Understand Solily Protocol, The Best Solana Project of 2022.

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  • Post last modified:May 28, 2022
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What Is Solily Protocol?

Solily protocol is the one-stop DeFi platform on Solana.

DeFi also known as decentralized finance is an emerging financial technology based on secured distributed ledgers used in several blockchain projects.

Solily’s goal is to develop a go-to DeFi platform for newcomers or new users by giving more accessibility and capital efficiency to users. The protocol’s goal is to scale using the broad array of services it provides.

It is yet to be determined if the “Jack of all trades, master of none” philosophy would play out here or if Solily would actually master each of these areas of decentralized finance, creating the most appealing and go-to place for decentralized finance in the decentralized economy.

How Does Solily Protocol Work?

The Solily Protocol, The Different Aspects of DEFI you can find on Solily.
The Different Aspects of DEFI you can find on Solily.

SoLily Protocol connects all the DeFi features into a single ecosystem. The vision of the Solily project lies in developing a go-to DeFi platform for any service you can think of. Trade, lend, farm, stake, launchpad-all in one protocol

Lending on the Solily Protocol

The Lily Token

Lily token is the token of the Solily protocol which is based on the Solana blockchain

The maximum Supply for Lily token are; 200M Tokens

Lily token tokenomics, Lilly, lilly token, the token of solily
Lily token, the tokenomics
Lilly token Emission table
Lilly token Emission table

The emission structure of Lily is an awesome model which ensures that not too many tokens are in circulation from the onset, an issue that often negatively affects the price.

With the current Solily emission structure for Lily, the number of tokens in circulation would be increasing with time, upwards to the 3800 days (10 years) before the final bit of Lily is emitted into circulation.

Should this emission schedule be paired with adoption, Lily might have a good chance of being one of the best crypto projects in terms of investor satisfaction.

The Solily Protocol Road Map

Solily protocol has come very far, from phase 1, and is now at the final stages of phase 2. It is important to understand project road maps in other to determine accurately the direction in which the project team is going.

While the Solily protocol is doing a great job so far and raising a good team that can help them develop the protocol to its maturity, it is important to understand that project development and timelines can be often tricky.

At the time of press, Solily is yet to develop phase 3 and phase 4 of the project which is actually where the real use case is.

This use case is what would enable the mass adoption that Solily expects, and without them, what we have are pure promises.

solily protocol roadmap
solily protocol phase 1
The solily protocol road map
Solily protocol project road map, phase 2 accomplished
Uncompleted phases of the solily protocol

Where To Buy Lily?

Lily is currently being traded on Radium, a decentralized exchange built on the Solana blockchain for the

Raydium decentralized exchange built on solana, how to buy Lily
Raydium

Step1: Click on Launch APP on the home page to be taken to the application page.

how to buy Lily token
Raydium swap page

Step 2: Click on Connect Wallet

how to buy solily token, how to buy lily
Connect Your Wallet

Wallets acceptable on Solana are:

You must have at least one of these installed before you can enjoy the Solana blockchain.

If you have any of the wallets above installed you can proceed to connect your wallet, if not, you might want to follow our step-by-step guide on how to create a Solana address using Solflare.

Step 3: Select your wallet of choice, in our case we chose the Solflare wallet. You would be prompted with the image below, if you are using an extension on firefox like us, choose extension.

how to buy lily

Step4: Click on Connect to proceed.

how to buy Lily
Connecting Solfare to Raydium

Step 5: The Idea here is for you to swap any token you have for Lily tokens, therefore go to the drop-down menu and select any tokens you own that you hope to swap.

swapping sol for lily
swapping SOl for Lily

At the ‘FROM’ tab, select a coin you already own, if you do not own any coins, you can buy some Solana from a centralized exchange into your wallet

At the ‘TO’ tab, type in and select Lily

swap sol for lily
Selecting Lily Tokens on Raydium

There may be a warning like this popping up, click on ‘I understand’ to proceed.

swapping sol for lily, how to buy lily

Step 6: Enter the amount of LIly you want and swap it with your existing coins.

Lily tokens should now be showing in your Solfare wallet.

Congratulations, you have made your first purchase for Lily, hopefully, the project does well and return some good profits on your investment.

How to Create a Solana Adress using Solflare Wallet

Step 1: Visit Solflare website

how to buy solily token, how to buy lily
Solflare wallet

Step 2: Click on Download

how to buy lily
Downloading Solflare

Solflare can be used on a web browser or on iPhone or Android, choose the option that matches your device and click on download.

It will take you to a download page where you can download the Solflare wallet.

how to buy Solily token, how to buy lily token, download solflare wallet on firefox
Download Solflare on Firefox

Step 3: Follow the prompts to install the solflare wallet.

Step 4: Click on the Solflare Wallet icon to launch the application

how to buy lily, create a new solflare wallet, how to create a new metamask address

If you already have a wallet, you can use the recover keys to recover your wallet, if not, click on “I need a new wallet ” to create a new wallet.

step 5: If you click on I need a new wallet, you would be asked to memorize 12 difficult recovery phrases, this is very crucial to the security of your wallet. Do not share with anyone under any circumstance.

How to create a new solflare wallet, how to create a solana address
12 digit recovery phrase

Click on I saved my recovery phrase.

Step 6: Enter the recovery phrase you saved on the previous page.

how to create a solana wallet
Enter the recovery phrase to proceed

Click on continue to proceed after you have entered the recovery phrase.

Step 7: Set a password for your wallet. Remember that even with a password, if you expose your recovery phrase as I have done in this article, you have essentially exposed your wallet to anyone. Passwords are meant to protect your account from people who have physical access to your device.

how to create a solana wallet
Enter a secure password

Click on Continue after entering your preferred password.

Congratulations, you are now the proud owner of a Solana wallet.

how to create a solana wallet
solana wallet
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