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How to Stake Solana and Earn Rewards Using Trust Wallet: A Visual Guide
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Published on: Nov 27, 2023
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In Brief
Learn how to stake Solana (SOL) and earn crypto rewards using Trust Wallet with our step-by-step visual guide. Also discover the features of the Solana ecosystem and Trust Wallet.
If you're curious about how to stake Solana (SOL) and earn rewards in a straightforward manner, you've landed on the right page. In this guide, we'll walk you through staking Solana using Trust Wallet, a highly secure, self-custody crypto wallet and Web3 gateway trusted by millions.
What is Trust Wallet?
Trusted by over 70 million users worldwide, Trust Wallet is more than just a simple-to-use crypto wallet—it's your open gateway to the Web3 world. Built on our core values of financial freedom, strong security, and user-friendly design, we're on a mission to build a seamless Web3 hub and open ecosystem for everyone. Buy crypto, swap tokens, stake to earn rewards, and so much more. Whether you're a beginner or an expert, Trust Wallet empowers you to fully own, control, and leverage your digital assets.
With key features like the Trust Wallet Security Scanner and support for 10+ million digital assets across 100+ blockchains, you can explore and access opportunities in Web3 with confidence. Trust Wallet is available as a mobile app on Apple iOS and Android, and also as the Trust Wallet Chrome Extension for desktops.
What is staking?
Staking is a key mechanism in blockchain technology, especially prevalent in networks that operate on a proof-of-stake (PoS) consensus model. In this process, participants, often referred to as validators or stakers, commit a certain amount of their cryptocurrency holdings to the network. By doing so, they play a critical role in various network functions, including transaction validation and block production. This commitment of assets helps to ensure the security and operational integrity of the blockchain. In exchange for their participation and the temporary lock-up of their assets, stakers receive rewards, generally in the form of additional cryptocurrency tokens.
The rewards earned through staking are often seen as an incentive for holding and supporting the network, akin to earning interest in a traditional banking scenario. The specific rewards can vary based on several factors, including the amount staked, the total number of tokens staked on the network, the staking duration, and the network's inflation rate. Some networks also implement mechanisms like “slashing,” where a portion of staked tokens can be forfeited in cases of validator misbehavior or network compromise, as a way to maintain network security. Staking not only provides a method for token holders to earn passive income but also plays a pivotal role in the PoS blockchain ecosystems, promoting network stability and user participation.
What is Solana?
Solana is a cutting-edge blockchain platform known for its high-speed and efficiency, which makes it a significant player in the world of decentralized finance (DeFi) and blockchain technology. Developed by Anatoly Yakovenko in 2017, it stands out for its unique hybrid consensus mechanism that combines proof-of-history (PoH) with proof-of-stake (PoS). This innovative approach allows Solana to process transactions at an exceptionally rapid rate, significantly outpacing older blockchain systems like Bitcoin and Ethereum.
A key advantage of Solana is its scalability, which is achieved through the PoH mechanism. This feature enables the network to handle thousands of transactions per second, thereby reducing bottlenecks that are common in other blockchain networks. Additionally, Solana’s architecture results in lower transaction costs, offering a more cost-effective option for users and developers, especially when compared to platforms with higher fees like Ethereum.
Solana’s ecosystem supports a wide range of applications, including smart contracts essential for DeFi projects, Non-Fungible Tokens (NFTs), and various decentralized apps (dApps). The platform has rapidly gained traction in the blockchain community, thanks to its robust functionality and growing range of use cases. Its combination of speed, efficiency, and scalability makes Solana a promising platform for future blockchain innovations and applications.
Learn more about Solana:
A beginner’s guide to SOL
Learn about Solana competitors
Before You Get Started
Before we delve into the steps for staking Solana via Trust Wallet, you'll first need to set up a wallet if you haven't already, and you’ll need to ensure you’ve got SOL to stake.
Trust Wallet can be downloaded as a mobile app, or you can install the Trust Wallet Extension for your desktop browser. For this guide, we'll focus on creating a new wallet using the Trust Wallet mobile app. We’ll also go through the steps of buying SOL, so that you can stake it to earn rewards.
Step 1: Get the most updated version of Trust Wallet
Below you’ll see the steps to create a new wallet, but you could just as easily import an existing Web3 wallet to Trust Wallet, if that’s your preference.
To create a new wallet:
Download, install and then open Trust Wallet
Choose “Create a new wallet”.
Choose your backup option, or you can optionally postpone the backup process by choosing “Skip”.
Start using Trust Wallet.
Step 2: Buy crypto using your Trust Wallet
Select the “Buy” button, from the wallet’s Home screen.
Choose Solana (SOL), and enter the amount you wish to purchase.
Select the third party provider & payment method you’d like to use.
Select “Buy SOL”, and then follow the steps to complete the purchase.
Note: If you have SOL from another wallet you can easily deposit it to Trust Wallet so that you can stake it. Simply select “Receive” from the home screen, search for SOL (Solana) and select it, then use your deposit address to send the SOL to your Trust Wallet.
Staking SOL (Solana) with Trust Wallet
Key details for staking SOL using Trust Wallet
Minimum amount required for staking: 0.01 SOL
Lockup period for staking: Staked funds will be accessible for claim after the current epoch ends. One epoch takes approximately 2 to 4 days.
Staking yield (APR): Please see rates listed in the ‘Earn’ section of the Trust Wallet app or use our earnings estimator to see what your potential earnings could be based on how much SOL you stake.
Note: Trust Wallet does not control the minimum amount, lockup period, or staking rate.
The process to Stake SOL
Select the “Earn” button from the wallet home screen page.
Select “SOL”.
Select “Stake”.
Choose the amount you want to stake and choose the validator you want to use by selecting the Validator dropdown.
Once you choose a validator, then select “Continue”.
Follow the remaining instructions to confirm your stake.
Frequently asked questions about staking SOL using Trust Wallet
How much can I earn by staking SOL?
The earnings from staking SOL vary as they depend on the network's conditions, and Trust Wallet does not set or influence these rates. You can always view the current staking rate within the Trust Wallet app.
Please note that for staking, validators and delegators contribute to the network's security and may charge a service commission. Trust Wallet has no control over these charges and does not receive any part of the commission.
What's the minimum SOL amount I can stake?
To stake SOL, the least amount required is 0.01 SOL.
How long are SOL funds locked when staked?
Your staked SOL becomes available after the end of the current epoch, which typically spans 2 to 4 days.
Am I able to utilize my SOL during the staking period?
While your SOL tokens are staked, they are not usable. To use your SOL, you first need to go through the unstaking process.
What steps should I follow to unstake SOL in Trust Wallet?
For unstaking SOL in Trust Wallet:
Navigate to ‘Earn’ on the main wallet page and select SOL.
Choose the Unstake option and proceed as per the given instructions.
Remember, the staked funds become available post the current epoch, usually lasting 2 to 4 days.
How can I claim my staking rewards?
To claim your staking rewards in Trust Wallet:
Go to ‘Earn’ on the main wallet interface and select SOL.
Click on the claim rewards option and follow the on-screen instructions.
Which wallet is recommended for staking SOL?
If you're looking for an optimal place to stake SOL, Trust Wallet is a strong contender. It not only enables you to stake your SOL and earn rewards directly through the protocol, but it also allows you to claim and securely store your earned cryptocurrency right within the wallet.
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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.
