Introduction
Staking Solana can be a great option for those who want to hold SOL but earn yield in a safe way while contributing to the network. The steps can be a little daunting, especially the first time you do them. That’s why we’ve put this guide together for you.
Step-by-step
1. Obtain Solana (SOL) tokens
In order to stake Solana, you need to have it. To obtain Solana, you'll need to purchase it. You can choose from these popular exchanges.
See all 24 pricesPlatform Coin Price M2 Solana (SOL) $145.71 Uphold Solana (SOL) $145.99 YouHodler Solana (SOL) $145.71 Wirex Solana (SOL) $148.69 EarnPark Solana (SOL) $146.11 2. Choose a Solana wallet
Once you have SOL, you’ll need to choose a Solana wallet to store your tokens. Here are some good options.
See all 27 staking rewardsPlatform Coin Staking rewards Bitpanda Solana (SOL) Up to 6% APY YouHodler Solana (SOL) Up to 6% APY Uphold Solana (SOL) Up to 5.5% APY Validator.com Solana (SOL) Up to 6.79% APY Bitmart Solana (SOL) Up to 7% APY Ledger Solana (SOL) Up to 5% APY 3. Delegate your SOL
We recommend using a staking pool when staking SOL. It’s simpler and faster to get up-and-running. A staking pool is a group of validators who combine their SOL, which gives them a higher chance of validating transactions and earning rewards. You can do this through your wallet’s interface.
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 be aware of
There are transaction and staking pool fees you need to consider. There can also be a waiting period before you start earning rewards. The staking pool will need to generate blocks, and this can take some time.
Latest movements
Solana (SOL) is currently priced at $5 with a 24-hour trading volume of $2.31B. The market cap of Solana stands at 67.09B, with $469.54M SOL in circulation. For those looking to buy or trade Solana, Bitpanda offers avenues to do so securely and efficiently.
- Market cap
- $67.09B
- 24h Volume
- $2.31B
- Circulating supply
- $469.54M
Solana (SOL) staking news
Community articles
Solana's $1000 Target in Jeopardy Amidst Inflation Concerns
Solana (SOL) has emerged as a standout performer in the cryptocurrency market, experiencing a...
Blockchain Startup Rome Raises $9M to Enhance Ethereum Layer-2 Blockchains Using Solana
Blockchain startup Rome has raised $9 million in funding to leverage Solana as an auxiliary network...