Solana is a public blockchain platform with smart contract functionality. It’s native cryptocurrency is SOL.
Solana claims to offer faster transaction times and lower gas fees compared to its main competitor, Ethereum.
Solana network runs on a hybrid protocol of Proof of Stake and Proof of History, meaning that you can stake your tokens for an APY of around 6%.
How to stake your SOL tokens
First, you will need a Phantom wallet. If you do not have one, we recommend you to check our step-by-step guide.
Once you have some SOL in your wallet, you can begin by clicking on your SOL balance:
You can start staking with less than 0.01 SOL, so do not worry about that.
Next step is to click on “Start earning SOL” , just like on the print screen from below:
After that, we will have to choose a validator to stake our SOL tokens with. We highly recommend you to check StakeView.app or validators.app to see the full list of validators and see which one is qualifying as the best from your point of view.
If you are looking for higher returns, we advise you to look for a smaller validator with a higher APY and lower commissions.
After selecting one of the validators from the list, we will have to choose the amount we would like to stake, following by clicking the “Stake” button:
It is worth mentioning that you can stake your SOL tokens with multiple validators, but we recommend you sticking with two or three which are having the best APY and the lowest commissions.
After clicking the “Stake” button, all that’s left is to wait a few seconds until you will receive a confirmation.
Albert Einstein once said: “Compound interest is the eighth wonder of the world” , so why wouldn’t you profit on staking your SOL tokens and have a new passive income stream?
There are several cryptocurrencies which can be stake for a good return. A good example is Elrond’s EGLD token. If you hold some and you would like to put them at work too, do not worry, because my colleague Raul made a step-by-step guide on how to stake your EGLD tokens via Maiar.