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Must-read for Solana Users

What Is Solana Rent?

Are you looking for a wallet supporting Solana? We recommend starting with understanding the concept of Solana rent. This may help you prevent extra expenses! NC Wallet explains what it is and how to avoid paying fees using the network.

1 What is rent?

Rent is paid to keep your wallet (account) live on the blockchain. In a way, it is similar to the bank fee charged for maintaining your account. The goal of rent is to help get rid of inactive accounts making blockchain more efficient and fast. If a wallet doesn’t have enough funds to pay rent, it’s taken off the network. Note, that rent shouldn’t be confused with Solana fees, which are charged for processing transactions.

2 How is rent calculated?

Currently, the rent is fixed, but it’s implied to become dynamic with the amount depending on the time and space that is required to keep the data. The fee is calculated in lamports, which is one-billionth of SOL.

3 Are there any ways to become rent-free?

Yes, there are. You can:

Hold the amount sufficient to cover rent payments for 2 years in your Solana wallet. The accounts with enough balance are considered “rent exempt”.

Use NC Wallet! All our users don’t pay rent, as well as the fees necessary for performing transactions on Solana. Don’t worry about maintaining a sufficient balance or calculating rent — just deposit SOL and take advantage of free-of-charge transactions.

NC Wallet users receive, exchange, and send the most popular cryptos without fees and without any effort!

NC WALLET

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