Solana is an impressive blockchain for scalable DeFi and NFT projects. The platform is amongst the top Layer 1 blockchains with a high-performing native token, SOL. The SOL token is quite lucrative for HODLERs if they know what to do with it.
Leaving your token idle isn’t the most brilliant of ideas. So, top crypto traders have learned how to stake their tokens and earn passive rewards. This article will talk about how you can Stake Solana and earn some extra bucks. But first, let’s define what is staking.
What is Staking?
Staking is how a Proof-of-Stake blockchain, such as Ethereum and Solana, verifies transactions and secures its network. The Proof of stake consensus mechanism requires users to lock up their coins for the right to validate the next block.
When validating, these users usually earn a reward that is tied to the transaction fees collected from that block. So, a user’s chances of validating a block and earning more rewards are tied to them locking more coins.
— Binance (@binance) February 25, 2021
So, staking involves you locking your crypto service for a specific period to help a blockchain operate and keep it safe. In return, you’ll receive rewards. However, the blockchain you decide to stake on plays a huge role in how successful your experience would be. As a result, we advise you to consider:
- Supported coins
- Lock up terms
- Minimum account balances.
Why Stake on Binance?
There are a lot of risks associated with staking, including slashing, malicious attacks, etc. But, Binance staking offers both security and a decent APY. In reality, no crypto platform is 100% secure in terms of staking. But, Binance leads the sector as a secure exchange.
Also, Binance offers one of the best platforms to stake solana. There are other ways of staking your SOL, including Phantom Wallet. But, Binance is both easy and reliable.
Check the image below for the Binance staking service available for the SOL token
In addition, the minimum staking amount varies from 0.0001 SOL to 0.01 SOL. With that, let’s show you how to stake SOL on Binance.
How to Stake SOL on Binance
The process is simply easy.
Step 1: Go to the Binance site. Once there, click on “Earn” and Then Click on “Staking.”
Step 2: Go to the “Locked Staking” option, and type in “SOL” in the search bar. The screen will display different staking options for SOL.
Then, select your preferred Lock-in-period (30 Days, 60 Days, or 90 Days) and click on “Stake Now.”
Step 3: Select the Amount of SOL tokens you want to Stake. Then Agree to the “Binance Staking Service Agreement” and click “Confirm” to proceed.
So, if you want to check your staked SOL, go to the “Wallet” icon on Binance and select “Earn” Then, click on “Staking” and you’ll see your staked SOL.
As of this article, Solana trades at $33.92 USD with a 24-hour trading volume of $1,098,778,451.
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