What’s Sol Incinerator?

Key Takeaways

• Sol Incinerator is a token-burning dApp on the Solana blockchain, designed to help you remove unwanted tokens, NFTs and Solana domains from your wallet.
• It rewards you with SOL for burning tokens, NFTs and domains.
• Your rewards depend on the type of assets you burn and how many.
• The tool also benefits the whole network, by removing the data burden of unwanted assets, enabling the blockchain to function more efficiently.

If you’re a Solana fan, you’ve likely got a wallet full of Solana tokens and NFTs  – you can never have too many, right?! Well, that’s true most of the time; but with airdrops a common marketing strategy for new Web3 projects, users often find themselves accumulating tokens they don’t want or need.

One of the unique features of the Solana ecosystem is its rent mechanism. Unlike traditional blockchains that only charge users for transactions, Solana requires users to lock up a small amount of SOL, typically around 0.002 SOL, for every token account created on the network. By charging for data storage, Solana rent prevents the network from becoming bloated with unused accounts.

However, active traders, especially in the airdrop-powered memecoin space, can unknowingly accumulate dozens or even hundreds of these token accounts, locking small amounts of SOL that cannot be accessed unless the account is manually closed. Over time, the combined amount of SOL trapped in these dormant accounts can mount up, and the process of actually closing them is time-consuming and not user-friendly at scale. Some traders aren’t even aware that these accounts exist! So how can you make sure you’re not wasting your SOL on unwanted accounts? That’s where Sol Incinerator  comes in.

In this article, we’ll explore Sol Incinerator and how you can clean up your wallet while earning SOL.

What is Sol Incinerator?

Sol Incinerator was launched in 2021 by the team behind Sol Slugs, a deflationary collection with a built-in a token burning mechanism. The Sol Incinerator tool is a Solana-based decentralized application that automates the process of identifying and burning unwanted tokens while simultaneously reclaiming the SOL rent tied up in unused accounts. By streamlining what would otherwise be a tedious manual task, Sol Incinerator helps (memecoin) traders keep their wallets clean, maximize their usable SOL, and maintain an optimized and efficient trading portfolio on the Solana blockchain.

Why use Sol Incinerator?

This token-burning dApp benefits both you, the user, and the overall health of the Solana blockchain. Let’s take a closer look at both:

• Optimizing Blockchain Efficiency: For the network, permanently removing tokens from the blockchain reduces the amount of data being stored there. This benefits the entire Solana ecosystem, by enabling the blockchain to function more efficiently and cheaply.
• Optimizing Wallets and Portfolio: By burning obsolete assets, users can optimize their wallets and more easily track their porfolios. This also saves time by  not having to scroll through worthless assets that users never wanted in their wallet.
• Helps Against Scams: Many of the randomly airdropped memecoins in your wallet might be phishing attempts in disguise. Removing them can reduce your risk levels and lower the chances of falling victim to a scam.
• SOL Refunds For Users: There is also a benefit to you, the user. When you remove your tokens from the network, you’ll receive a small amount of SOL in return. This is the rent for storing the data of the tokens on the network.

For example, if you received a batch of airdropped memecoins that have little to no value, you can burn them up using Sol Incinerator to earn SOL, and receive SOL equivalent to the storage costs of those memecoins. 

How Sol Incinerator Works

Sol Incinerator is easy to use, even by complete newcomers. Here’s a step-by-step breakdown of how Sol Incinerator works:

• Step 1: Users connect their Solana wallet to the Sol Incinerator dApp.
• Step 2: The dApp scans for eligible assets.
• Step 3: Users select the assets they wish to burn.
• Step 4: Sol Incinerator calculates the amount of SOL users can reclaim.
• Step 5: Users confirm the burn transaction.
• Step 6: The user receives the corresponding amount of SOL.

1 – Connect Your Wallet

Sol Incinerator is compatible with Solana wallets such as Phantom and Solflare. After connecting your wallet, the dApp scans it for any burnable assets.

2 – Scan for Burnable Assets

The platform identifies the digital assets within the wallet but that doesn’t mean just tokens. It also includes NFTs, unused SOL domains, and even inactive wallets that are eligible for burning.

3 – Burn Calculation

Sol Incinerator calculates how much SOL you’ll receive for each asset while taking in mind factors like asset type, and the number of assets to be burned.

4 – Confirm and Burn

Once you’ve reviewed the SOL reclaim value, you can confirm the burn, and the selected assets will be permanently removed from the blockchain. Be careful with this step as there’s no turning back. In conclusion, make sure you don’t select an asset you need.

5 – Receive SOL Rewards

Consequently, after the assets are burned, the corresponding SOL is added to your wallet.

How Much SOL Is Each Burn Worth?

Different digital assets have different reclaim values in SOL. In other words, the amount of SOL users can earn from burning depends on several factors, including the type of asset, its rarity, and the number of assets burned. Furthermore, according to the FAQ on the website:

The exact amount of SOL for burning assets varies. For example, common memecoins might only give you a fraction of SOL per burn. On the other hand, burning an NFT or an entire wallet could offer a higher return.

Are There Fees on Sol-Incinerator?

The dApp itself does not charge a fee for using the service, aside from the blockchain’s inherent transaction fees. Therefore, Sol Incinerator only charges a small transaction fee associated with processing the burn transaction on the Solana blockchain. However, these fees are minimal due to Solana’s low-cost transaction infrastructure and are usually a fraction of a SOL. 

Wrapping Up

Sol Incinerator is a highly practical tool for users looking to get rid of clutter from their wallets and earn some SOL in the process. By burning unwanted tokens, NFTs, SOL domains, and inactive wallets, users can contribute to optimizing the Solana blockchain while benefiting from the rewards of earning SOL. 

FAQ