Solana Staking With Phantom Wallet In Just 4 Simple Steps

On August 6, 2021, Phantom officially announced Solana Staking, which made it incredibly easy for anyone with SOL to help secure the network and start earning rewards with Phantom. SOL holders can participate in the network and earn rewards by delegating tokens to stakes with one of the hundreds of validators.

What is Staking?

Staking is when you lock crypto assets for a set period of time to help support the operation of a blockchain. In return for staking your crypto, you earn more cryptocurrency. Many blockchains use a proof of stake consensus mechanism.

Proof-of-stake is a cryptocurrency consensus mechanism for processing transactions and creating new blocks in a blockchain. A consensus mechanism is a method for validating entries into a distributed database and keeping the database secure.

Solana Staking Overview

Users hold SOL and wallets that allow staking can participate in staking at any time. It is important to notice that not all supported Solana wallets also support Staking Solana. You can check out wallets that support Staking here.

Staking Rewards

When each block is completed, staking and yield rewards will be created, and the projected period is two days. Technically, you will receive Staking incentives in roughly 2 days. According to the rules, 2 days corresponds to the number of epochs required to unstake.

Yield staking is predicted to be between 9 and 13% in the first year, depending on the number of SOLs participating in the Stake, and then steadily drop in subsequent years. Certainly, staking rewards will be distributed directly to your Staking account.

How to staking SOL with the Phantom wallet?

Step 1: Installing Phantom wallet

If you don’t have a Phantom wallet, you need to install Phantom and top up the wallet. Once you have SOL in your wallet, tap on the SOL balance in your wallet.

Step 2: Click “Start earning SOL” button

Step 3: Choose a validator for staking.

Step 4: Select the amount of SOL to stake, then press Stake.

Check validators.app, StakeView.app, or Stakingrewards for a list of rated reliable validators, including the best alternatives depending on current network circumstances. A similar method may be used to locate the Validator for NEAR.

Solana staking uses temporal intervals known as epochs. They normally last 2-3 days. Your stake is only active and deactivated at the beginning and conclusion of each epoch.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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