When it comes to staking Solana (SOL), there are many options to choose from. It can be scary and confusing trying to figure out where to put your Solana. This article will give you a few trustworthy options of where to stake your Solana and how to set up such services and use them.
Staking Solana with the Phantom Wallet
The first option is the Phantom wallet, a browser plugin. If you don’t have a Phantom wallet, I would highly suggest you check out this Scared Crypto tutorial on setting one up before proceeding.
The Phantom wallet makes staking Solana super easy. You can stake directly from the wallet menu, as shown below.
Staking Solana with Exodus
The second option to stake Solana is an application called Exodus. If you haven’t heard of Exodus, I highly suggest you look into it as it’s a one-stop crypto shop.
With Exodus, you can easily send, receive, and exchange Bitcoin and 100+ cryptocurrencies. They also have a mobile phone app.
Go here to the Exodus website and download the desktop application to get started.
Once you are at this page, select download Exodus and choose whichever operating system you have.
After you download the Exodus application, select the wallet icon at the top of your screen.
Once you are on this page, use the highlighted search icon to look for your choice of cryptocurrency. For this example, I’m using Solana. Then select the Receive button and send yourself some Solana from any other wallet using the link provided.
After your wallet has some Solana in it, click the plus symbol at the top left of your screen.
Here you will select the rewards app and click install.
Once you download and install the rewards app, you should see it in the top icon bar. Click on it, and it will bring you to the rewards/staking page.
From here, click the start earning button underneath Solana. Here it shows you the current APY (this is not a permanent or fixed APY and will change over time depending on the network).
You will enter the amount of Solana you plan on staking from here.
NOTE: once you stake your Solana, it will be locked in and will take several days to un-stake it.
This page will also show you an estimated balance based on the current APY after a year.
Once you’ve entered an amount to stake, click stake sol.
After a loading screen, you should receive a success message, and you’re all set.
Remember, the more you stake and the longer you leave it, the more profitable it is. Staking is mainly an investment in the network, not a short-term gain.
Hopefully, reading this article was helpful, and you are now earning some interest on your Solana crypto!