Table of Contents
Features of SOL steaking
When Solana is steaking, the user delegates his coins to the validator, for which he receives a reward.
The remuneration for steaking SOL depends on:
- the current rate of inflation;
- of the total number of zastekan SOLs in the network;
- the operating time and commission (remuneration) of an individual validator.
To delegate SOL coins, the system opens a steak account, then delegates the account to the selected validator at the beginning of its next epoch (block creation round).
This is why steak does not start generating income immediately after freezing.
A user can create any number of accounts with any number of coins on them and delegate them to one or more validators.
The user can request the withdrawal of his coins from the steak at any time (there is a reserve account in the system).
The time to unfreeze funds is from a few hours to a few days (depending on the time of the end of the epoch).
Benefits of Solana Steaking (SOL)
Why the user needs Solana steaking and what are its benefits:
Stable passive income
Just by freezing SOL coins on the balance, you can get a permanent, not labor-intensive income
Variability
A wide range of validators, the ability to create multiple steak accounts to diversify risks
Security
Solana’s technological innovations provide reliable protection against errors or intruders
Mutuality
The more funds are secured in the system and the wider is the choice of validators, the higher is the safety of the network and transactions with cryptocurrency
Reliability
The Solana Project has good community support
How to Bookmark Solana (SOL) with Phantom Wallet
The creators of Solana have unveiled a scalable and secure crypto platform that gives holders the ability to stack crypto assets and earn rewards. In this short guide, you will learn how to stack SOL tokens in the Phantom browser wallet.
About the Phantom Wallet
Phantom is a simple and convenient non-custodial web wallet with Web3 support and Ledger hardware wallet integration as a browser extension. Phantom Wallet has storage, transfers, stacking, and SOL exchanges available through a built-in exchange.
In addition to SOL, Phantom cryptocurrency wallet supports USD Coin tokens (USDC), non-exchangeable tokens (Collectibles, aka NFTs). The extension works in Chrome, Firefox, Edge and Brave.
What is Solana
Solana is an innovative, open and fully decentralized platform for creating efficient blockchain applications (DApps) and marketplaces in a Web3 environment.
Solana’s blockchain has high scalability and throughput, and it can outperform well-known payment giants in terms of transaction processing speed: the platform can process up to 50,000 transactions per second, versus 1,700 on average and 4,000 at the peak of Visa. Solana is actively developing, offering many DeFi solutions and showing good growth rates for the SOL token (as of this writing). So, let’s say you decided to join Solana ecosystem and you own SOL tokens – it’s time to zastakat them with an opportunity to earn additional up to 7% p.a.!
How to zip SOL
Before you can delegate Solana, you must create (or import) a cryptocurrency wallet, and then fund it with tokens.
Install the plugin for your browser and create a wallet
Go to the Phantom plugin website and click Add to Chrome.
Or go directly to the Chrome or Firefox web store. Click Add to Chrome to install the extension.
Confirm that you are going to install the Phantom plug-in by clicking Add Extension.
Done. Now you can use the extension. Run the plugin and choose the way that suits you best:
- Create New Wallet – to create a new wallet.
- Use Secret Recovery Phrase – restore an existing wallet using the seed phrase.
If you have not created a SOL Wallet before, select Create New Wallet. In the guide, we will look at the way to recover a wallet from a syd. Click on the Use Secret Recovery Phrase button.
Enter the mnemonic phrase from the wallet that you wrote down earlier, and click Import Secret Recovery Phrase. If for some reason you lost it, re-create the wallet and securely save the siad.
Note: read our recommendations for storing private keys securely to avoid losing money in the future.
Think up and enter a strong password, accept the terms of the user agreement, and click Save to continue.
The wallet has been created! You can use the Option + Shift + P key combination to quickly launch the Phantom extension. Press Continue.
You can also subscribe to Twitter and Discord so you don’t miss wallet updates. Click Finish to complete the procedure.
Open the plugin and log in to Phantom Wallet
You can pin the plugin to the browser toolbar for quick access. To do this, click on the “puzzle” icon, select the extension and click on the “pin” icon.
Launch Phantom by clicking on the extension icon. Enter the password you set when you created the wallet, and then click Unlock.
Now you can use the wallet. The main page shows your balance, wallet address, and available tokens. You can switch between Collectibles, Transactions, Activity and Settings.
If you need to export or reset a private key, restore a mnemonic phrase or delete a wallet, go to the Settings menu.
Next, let’s look at how to top up your wallet.
Refill your wallet
Click Deposit SOL.
Choose one of the options: Send from wallet / exchange or Deposit from FTX.
The first way is the most common – let’s look at it. Click on Send from wallet / exchange, scan the QR code or copy the wallet address by clicking Copy, and then send Solana tokens to it.
As soon as the network validates the transaction, the tokens will appear on your cryptocurrency balance.
The tokens are in the wallet, and now we can move on to Solana’s steaking.
Steak SOL tokens
To delegate SOL, click Solana account in the first tab of the Phantom extension.
Click Start Earning SOL.
Select a validator. In the list of validators, you can see how many tokens are secured with each of them and what commission they charge. In our guide we steak with Everstake, as an example.
Why steak with Everstake?
It’s profitable: the validator charges low commissions and the uptime reaches 100%!
It’s reliable: Everstake is a large validator with high-performance equipment that is interested in service development and has impressive validation experience in more than 45 PoS networks.
This is handy: the validator team provides services to monitor zastakaniya assets and help delegates in the helpdesk channels.
It’s simple: on our blog, we regularly publish stacking guides to help newbies quickly figure out how to delegate assets in various wallets.
Specify the number of SOL tokens you want to zastek and then click Stake.
Note: before zastavka coins, make sure you have tokens left to pay for transactions in the future. Keep at least 0.05 SOL in your wallet to pay transactions!
In addition, there is currently an error when the maximum possible amount (MAX) is stacked. The developers are already working on this bug, but we recommend that you refrain from delegating the maximum amount.
The screenshot below makes exactly this mistake – the maximum amount is delegated. To eliminate this error (if it happened to you), transfer more coins after delegating so that the steak is displayed correctly.
Wait for the transaction to be validated by the Solana network.
If the transaction passed without any problems, the following message will be displayed:
Done: You’ve successfully snapped up Solana and will be rewarded for steaking! The current yield from SOL delegation is about 7% per annum.
Go back to the main wallet page and click Solana Wallet again.
Click Your Stake button to check the status of your delegation.
While your steak is being activated. You will start receiving rewards as soon as the current epoch is over.
You can track when the current epoch ends in the Solana blockchain browser.
How to track rewards in a wallet
Go to Your Stake and click on your active delegation.
Under Your Stake you can see the status of the tokens and how many rewards have already been awarded. Here you can also unstake tokens by clicking Unstake.
How to unload tokens
Click Solana account to open your steaking stats.
Go to Your Stake.
Click on the validator. In the validator section, you can find information about the steak, tokenize more, or tokenize your tokens.
If you want to unstake tokens, click Unstake in the lower right corner of the wallet.
The tokens are deactivated. Your SOL tokens will be available in your wallet after a couple of days, after deactivating the steak with the end of the current epoch, and you will be able to make transactions with them again.
Now, if you go to Your Stake section, you will see that the status of your delegation is Deactivating. This means that the anstake process is not yet complete, and the tokens are still frozen.
Click on the tab with the steak to see more information. As you can see in the screenshot, the steak is still in the process of being deactivated. Please note that no more rewards are awarded since the moment of anstaking. You can redelegate tokens: click Restake to do so.
Once the steak is deactivated, you can perform the following operation on it. Click on the tab with the steak.
Click on the wallet menu (three dots in the top right corner of the app) and select the Withdraw stake option from the pop-up menu.
Done! Your tokens are tokenized and available for active use again.
Solana Steaking FAQ
What is an era?
An epoch is a period of time in a blockchain network that determines when a certain action, such as staking rewards, will take place. In the Solana network, the duration of an epoch can vary and take from 2 to 3 days.
If you have staked tokens, the first reward will be credited only in the next epoch, because the delegation will not be activated until the current epoch is over. The same applies to anstake: you will be able to withdraw tokens to your wallet as soon as the current epoch ends. You can find out when the epoch ends using the blockchain explorer.
The status of my delegation is “Activating. Does this mean that the tokens have not yet been zapped?
That’s right. Your delegation will be activated as soon as the current epoch is over. Rewards will begin to accrue from the next era.
What does rent mean?
A rent is a small commission that is returned when you dequeue and withdraw delegated tokens.
I just tokenized all my tokens, but the delegation doesn’t show up. What to do?
You need to have some SOL tokens in your wallet for your bid to be displayed. Do not delegate the entire amount and leave at least 0.5 SOL to be able to anstaik and withdraw rewards.
How long does it take to anstake and do I have to do anything else to withdraw funds?
After token anchoring, wait until the end of the current epoch. As soon as it ends, your delegation is deactivated and you can withdraw your tokens (Withdraw Stake). Please note that Phantom wallet requires additional actions to withdraw SOL to the wallet, which we wrote about in detail in the section “How to withdraw tokens“.
Integration of a hardware wallet
The Phantom extension allows you to connect your Ledger device to make transactions. To learn how to connect a Ledger wallet and use it, read the official web wallet manual.
