If you do not have a wallet yet, you should create a new wallet and note down the seed phrase and store it in a safe place. Follow the onscreen instructions and make sure to fund your wallet with some SOL tokens before you proceed with staking
Make sure to not share or lose the secret recovery phrase (mnemonic)
Restoring the wallet
If you already have a wallet, you can restore it on Phantom using the associated seed phrase. Follow the online instructions to restore your SOL account.
Once you entered the 12 or 24 words you can then restore your wallet and optionally set a password on your account.
2. Log In
Once you have funded your Phantom wallet with Solana, you can click on the Phantom extension to see your account details.
3. Stake
Once logged in, you will be able to view all the SPL assets that you possess. If you do not already have SOL tokens you can get them from a friend or buy them off-exchange and transfer those to your wallet.
Once you do that you will be able to see the SOL tokens in your wallet.
Go ahead and click your SOL balance and on the top right, you will see 3 dots. Click the dots to reveal the staking menu. Click the menu-item Stake SOL
You will be shown a list of validators along with a search button. Go ahead and type Chorus One in the search panel. Chorus One's validator will show up. Go ahead and click on the validator name.
Choose the amount of SOL you would like to stake and click on Stake
Make sure to leave some SOL in your account to pay for the transaction fees
Once you click Stake you will immediately see that your wallet is staking your SOL to your chosen validator. You can also click on the View Transaction link to see the status of your transaction in a blockexplorer. If you look at the Confirmations field you can slowly see it increasing from 0 to 32. Once it reaches the MAX number of confirmations your transaction gets added to the blockchain
Make sure to note down the transaction hash or the link provided on the screen. This allows for easier debugging in case of a failed transaction.
After your transaction is successful you can go back to your Phantom wallet, click on the Solana balance, and see your stake accounts.
Congratulations! You are now staking your SOL!
If you click on your stake accounts you will see that your stake is activating. It takes 1 epoch for your stake to activate. An epoch in Solana lasts for approximately 2-3 days. After this period your stake will show up as active and will start earning rewards.
How to unstake
If you click on your stake balance, you will be given the option to unstake. Unstaking also takes an epoch. Once you click Unstake your stake will start deactivating and will become fully inactive after a maximum of 3 days (1 epoch).
After the stake become inactive you can withdraw it back to your Solana account
This means that, on average, stakers of Solana are earning about 5.19% if they hold an asset for 365 days. 24 hours ago the reward rate for Solana was 5.20%. 30 days ago, the reward rate for Solana was 5.27%. Today, the staking ratio, or the percentage of eligible tokens currently being staked, is 65.68%.
It takes 1 epoch for your stake to activate. An epoch in Solana lasts for approximately 2-3 days. After this period your stake will show up as active and will start earning rewards.
Several centralized crypto exchanges (CEX), including Binance and Coinbase, allow account holders to stake their SOL tokens. This process is hassle-free and requires users to take minimum steps to stake their Solana tokens.
This can be risky if the price of SOL drops significantly during this time and you are unable to sell. Solana's staking mechanism includes incentives for validators to act honestly and efficiently but also penalties (like slashing) for misbehavior or poor performance.
Staking on Ledger is widely regarded as one of the safest methods for earning rewards from your cryptocurrency holdings. The offline storage of private keys, combined with the user-friendly Ledger Live app, makes staking ETH, SOL, and other supported assets secure and straightforward.
Contrary to popular belief, you do not need any SOL (the native currency for the Solana blockchain) to run a Solana node. This is only needed if you'd like to participate in consensus as sending a vote requires a small transaction fee.
Yes, you can lose your staked Solana through a process called slashing, in which a portion of the stake can be removed and destroyed in response to malicious behaviour. This means there is a risk of losing your tokens if the validator you delegate to acts maliciously.
Unbonding risk: Crypto markets are highly volatile, and investors need to be aware that they cannot sell their tokens immediately once they have staked them. The cool-down period for unstaking SOL is 1 epoch (2-3 days). Please take note of this lockup period before you decide to stake.
Validators charge a fee on inflationary rewards earned by the stake accounts that are delegated to them, in exchange for their services in securing the blockchain and processing transactions. This fee is known as the commission rate.
How Do I Claim Solana (SOL) Staking Rewards? One epoch in Solana lasts approximately 2-3 days. With your effective staked SOL, you will receive rewards every 2-3 days and it will automatically be added and compounded to your staked amount.
Choose a reliable platform like Lido Finance, Marinade Finance, Jito, or StaFi. Open Phantom and connect it to the liquid staking platform's website. Choose a staking pool based on your preferred fees, rewards, and lockup period. Approve the transaction to deposit your SOL tokens into the chosen pool.
Users can earn SOL by completing tasks such as coding, writing, or marketing. Solana Jobs Board: A website that lists job openings for Solana developers, designers, and other professionals. Users can earn SOL by applying for and completing these jobs.
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