BCGAME - Free 5BTC Daily Bonus!Solana dominated the crypto world last month, but how does SOL stakeout work?
Since the beginning of August, Solana has seen a price increase of nearly 400%, reaching $179,92 at the time of writing.
If you are one of the many cryptocurrency investors who have recently taken an interest in SOL and want to start earning from its assets, here is what you need to get started.
How to staking Solana
The first thing to do when staking Solana is to select a wallet or Exchange that supports SOL stakeout.
How to Stake Solana in Exodus or Binance
Some of the easiest ways to staking quickly into Solana is with your Exodus or Binance wallet.
For Exodus, select your Solana backgrounds and click the settings button (the one with three dots). Here, choose Advanced Settings, before entering the amount of SOL you want to staking and click the SOL staking button. Betting on the Exodus mobile wallet follows a similar path, except selecting the arrow button in the upper right corner instead of Settings.
In Binance, go to the Stakeout Blocked section or follow this link . Search for SOL and choose Stake Now. Here, you can choose how much SOL to staking and for how long, as well as see the different APY rates before finally staking Solana.
How to Staking Solana in Solflare
SolFlare is a Solana-specific web wallet that supports SOL stakeout. Once you've set up your wallet and transferred some SOL to your address (which you can see how to do here), you can start staking. You will need to keep your Keystore key handy after doing this as it will be needed for every transaction you make in this process.
For staking with SolFlare, click on the betting section of your wallet and create a betting account. You will then be asked to transfer the SOL to this stakeout account. SolFlare recommends leaving “at least 1 SOL” in your wallet as you may still need to pay transaction fees.
Once your account is set up, you will need to choose a validator to delegate your SOL. You can see a list of Solana validators here, or go to this Solana Forum thread. It's important to do your own research when choosing a validator. Various aspects, such as carrier fees, will differ between them.
After choosing your validator, delegate your SOL to them on the stakeout screen and everything will be organized.
In this article, we will discuss:
Solana Staking Rewards
Current betting rewards on Solana are 6,35% APR as of September 2021, according to StakingRewards.com.
However, these rewards vary by validator, and the APR is subject to change. Validators will also receive a certain portion of the reward from delegates, at an average rate of 9,85%.
Putting this into practice, if you bet 10 SOL for a year on these rates, you would earn 0,635 SOL. After paying a 9,85% validator fee, you would go home with 0,5724525 SOL – worth $103,01 at the time of writing.
Fixed rewards are given out once per season – which lasts about two days. However, there is a one season 'warm-up period' for new stakers, which means it can take between four or five days to receive your SOL rewards.
Can you mine Solana?
It is not possible to 'mine' Solana the same way you mine bitcoin, for example. Solana uses a proof-of-stake mechanism, validators secure the network through staking, not mining.
While in the battle of staking vs mining, both have the same general goal of protecting the blockchain, mining uses a proof-of-work mechanism that relies on large computational power to solve complex mathematical problems as part of this strategy. This is why miners often buy high-end GPUs or ASIC miners.
They are not required to win on the Solana network, with stakers just needing to delegate their existing SOL.
