Staking is a very popular form of earning interest on your digital assets in today’s crypto market. One well-known coin that many HODLers are staking is Solana (SOL). When it comes to staking, there are lots of options, including popular crypto wallets and exchanges. Let’s take a look at where to stake Solana so you’re getting the best returns on your investment.
Marinade.Finance is among the first staking protocols developed on the Solana blockchain. Users take their SOL and deposit it onto the Marinade platform. Next, they delegate their SOL to a validator of their choice. In return, investors receive mSOL – a staked SOL token. Users can swap back and forth between their SOL and mSOL as needed.
When using Marinade.Finance, users have complete control over their tokens – it doesn’t matter if it’s SOL or mSOL. They also have access to over 400 validators, so they can decide exactly where they want their SOL to go. Users can also:
- Become liquidity providers to the SOL-mSOL liquidity pool
- Participate in Marinade governance by earning a position in the Marinade DAO
- Be involved with a censorship-resistant, non-affiliated platform committed to decentralization
- Access their staked coins at any time with no locked requirements or unbonding periods
Additionally, users have access to a secure and diversified platform that focuses on minimizing bad nodes and protecting against nefarious actors. Marinade spreads its staked SOL across its validators to mitigate and decrease single points of risk or failure.
Currently, investors using Marinade.Finance can expect a return of 6.03% APY.
Next up on our list of where to stake Solana is Socean. This platform gives those who hold SOL a way to participate in decentralized finance and earn returns on their investments. Similar to Marinade, users can deposit their SOL and in return they get SOCN. These tokens are always available to the user and can be turned back to SOL any time the user wants them.
Socean will monitor and delegate your SOL dynamically. That means if you’re losing rewards, the platform will re-delegate to minimize your losses. This dynamic staking means you can be hands-off when staking your SOL. Just deposit your assets and let Socean take care of the rest.
Those who stake with Socean have access to a platform that is fully transparent, fair and decentralized, and focused on providing the best possible returns for its users. For example, anyone can see information about any validator on Socean.
It also doesn’t hurt that the platform is moving toward being 100% decentralized. There are no preferred validators on the site, which means any validator is available to any user, so long as the validator has shown it is legitimate and has no ill intentions. Plus, Socean plans to turn its SOCN tokens into governance tokens; giving voting power to its holders.
Those using Socean are currently earning 6.50% APY on their Solana.
Solana holders can also stake their SOL through crypto-wallets. Here are some of the best wallets to stake your SOL.
3. Phantom Wallet
One of the best wallets to stake Solana is the non-custodial Phantom Wallet. This wallet gives users a way to store and stake their SOL tokens. Additionally, if you have a Ledger or Trezor hardware wallet, Phantom will work with it.
Phantom Wallet provides users with a list of validators. Be sure to do your due diligence before choosing a validator, as you’re trusting them to earn interest on your behalf. This decision is made easier thanks to Phantom showing how much interest each validator takes, how much they are currently staking, and the number of delegators they have.
4. Exodus Wallet
Exodus Wallet is a desktop and mobile wallet that makes staking Solana simple and easy for its users. Staking is its own separate app within the wallet, so you won’t get confused about what’s going on. Plus, like Phantom Wallet, Exodus interacts with the Trezor Hardware wallet if you want to keep your tokens offline.
However, unlike Phantom Wallet, Exodus supports a variety of cryptocurrencies. So if you want to stake more than Solana, you can do so through Exodus. On the flip side, you don’t get to choose your validator, you can only earn what Exodus allows you to earn.
Currently, Exodus users are getting 5.77% APY when staking SOL.
5. Atomic Wallet
Another desktop and mobile wallet option for staking Solana is the Atomic Wallet. This decentralized wallet offers support for more than 500 different tokens and coins. If you’re just getting started or looking for a simple way to store and stake your SOL, Atomic Wallet is a solid option.
If you want to purchase more Solana to stake, you can do so through Atomic Wallet’s built-in exchange. The wallet uses Changelly, so keep in mind that there will be an additional charge. Those new to staking will find it a painless and user-friendly process when using Atomic Wallet.
Current staking rewards through Atomic Wallet are around 7% APY.
Another way to participate in Solana staking is through a cryptocurrency exchange. These are some of the better options when looking for the best place to stake Solana.
If you want liquidity when staking Solana, Binance is arguably the best exchange you can use. As one of the more popular exchanges in the world, you’ll have no trouble earning interest on your SOL. Plus, when you want to buy more, you’re already on an exchange.
Binance Earn offers plenty of ways for users to stake their SOL. Your best bet might come from locked staking, which offers excellent returns. However, keep in mind that you won’t be able to access your Solana for the entirety of the lockup period. Also note that if you’re in the United States, these features may not be available to you on Binance.
If you are in the United States and want to stake Solana on a crypto exchange, Kraken is an excellent option. It’s a safe and reliable platform that offers users a way to earn rewards on their SOL tokens. For those just getting started with staking, Kraken might be a little confusing at first, but if you hang in there, you’ll have a way to earn rewards on many different cryptocurrencies, including Solana.
The ‘Earn’ tab on the Kraken website will show you all the digital assets you can stake, along with the current reward percentages associated with each cryptocurrency. Additionally, Kraken simplifies the entire staking process. Buy or transfer in Solana, head to the ‘Earn’ tab, and tell Kraken how much you want to stake. It really is that easy.
Kraken users are currently earning around 6.00% on their staked Solana.
The last crypto exchange on our list of ways to stake Solana is FTX. Even though the platform has only been around for a few years, it’s an excellent place to stake and earn rewards on your Solana. However, like Binance, FTX isn’t a good option for US users (so find a good VPN and use it that way).
FTX users can stake Solana using either the web exchange or through their mobile app (previously known as Blockfolio). With FTX, you can stake your SOL and other cryptocurrency tokens so you earn rewards on them. Plus, withdrawals are free on the FTX platform.
Those who stake their SOL on FTX are earning around 6.00% APY.
Quit HODLing and Start Earning
It’s clear that there are plenty of places you can go to earn rewards on your Solana. The options we mentioned are just scratching the surface. If you’re more comfortable with decentralization, there are also several DEXs you can visit and put your SOL to work for you.
Do your research and find the platform that makes the most sense for you and your investments. But why HODL them when you could be earning returns from them? Put your SOL to work for you!