Staking with Solana: how to earn rewards on this high-performance platform
Solana, the open-source blockchain platform, has revolutionized the DeFi, NFT, and Web3 industries since 2019. With hundreds of projects in development and more on the way, Solana has become an attractive choice for developers and organizations worldwide.
What is the crucial point of Solana?
Solana’s hallmark is “Low Cost Forever“ as mentioned on its website. This blockchain network is directly in competition with Ethereum and other blockchains, offering an innovative and efficient approach.
Simply put, Solana provides web-scale, high-performance blockchain technology that enables developers to build decentralized applications (DApps) with faster-than-ever transaction speeds. Thanks to its combination of proof-of-stake (PoS) and proof-of-history (PoH) consensus techniques, Solana offers a robust and secure ecosystem for application development.
But what is staking and how can you take advantage of it at Solana?
Cryptocurrency staking involves holding and locking your digital assets in a Solana-compliant wallet to support network operations. By staking, you not only contribute to the security and consensus of the network, but you also have the opportunity to earn passive income from your cryptocurrency holdings.
If you are interested in staking in Solana, these are the steps to follow:
- Get an SOL-compliant cryptocurrency wallet, such as Solong Wallet or Phantom Wallet.
- Download and install the wallet software and deposit your SOL tokens into it.
- Access your SOL balance inside the wallet.
- Look for the staking option in your wallet interface.
- Select “Blockdaemon” as your preferred validator from the list of available validators.
- Start the staking process by clicking on “Blockdaemon”.
- Enter the desired amount of delegation in the designated field.
- Wait for your stake confirmation and start earning rewards.
Remember that there are several SOL-compatible wallets that you can use for staking, such as Phantom, Solflare, Ledger Nano X, and Atomic Wallet. Explore the available options and choose the one that best suits your needs.
Take advantage of the opportunity to stake in Solana and make your cryptocurrencies work for you. Not only will you be contributing to the operation of the network, but you will also be able to obtain additional benefits.