For qualifying consumers, Coinbase has offered a simple and secure way to receive Solana staking rewards (SOL). In this guide, we will see how to stake Solana on Coinbase.
The cryptocurrency company thinks that for some people who decide to stake on their own, it can be a difficult process. By allowing investors to take part in the Solana network, it hopes to make receiving cryptocurrency payouts easier for them. Investors that stake Solana will receive payouts every three to four days and earn an annual percentage yield (APY) of 3.85%.
While the coins are listed on the exchange, Solana investors receive incentives. Investments begin at $1, and investors have complete control over when they take their coins out of the staking pool. Purchasing Solana on the exchange or transferring Solana from an external wallet into a Coinbase account are the two ways to stake Solana on the platform.
Let’s jump into how to stake Solana on Coinbase
It is easy to stake Solana (SOL). Coins can be staked by investors by transferring them into a wallet that accepts SOL staking. You may find a step-by-step tutorial for staking SOL in the sections that follow.
Create a Solana Wallet
Numerous online and mobile wallets enable Solana staking. Check if SOL staking is supported by your preferred wallet by looking up the SOL coin. Staking buttons should be shown in the SOL section in wallets that enable it.
Investors with non-Solana compliant wallets have a number of choices. Solflare, Phantom, TrustWallet, and Sollet are a few popular Solana wallets that support staking.
Top up your Solana wallet
Depositing SOL into your wallet is the following step. Many wallets demand a minimum of 0.01 SOL in order to stake SOL. A centralized exchange like Binance, Coinbase, Kraken, or FTX is the simplest place to buy SOL.
To cover future transaction costs that will be incurred when you stake and unstake your SOL coins, it is advised to send some extra SOL to your wallet. For your first dozen transactions, 0.1 SOL should be more than plenty.
The Delegator
You can stake them once your wallet is fully stocked with SOL. Select "Stake" from the menu in your wallet. You will be guided through the staking procedure via the wallet, and you will need to decide how much SOL you want to stake. The wallet will prompt you to select a delegator in the following stage.
Users who have SOL coins in their Coinbase accounts will immediately get SOL staking incentives, according to a blog post by Coinbase. The user doesn't need to take any additional steps. Users receive 75% of the staking earnings from Coinbase, while the company keeps 25% as a service charge.
