Sometimes, it can be inefficient  and costly to do USDC transfers on the Ethereum network. Lucky for you, CoinJar now offers USDC transfers on the Solana network, providing an efficient, more competitive, and user-friendly solution for managing stablecoins.

CoinJar is now multichain

CoinJar is now "multichain". This means we are expanding our platform to support multiple blockchains.

Different blockchains host different cryptocurrencies. By becoming multichain, CoinJar can list and support a wider variety of digital assets for their customers to buy, sell, and trade.

Some blockchains offer efficient transaction speeds and more competitive fees than others.

CoinJar customers will have more options for sending and receiving cryptocurrencies, choosing the blockchain that best suits their needs in terms of speed, cost, and supported assets.

First of many

Now that CoinJar is multichain, customers can now transfer USDC on the Solana network. This gives you greater flexibility and control over your digital assets. 

This is just the beginning of the expansion of our blockchain support. We will be supporting transfers of other tokens over other blockchains in the future. USDC over Solana is just the first! So stay tuned for updates.

Why Transfer USDC on Solana?

Cost efficiency vs Protection

Solana transaction fees are significantly more competitive than Ethereum gas fees, allowing you to save on every USDC transfer. 

Efficiency/Speed

Solana’s network is renowned for its near-instant transaction confirmations, vastly improving the speed of USDC transfers. No more waiting in limbo — your transactions can now be completed in seconds.

Whether you're sending funds, or moving assets between wallets, speed is no longer an issue.

Where Solana might not be the right choice

Solana is often perceived as less protected and more centralised than Ethereum.

Also, Solana has experienced several network outages and performance issues, raising concerns about its stability and reliability compared to Ethereum's more established network.

For smaller transactions, Solana might be a good bet, thanks to speed and cost.

For larger USDC transactions, the added protection and decentralisation offered by Ethereum may outweigh the uncompetitive fees and inefficient transaction times. The potential risks associated with Solana may be less acceptable when dealing with significant amounts of value.

In conclusion:

Solana's efficiency and competitive fees make it attractive for smaller USDC transactions, while Ethereum's protection and decentralisation are preferable for larger amounts. The choice ultimately depends on the user's priorities and risk tolerance.

User-friendly platform

CoinJar makes it a user-friendly experience to transfer USDC on Solana, even for those new to multichain operations. 

A word of caution: Multichain transactions

While the multichain world opens up exciting possibilities, it requires caution. Selecting the wrong network for your transfer could result in the loss of assets. Always double-check the network you're using to ensure your funds are protected.

You can also send a small amount first, before sending larger amounts.

How to do USDC transfers on Solana

What you'll need:

• A Solana wallet: This is where you'll store your USDC and Solana (SOL) tokens. Popular options include Phantom, Solflare, and Sollet. Make sure you have your wallet set up and funded with some SOL to cover transaction fees.

If you're using a particular wallet like Phantom or Solflare, search for their official guides on how to send USDC. We have also prepared a guide on how to set up a Phantom wallet here.

• USDC tokens: You'll need to acquire USDC tokens. You can usually buy them on cryptocurrency exchanges or swap other cryptocurrencies for USDC directly within your Solana wallet.

Steps to make a USDC transfer

• Log in to your Solana wallet using your password or seed phrase.
• Find the 'Send' or 'Transfer' function: Most wallets have a clearly visible button or option to send tokens.
• In the transfer window, choose USDC from the list of available tokens in your wallet.
• Enter the recipient's Solana address. It's a long string of characters that starts with "SOL". Double-check the address to avoid sending USDC to the wrong person.
• Type in the amount of USDC you want to transfer.
• Carefully check all the details, including the recipient's address and the amount of USDC. Solana transaction fees are usually competitive.
• Send the USDC: Click the 'Send' or 'Confirm' button to initiate the transfer. The transaction is designed to  be processed quickly on the Solana network.

Things to remember

• Transaction fees: Solana transactions require a small amount of SOL to cover fees. Make sure you have enough SOL in your wallet.
• Double-check addresses: Always double-check the recipient's Solana address before sending USDC.
• Protection: Keep your Solana wallet's seed phrase and password safe and protected.

You can use blockchain explorers like Solscan to track your USDC transactions and see their status on the Solana network.

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