Best Places to stake the Solana SOL Tokens (2022)


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Scalable DeFi and NFT projects can benefit from the great Solana blockchain. The platform, which houses a successful token called SOL, is among the best first-class blockchains. If HODLERs know how to use the SOL token, it can be very profitable.

Not the best idea to leave your code idle. Therefore, top cryptocurrency traders have mastered the art of placing their tokens to generate passive income. In this article, we are going to discuss how to grab solana to earn some extra cash. Let’s first define what staking is.

Staking: What is this?

Proof-of-Stake blockchains, like Ethereum and Solana, use staking to validate transactions and protect their network. Users must reserve their funds in the Proof of Stake consensus method in order to obtain the privilege of subsequent block validation.

These users usually receive compensation for verification based on the transaction fee taken from that block. Therefore, locking more coins increases the chances of the user to validate the block and get more rewards.

Here we have compiled the perfect sites to share Solana SOL coins in 2022. Staking Solana SOL Coins is a great way to generate passive income, but SOL, like all crypto assets, can be very volatile.

Please do your research before deciding how to share your SOL tokens and make any investments. Cryptocurrency hoarding carries some risks.

Here are some of the best places to get involved in Solana right now:

  • Queen Piece
  • Binance Exchange
  • Legendary sea monster
  • Huobi Exchange
  • checkout wallet
  • Phantom & Nano Ledger Wallet

Queen Piece

One of the most popular cryptocurrency platforms in the world, Coinbase, launched Solana staking service in June 2022. For starters, staking sOL on Coinbase is an excellent alternative because you don’t have to worry about setting up validators and you can start with just $1.

When you bet Solana on Coinbase, the bonus will start accumulating automatically every three to four days. SOL’s APY rate on Coinbase is currently around 4% APY, although this rate is subject to change. For starters, Coinbase makes it relatively easy to get started with cryptocurrency, but there is a cost. a 25% charge staking Required when placing Solana on Coinbase.

4% APY Coinbase Solana Staking Rate

conclusion: Coinbase makes it very easy to bet on Solana, but you will get a lower rate than its competitors. If you already have an account and don’t mind not getting the best interest rate, Coinbase might be worth your attention.

Binance

The world’s largest cryptocurrency exchange, Binance, offers traders a wide range of trading options, strong liquidity, and some of the lowest costs in the market. The cryptocurrency exchange, founded in China by Changpeng Zhao in 2017, has moved to the Cayman Islands. The US version of Binance.com, Binance.US, provides users with fewer trading options and features for cryptocurrencies.

When it comes to staking SOL, there are many alternatives available on Binance.com. Unfortunately. Binance.US users are unable to share Solana and must look for one of the alternative options listed in this tutorial.

Binance offers some of the best Solana staking rates to its users. However, these promotions are only available for a limited time. Ideally, you should lock your SOL tokens for 30, 60 or 90 days in order for Solana to participate in the Binance Earn. In general, you will earn more interest on your tokens the longer you hold them. Just keep in mind that interest rates change and these subscriptions expire.

Below are the staking rates for the Binance Solana SOL token:

  • 30 day locked bets 5.86%
  • Stacking Locked for 60 Days – 7.50%
  • 90 Day Staking Locked – 14.79%
  • 120 days locked bets – 19.47%
  • Fixed savings for 15 days: 35%
  • 1.50% for flexible savings

Although Binance calculates the bet interest every day, you will lose any interest collected if you end the closing period before it expires.

Up to 35% APY Staking Rate Binance Solana

conclusion: Staking involves a variety of risks, such as slashing, malicious attacks, etc. Staking on Binance provides security in addition to the respected APY. In fact, no cryptocurrency platform is completely secure. However, Binance is the industry leader as a secure exchange and one of the best places to share SOL.

Huobi Global

A crypto-to-crypto exchange called Huobi Global was set up in China in 2013 and has now moved to Seychelles. Huobi can be accessed in the majority of countries around the world, but not in the United States.

Compared to Binance, the Huobi Global Solana stake offers lower interest rates. In their Huobi Earn feature, they offer quite a few staking alternatives, including Fixed, Flexible, and First Timer investment possibilities.

About 5.35% APY could have been achieved by placing SOL on Huobi, which is significantly lower than some of its competitors. Huobi runs private sales and has offered SOL at prices up to 50% APY for a short period of time.

Huobi Global Solana share rate: 4.60% APY

conclusion: We believe you can get better rates elsewhere if you want to share Solana on the exchange.

Legendary sea monster

Kraken is a popular choice for cryptocurrency investors due to its high level of security and reasonable trading fees. Although there is a US base, the Kraken may have different restrictions depending on where you are.

Solana is one of 14 tokens that investors can participate in. Other types include ETH, DOT, and ADA. You can exchange it on Kraken for currencies like USD, EUR, GBP and BTC if you don’t have SOL. After receiving your SOL tokens, you can start to stake them to start earning 6-8% APY. You must deposit at least 0.2 SOL in order to share Solana on Kraken. There are no closing periods for betting on SOL, unlike the other options on this list, and you can withdraw your tokens whenever you want.

Despite our distaste for the Kraken exchange’s user interface and overall user experience, they make the process of storing cryptocurrency relatively simple. Although we believe Kraken is one of the safest exchanges, we do not share Solana with Kraken.

5-8% APY Staking Rate Kraken Solana

conclusion: If you already have a Kraken exchange, you should consider placing SOL tokens there.

checkout wallet

You can also store and share your SOL tokens in Exodus, a free desktop and mobile wallet. You can participate in a number of tokens under the rewards page, including Solana, which has an expected storage time of 4 days and an APY of 5.23%.

You can redeem SOL within Exodus Wallet if you don’t have any stake you want. Just know that due to the large spreads, this will not be the cheapest way to trade your tokens. However, it means that you do not need to send and trade your tokens from one platform to another.

With Exodus, you will use the provider Everstake API to share SOL.

Solana staking rate in Exodus wallet: up to 5.23% APY

conclusion: Exodus is a very good wallet and although Solana has low rates, it is still better to share Solana there than to exchange cryptocurrency.

Phantom & Nano Ledger Wallet

The Phantom Wallet, which is comparable to Metamask in style, is Solana’s non-custodial wallet. With access to their private keys, users can securely store and share SOL tokens using Phantom Wallet. Additionally, the Phantom can be connected to a Ledger hardware wallet for added protection.

You must choose a validator from a list that appears to you when you share a SOL in Phantom Wallet. Researching these validators is crucial because you will rely on them to get your attention. All details, such as the auditor’s commission rate and the number of active delegates, will be broken down before you share with your auditor.

Solana’s Phantom Portfolio Staking Rate: 6-8% APY

conclusion: Many individuals combine the Ledger Nano hardware wallet and the Phantom wallet to share Solana. You can choose your own validators and this is probably the safest approach to SOL sharing. Although it won’t be the simplest way to share Solana, it’s well worth a look if you have the time.

Is SOL Staking Safe?

In many Proof of Stake networks, there is a mechanism known as “slashing”. Any action known as “cutting” involves the destruction of a portion of the auditor’s quota due to the bad behavior of the auditor.

As a result, auditors are encouraged to refrain from doing such business because they will earn less money as a result of allocating a lower stake to them. The exposure to a cut can also be viewed as a reputational risk to the loss of existing or potential investors.

The slash also puts token holders at risk as they may lose some of the tokens they delegated to the slashed validator. The slash could encourage token owners to delegate their tokens only to validators they consider trustworthy rather than delegate all of their tokens to one or a small group of validators.

Slash is not a default action on Solana. If an attacker stops the network, it may be cut off when you start it up again.

Best way to choose Solana checker

There are some things to think about while choosing Solana validator, such as;

  • Commission percentage: It is advisable to choose a lower commission rate as it will affect your advantages.
  • Runtime: It is necessary to choose a validator whose service uptime is close to 100%.
  • Size: Some users want to delegate to smaller authenticators to help the network become more decentralized and to increase the long-term value of your SOL investment. While some prefer larger auditors because they believe in the power of numbers.
  • Values: Consider auditors who are dedicated to improving Solana by helping to develop platform applications, tools, or training resources.

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