>What is the best way to stake Solana token (SOL). What are the stake rewards on Solana token (SOL). How many Solana coins do I need?
Are you searching for the best ways to stake your Solana tokens (SOL)? This is the place for you. We will be discussing and comparing the best ways to stake SOL Tokens.
Here’s a quick overview of the top platforms where you can stake your SOL tokens.
S. No.PlatformMinimum DepositLock-in PeriodRewards APY1Binance0.0001 SOL30 Days – 90 Days9.28% – 13.21%2FTX0.00000001 SOL7 Days6.00%3Phantom Wallet0.002281881 SOL4-5 Days5.00% – 6.28%4Lido.FiNot Applicable4-5 Days6.1%
Solana is a top Layer 1 Blockchain Network with an in-house token SOL. For HODLers, staking can be a lucrative way to store their money and get juicy staking rewards.
Check out these 10 best proof of stake cryptocurrencies
There are many reasons why I personally would like my SOL tokens staked.
Combat the SOL inflation rate of approximately 6-8%. Lock my long-term SOL investments so I don’t have to sell them in a panic. Have additional rewards during my HODLing phase.
According to StakingRewards.com the current distribution rate of staking rewards is between 5-7% per year. There are not many ways to make more.
Stakingrewards.com – Solana (SOL) Staking
Let’s now dive in to each of these methods.
Top Ways to Stake SOL Coins
1. Binance
Binance is the No.1 crypto exchange in the world. Binance is the world’s No.1 crypto exchange, with the highest trading volume and users. A detailed review of Binance can be found here. Binance offers Staking Services, in addition to the exchange services.
Binance offers the following Locked Staking services for SOL (Solana tokens):
Binance Locked Staking- Solana Staking
What are the conditions for Staking SOL tokens in Binance?
Here are the conditions to stake SOL tokens on Binance
Lock-in period of 30, 60, and 90 days. Minimum Staking amount ranges from 0.0001 SOL up to 0.01 SOL
It is important to know why Binance is better than any other staking options. Let’s take a look at this.
What is the best time to stake SOL tokens on Binance?
Here are some reasons Binance is a great choice for Staking SOL tokens:
These tokens can be staked for a medium-term period of 1-3 monthsBinance offers high APY rewards for Staking SO tokens. The Binance staking process is super-easyBinance boasts a top-class security
This method of staking has its limitations.
What are the limitations of Staking SOL tokens on binance?
These are the limitations of SOL token staking:
No Liquidity
Your funds are locked for a period of time once you have staked Solana tokens. This could create a liquidity problem for users who might need the funds immediately. Liquidi Staking through Lido Finance allows users to access liquidity.
Custodial Staking
Binance is a Custodial Crypto Exchange. The exchange will have custody of all your crypto assets. Although it is very difficult, there is always the possibility of losing all your assets if an exchange hack occurs.
Important Note for Binance Locked Staking
Binance Locked Staking assets can be withdrawn prior to the expiration of the lock-in period. Binance will take back all staking rewards earned during the lock-in period, but not the principal assets.
You will receive this at the time you are ready to unstake (before the lock-in period ends).
Assets Stripped Initially (-). Staking Rewards already distributed to you
Let’s now see how to stake your SOL tokens in Binance.
How do you stake the SOL token on Binance
Step 1 – Once Binance is open, click on “Earn” Click on “Earn”, then click on “Staking”.
Binance Locked Staking- Solana Staking
Step 2 – Next, click on the “Locked Staking”, and then type “SOL” into the search bar. SOL would appear as an option.
Click on “Stake Now” to select the Lock-in period (30 days, 60 days or 90 days).
Binance Locked Staking- Solana Staking
Step 3: Enter the amount of SOL tokens that you wish to stake. Click “Confirm” to agree to the “Binance Staking Service Agreement”.
Binance Locked Staking- Solana Staking
Step 4Additional Step
Click on “Wallet” to view your staked Solana tokens and then click on the “Earn” button.
Binance Locked Staking- Solana Staking
Click on “Staking”, and you’ll be able see the staked SOL tokens.
Binance Locked Staking- Solana Staking
2. FTX
Similar to Binance’s, FTX is a top-rated Crypto Exchange. Sam Bank Friedman, FTX CEO, was an early investor in Solana.
FTX offers Staking Service for a number of tokens, including SOL Tokens.
What are the conditions for Staking SOL tokens on FXX?
These are the conditions for SOL tokens being staked on FTX.
Minimum Staking Amount: 0.00000001 SOLStaking Annual Percentage is 6%Lock in Period of 7 DaysA 10% unlocking fee will be charged to unlock the account immediately. Once unlocked, no staking rewards are available.
Let’s now see how FTX could be the best platform for you to stake SOL tokens.
Is SOL token staking on FTX a good choice?
FTX is a great choice for Staking SOL tokens. Here are the reasons why:
If you want to stake your SOL tokens over a long-term, the staking process for FTX is super-easyFTX offers top-class security
This method of staking has its limitations.
What are the limitations of Staking SOL tokens on FXX?
These are the limitations of SOL token staking:
No Liquidity
Your funds are locked for a period of time once you have staked Solana tokens. This could create a liquidity problem for users who might need the funds immediately. Liquid Staking through Lido Finance allows users to access liquidity.
Custodial Staking
FTX is a Custodial Crypto Exchange. The exchange will have custody of all your crypto assets. Although it is very difficult, there is always the possibility of losing all your assets if an exchange hack occurs.
Lower rewards
FTX offers a lower staking reward than Binance. It also charges a 10% fee to stake immediately.
Let’s now see how to stake your SOL tokens onto FTX.
How do you stake the SOL token on FTX
Step 1 – Once on FTX click on “More”, then click on the “Stake” button. Register for a free FTX account here if you do not have one.
FTX Exchange – SOL (Solana), Staking
Step 2 – Click on “SOL!”
FTX Exchange – SOL (Solana), Staking
Step 3: Now click on “Stake”
FTX Exchange – SOL (Solana), Staking
Step 4: Enter the SOL tokens amount you wish to stake, and then click the “Stake” button
FTX Exchange – SOL (Solana), Staking
Step 5Additional Step
You can now see all staked SOL tokens from one page.
3. Phantom Wallet
Phantom Wallet is a Non-Custodial Decentralised Wallet that belongs to the Solana Ecosystem. It’s similar to the Metamask Wallet but it is for the Solana Network.
This allows you to keep complete control of your assets at all time. Your private keys are saved on your device. The wallet works with many browsers including Google Chrome, Brave Browser Firefox, Microsoft Edge, and Mozilla Firefox. The wallet can also be used with your Ledger Hardware Wallet.
What are the conditions for Staking SOL tokens in Phantom Wallet?
These are the conditions to stake SOL tokens using Phantom Wallet.
Staking is free up to 0.002281881 SOLStaking Rewards are available in a range from 5.00% – 6.28%. There is no lock-in period for staking SOL tokens via Phantom WalletSolana Network. A Staking or Unstaking fee will be charged
Is it possible to stake SOL tokens on Phantom Wallet?
The following are reasons why Phantom Wallet is a great choice for Staking SOL tokens:
If you want total control over your staked funds, When you want your assets to be staked for the long-term
There are also some limitations. Let’s take a look at them.
What are the limitations of Staking SOL tokens in Phantom Wallet
These are the limitations for SOL tokens being staked on the Phantom Wallet:
No Liquidity
Your funds are locked once you stake Solana tokens. Liquid Staking through Lido Finance allows you to create a derivative token that will provide liquidity for a user.
It’s easy to use
Staking SOL tokens on Phantom Wallet is not as simple as it is on Binance and FTX.
Network Fee
Although negligible, the network fee is an additional cost for staking SOL tokens via Phantom Wallet.
Lower rewards
Phantom Wallet has a lower staking reward than Binance, but offers a higher level of rewards.
Let’s now see how to stake your SOL tokens in the Phantom Wallet.
How do I stake the SOL token in Phantom Wallet
Here are the steps to stake SOL tokens on Phantom Wallet.
Step 1 – Open Phantom Wallet, and click on “Solana Tokens”.
Phantom Wallet – SOL (Solana), Staking
Step 2: Click on “Start Earnings SOL”
Phantom Wallet – SOL (Solana), Staking
Step 3: Now, go to “StakingRewards.com”, and select a trusted Validator to staking SOL tokens. This is based on user balance and number of users. Here is the direct link to Solana.
Phantom Wallet – SOL (Solana), Staking
Step 4 – Choose the validator you want to use in the Phantom Wallet.
Phantom Wallet – SOL (Solana), Staking
Step 5: Enter the “Amount of SOL”, click on “Stake” and then click the “Submit” button.
Phantom Wallet – SOL (Solana), Staking
Step 6 – An Additional Step
After the process is completed, you can inspect your staked SOL tokens by following these steps:
Phantom Wallet – SOL (Solana), Staking
Phantom Wallet – SOL (Solana), Staking
As you can see, the status “Activating” can take up to 4-5 days before it is activated.
Phantom Wallet – SOL (Solana), Staking
4. Lido.Fi
Lido.Fi has one of the most popular Liquid Staking platforms on the market. Liquid Staking is where your funds are staked and you receive a derivative token you can use on other DeFi platforms. This allows users to have additional liquidity even though their funds are locked.
You can find more information about Lido.Fi in our Fundamental Research Report.
CoinSutra – Lido Finance Fundamental Analysis
What are the conditions for Staking SOL tokens at Lido.Fi
There are no conditions for SOL tokens to be staked on Lido.Fi. You should be aware of the following:
There is no minimum stake amount. The Staking reward APY for SOL tokens is 6.1%. There is no lock-in period. It can take up to 4-5 days to stake SOL tokens. A Solana network fee will apply for Staking or Unstaking SOL tokens.
What is the best time to stake SOL tokens on Lido.Fi?
Lido.Fi is a great place to stake your SOL tokens.
Lido.Fi can be used as a decentralized platform like Binance and FTX. You get a derivative token stSOL when you stake SOL on Lido.Fi. This gives you additional liquidity. Lido.Fi also has several Defi Integrations that allow you to deposit stSOL, increasing your earnings, and getting additional rewards.
Lido Finance – SOL (Solana) Staking
Lido.Fi could also have limitations.
What are the limitations of Staking SOL tokens at Lido.Fi
These are the possible limitations of Staking SOL with Lido.Fi:
It’s easy to use
Lido.Fi staking is more difficult than central staking such as Binance or FTX.
Network Fee
You will need to pay a Network Fee (although it is negligible) for every stake or unstake SOL tokens you make on Lido.Fi.
Let’s now look at how to stake SOL tokens on Lido.Fi.
How do you stake the SOL token on Lido.Fi
You can stake SOL tokens on Lido.Fi by following these steps:
Step 1: Go to Lifo.Fi, and click on “Stake Now”.
Lido Finance – SOL (Solana) Staking
Step 2: In the “Solana” section, click the “Stake Now!” button
Lido Finance – SOL (Solana) Staking
Step 3 – Click “Connect Wallet”.
Lido Finance – SOL (Solana) Staking
Step 4: Select the wallet in which you keep your “SOL tokens”. This tutorial uses the phantom wallet. Connect the wallet.
Lido Finance – SOL (Solana) Staking
Lido Finance – Phantom wallet connected to Ledger Hardware
Step 5: Enter the amount of SOL tokens that you wish to stake, and then click “Submit”.
Lido Finance – SOL (Solana) Staking
Step 6 Confirmation
Within seconds you will get confirmation that your tokens have been staked and you will be able to receive your stSOL tokens into your wallet.
Lido Finance – SOL (Solana) Staking
Conclusion – How to Take Solana
Here are four ways you can stake your SOL tokens. For beginners, Binance or the FTX option is best.
If you are aware of the importance decentralization and self-custody, you should choose Lido.Fi.
I hope you found this article helpful. Please let us know which tokens you would like us to create similar staking guide.
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