proof of History technology lets it verify transactions quickly and cheaply, which is very important for platforms that deal with decentralized finance (DeFi), gaming, and NFT platforms.
One of the best things about Solana is that it is better for the earth. Bitcoin's Proof of Work consensus mechanism uses a lot of energy. On the flip side, Solana's Proof of History and Proof of Stake methods use a lot less energy. That makes Solana a more eco-friendly blockchain choice, which is important as the industry gets more attention for its impact on the earth.
Along with being fast and cost-effective, one of the best things about Solana is that it can be scaled. While Ethereum and other networks have trouble growing without sacrificing security or independence, Solana can keep its throughput high. Because it can grow without losing speed, it's perfect for users that need to handle a lot of transactions,
Because it can handle transactions quickly and cheaply, Solana is a popular choice among coders and users, which has helped it grow quickly.
The Most Well-Known Cryptocurrencies Based on the Solana Blockchain
The Solana blockchain has become very popular because it has fast transactions and low fees, bringing in many new projects and coins. These are some of the most well-known tokens:
Dogewhifhat (DWHF)
Designed on the Solana blockchain, Dogewhifhat is among the most unusual meme coins created. Dogewhifhat brings the meme-coin enjoyment to Solana's low-fee, high-speed system. The token gained popularity for its committed network of supporters and broad airdrop approach. Originally a lighthearted project, Dogewhifhat has become a cult favorite in the Solana community.
Mango Markets (MNGO)
Considered a distributed exchange (DEX), Mango Markets offers Solana leveraged trading and lending. Designed to offer low-cost, fast trading, Mango Markets is an excellent example of how DeFi systems can utilize Solana's features. Those who thought this distributed platform would be successful early on have seen large profits as Mango Markets has grown to be a main component of Solana's distributed financial network.
Chainlink (LINK)
Chainlink gives real-world data to smart contracts and is known for its decentralized Oracle network. It makes the ecosystem more useful by launching on Solana, which makes it an important part of decentralized finance (DeFi) projects.
Bonk (BONK)
Bonk is a community-driven meme coin that became famous in the Solana community thanks to its dog-themed branding and many airdrops. It's a fun but risky coin.
Serum (SRM)
Serum is a decentralized exchange (DEX) that was created on Solana. It lets people trade quickly and cheaply. It is an important part of Solana's DeFi ecosystem because it gives users a decentralized option to traditional exchanges (Netcoins).
These tokens show the wide range of projects that are being built on Solana, from meme coins and decentralized markets to stablecoins and DeFi solutions.
Success Story: How Bonk (BONK) Delivered Huge Profits on the Solana Network
One well-known example of a Layer 2 token built on Solana that did very well is Bonk (BONK), a memecoin whose value shot up very quickly. When Bonk launched in December 2022, it quickly got the attention of the crypto community by giving 50% of its coin supply to people in the Solana community, such as NFT traders and developers, through an airdrop. Solana's low fees and fast transaction speeds, along with Bonk's unique way of distributing its products, helped it become popular.
As soon as it came out, Bonk's value went up by over 2,000% in early January 2023. Investors saw huge profits within weeks of the app's release. The rally was boosted even more when Bonk was added to big cryptocurrency exchanges like Binance and Coinbase. This made it more visible and increased demand. Some early investors allegedly made returns of up to 29,000% during this time, making Bonk a big success story in the Solana ecosystem (CoinMarketCap).
Bonk's success showed how powerful Layer 2 solutions can be on Solana. It used the platform's scalability and efficiency to make a trade platform that worked very well. Bonk's value has since leveled off, but its quick rise showed that Solana-based Layer 2 projects could make early investors who were willing to take a chance on new, community-driven projects a lot of money.
Bonk's success wasn't just based on guesswork; it was also due to its focus on community-driven growth. Bonk wanted to be the "people's coin" of Solana, which is different from many meme coins that are linked to "pump and dump" scams. Bonk gained confidence and a strong following among Solana users by letting the community have a say in how tokens are distributed and how the company is run. Early adopters got a big stake in the token through an airdrop, which helped it spread quickly and stoked the excitement in the ecosystem.
Along with focusing on community, Bonk has also connected to other decentralized apps (dApps) on Solana, making its position in the ecosystem even stronger. Bonk could be more than just a joke coin because people are planning to work together on future NFT projects and decentralized finance (DeFi) systems. Bonk can become a part of bigger decentralized ecosystems by being integrated into different dApps. This makes it more valuable for long-term holders.
Be aware that meme coins like Bonk can go up and down a lot, but the original success of the token and its community-driven model have shown that Layer 2 projects built on Solana can do well. Bonk's ability to use Solana's quick and cheap transaction method made it more well-known and popular. The cryptocurrency market is always changing, but Bonk's rise shows that Layer 2 tokens on flexible networks like Solana can offer big chances for people who are willing to take a chance.
The Competition Between Solana and Ethereum
There has been a lot of talk in the crypto space about the battle between Solana and Ethereum, two of the most well-known blockchains. Both platforms offer decentralized infrastructure for apps (dApps), smart contracts, and cryptocurrencies. However, their scalability, transaction speed, and network fees are different, which means that people use them for different things.
Scalability and Transaction Speed
One big reason why Solana is better than Ethereum is that it can grow and make transactions faster. As it stands, Ethereum can only handle 15 to 30 transactions per second (TPS), but Solana can handle over 50,000 TPS. Solana can grow as needed thanks to its unique Proof of History (PoH) consensus method. This lets validators agree on the order of transactions without every node having to confirm each one in real-time.
Because Ethereum uses Proof of Work (PoW) instead of Proof of Stake (PoS), the network is slower and costs more to use when there are a lot of requests. This will change with Ethereum 2.0. Since this is the case, Ethereum's network has had issues with congestion and high gas fees, which are issues that Solana's architecture was made to fix.
Transaction Fees
Solana has a big edge when it comes to fees for transactions. On Solana, the network fees are very low; each transaction usually costs less than a penny. Ethereum, on the other hand, is known for having very high fees, especially when the network is busy. These fees can sometimes go up to several hundred dollars per transaction. This makes Ethereum harder for new users or people who are only sending small amounts of cryptocurrency.
Adoption and Development
Even though Solana has some technical benefits, Ethereum is still the most popular and active cryptocurrency among developers. Ethereum was the first platform to build decentralized apps (dApps), and it has been around since 2015. With thousands of projects in DeFi, NFTs, and other areas, Ethereum also has the biggest and busiest group of developers. Ethereum is used to build well-known projects like Uniswap, MakerDAO, and OpenSea.
Even though Solana is newer, it is quickly getting popularity and has seen a lot of projects in the DeFi and NFT ecosystems. It is still behind Ethereum, though, in terms of the number of dApps and the total value locked (TVL) in its DeFi projects.
Future Outlook
How the competition between Solana and Ethereum develops in the future will rest a lot on how well Ethereum 2.0 is put into action. If Ethereum 2.0 can fix the problems with fees and being able to grow, Ethereum could keep being the leader in blockchain technology. But Solana's faster and cheaper network will continue to draw coders and users who care about speed and price.
To sum up, Ethereum is still the biggest player, but Solana is a strong rival thanks to its speed and low fees, especially for high-throughput uses like gaming and decentralized finance. Because they are competing with each other, both platforms are pushing new ideas forward and providing different crypto answers for different needs.
The Active and Involved Community Supporting Solana
Developers, investors, and blockchain fans from all over the world join the Solana group, which is one of the liveliest and busiest in the field. As Solana grows, its community is very important for encouraging new ideas, giving feedback, and creating decentralized apps (dApps) that work with the rest of the ecosystem.
The Solana community is spread out around the world and very busy on many platforms, such as Telegram, Discord, and Reddit. These sites let people talk about a wide range of topics, from new projects to network upgrades and technical problems. Developers, engineers, and blockchain builders can work together and talk about technical issues on the Solana Discord Server (Web3 Infrastructure for Everyone) (DailyCoin). Core coders and validators who interact with the community often go there, which makes it an important place to share information about how the network works and what improvements will be made in the future.
The r/Solana subreddit on Reddit has more than 230,000 members. There, people talk about everything from trading methods and project AMAs (Ask Me Anything) to price predictions and how to use the Solana network (DailyCoin). This subreddit isn't as technical as the Discord, so a wider range of users who may be interested in more general Solana-related things can use it.
New project launches, updates to the Solana protocol, and advice on how to take part in governance ideas are often important topics that come up in these forums. Security is also often talked about, especially when it comes to the best ways to keep wallets safe and deal with possible risks in the ecosystem. On Solana, developers also talk about new technologies and ways to make smart contracts, dApps, and decentralized finance (DeFi) systems work better.
In general, people in Solana work together a lot, and the community puts a lot of value on both schooling and new ideas. The community stays involved in Solana's growth through regular hackathons, coding boot camps, and governance talks.
PlasBit: Your Solana Network Fee Solution
Running out of SOL to cover network or gas fees is a regular problem for users dealing with tokens generated on the Solana blockchain. This can stop significant transactions including swaps and transfers. By letting users rapidly deposit fiat or other cryptocurrencies into their PlasBit wallet, simply convert them for SOL, and then transfer the SOL to cover the necessary network fees, PlasBit offers a basic and efficient solution for this problem.
Users of PlasBit's simple approach can prevent the aggravation of blocked transactions resulting from insufficient SOL. PlasBit guarantees flawless, frictionless transactions on the Solana network free from any unanticipated pauses.
