How to Stake Solana (SOL)

Introduction

Staking Solana can be an excellent choice for those looking to hold SOL while earning APY in a secure manner and supporting the network. The process might seem a bit overwhelming, particularly if you're doing it for the first time. That's why we've created this guide specifically for you.

Step-by-Step Guide for Ugandan Investors

1. 1. Acquire Solana (SOL) Tokens

   To stake Solana, you first need to acquire it. To obtain Solana, you will have to buy it. You can select from these well-known exchanges available in Uganda.

   E-platform	Coin	Cost
   Nexo	Solana (SOL)	124.39 APY
   PrimeXBT	Solana (SOL)	124.26 APY
   EarnPark	Solana (SOL)	124.42 APY
   YouHodler	Solana (SOL)	124.18 APY
   Binance	Solana (SOL)	124.21 APY
   BTSE	Solana (SOL)	124.08 APY

   See all 84 prices in Uganda

2. 2. Select a Solana Wallet

   Once you have SOL, you'll need to select a Solana wallet to securely store your tokens. Here are some reliable options to consider.

   E-platform	Coin	Staking rewards in Uganda
   YouHodler	Solana (SOL)	Up to 13% APY
   Uphold	Solana (SOL)	Up to 5.8% APY
   Validator.com	Solana (SOL)	Up to 8.62% APY
   Bake	Solana (SOL)	Up to 5.25% APY
   Binance	Solana (SOL)	Up to 5.5% APY

   View all 41 staking rewards available.

3. 3. Delegate Your SOL

   We recommend using a staking pool when staking SOL. It's simpler and quicker to get started. A staking pool is a collective of validators who combine their SOL, which increases their chances of validating transactions and earning rewards. You can manage this through your wallet's interface.

4. 4. Start Validating

   You'll need to wait for your deposit to be confirmed by your wallet. Once it's confirmed, you'll automatically validate transactions on the Solana network. You'll be rewarded with SOL for these validations.

What to Keep in Mind

There are transaction and staking pool fees you need to keep in mind. Additionally, there may be a waiting period before you begin earning rewards. The staking pool will need to generate blocks, which can take a bit of time.