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SBF
@SBF_FTX
3) What does this mean? Well, on Ethereum, say your address is X. Then you'd send ETH and all ERC20's directly to X. Solana is different.
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SBF
@SBF_FTX
4) SPL tokens -- tokens on
@solana
-- have their own accounts. So, for instance, if your Solana (SOL) address is Y, and you want to hold $USDC: First, you create a USDC address Y1 _owned by Y_. Then you send USDC to Y1. Wallets (e.g. sollet.io) have GUIs for it.
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SBF
@SBF_FTX
5) There are pros and cons of this. Pro: very explicit. It makes it easy to make sure you're sending the right and expected thing to the right place. Cons: it's a pain to manage.
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SBF
@SBF_FTX
6) Here are some example painpoints: A wants to send USDC to B. They've transacted before -- A knows B's SOL address is X. But they still have to ask B for their USDC address. And if B hasn't taken USDC to X before, they have to _create_ a USDC account first.
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SBF
@SBF_FTX
7) This is true even if you're A and B. You can't just store your SOL address somewhere and send tokens to it; you need to keep looking up different addresses for different tokens.
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SBF
@SBF_FTX
10) So now you can use the flow you're used to: all you need is someone's SOL address and you can send them any SPL token. And all you need to give someone is your SOL address.
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SBF
@SBF_FTX
Replying to
@SBF_FTX
13) One annoying thing: right now their SOL account has to have already gotten its first-ever SOL deposit. This will probably be cleaned up in a later push. Another UX thing that would be great: tiny SOL airdrops for new users to get started. Hopefully someone will do it!
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