Did you know that Solana can process 50,000 TPS(transactions per second), which is the fastest operating speed in the blockchain? Based on its fast speed, Solana has shown a tremendous growth rate and is ranked 3rd after Ethereum 2.0 in the staking platform rankings.
In addition, Phantom, a multi-chain crypto wallet and browser extension for managing digital assets and accessing Web3 dApps, just announced their support for Solana staking service! It means SOL holders can stake with all available Solana validators directly through the Phantom wallet interface. Are you lucky enough to be a SOL holder? Your staking experience is getting easier and faster with Solana everyday🤩.
So we figured, what better time than now to give you a step-by-step guide on staking your SOL? But before we jump right into it, let us walk you through what Solana Protocol is.
Introducing Solana Protocol
Solana is a fast, secure, and permissionless blockchain providing an open infrastructure with scalability. Solana is optimized for solving scalability problems by Proof of History which is a sequence of computation or sort of timestamp that can provide a way to cryptographically verify the passage of time between two events. As removing the bottleneck of blockchain, Solana makes it possible for decentralized applications such as decentralized exchanges and payments which need high throughput to operate seamlessly.
Before we get started with staking, here are some facts and figures to keep in mind when staking SOL:
- Estimated reward rate : 0–8 %
- Unbonding period: 2 days
- Reward type: SOL
- Reward Frequency: Per epoch (2 days)
Why Stake with DSRV?
South Korea’s Leading Validator
We understand the importance of geographical distribution for blockchain networks. Proof-of-Stake enables us to start globally on day 1.
Strong Technical Contributor
We are a tech-driven team that loves to build solutions that help users participate in top blockchain networks.
Trusted by leading institutions, and passionate community members in South Korea and around the world.
Staking SOL with DSRV
First things first, if you don’t have any SOL yet, you can acquire some by buying them on any exchange offering SOL trading pairs, such as Coinbase, Binance, and FTX.
Table of Contents:
- Install Phantom
- Create a New Wallet
- Stake SOL
1. Install Phantom
We are going to use the ‘Phantom’ wallet to delegate your SOL to DSRV. Follow this link and install Phantom. Phantom supports Chrome, Brave, Firefox, and Edge browser.
After installation, You can see that a small phantom character has been added. Click 👻! If you already have a Solana wallet, you can use the secret recovery phrase to connect your existing wallet.
2. Create a New Wallet
2–1 Create a wallet
This section is for those who don’t have a Phantom wallet yet. Choose ‘Create New Wallet’.
2–2 Save Secret Recovery Phrase
Keep your recovery phrase safe. You will need it to recover your account.
2–3 Set a password
Set a password for your wallet and click ‘Save’.
And done! Now you can access your wallet.
3. Stake SOL
3–1 Start staking
Let‘s start staking! Don’t forget to fund your account first.
- Click on the Solana token balance in your wallet.
- Click ‘Start earning SOL’
3–2 Choose a validator
- Enter ‘DSRV’ or the address below in the searching field
- Select DSRV validator.
DSRV validator address :
🕵️♀️ Click here to find DSRV validator details!
3–3 Enter the amount
- Enter the amount of SOL you want to stake
- Click ‘Stake’.
After few seconds, Your SOL will be successfully staked.
The amount of SOL you enter is transferred to your stake account. You cannot use or transfer this amount until you unstake. Also, you need to have a balance left in your wallet because your wallet is still used to pay transaction fees.
4–1 Check your staking detail
Now you can check your stake status. Click ‘Your Stake’ and ‘DSRV’ to check the details.
Right after delegation, your account is in an ‘activating’ state and not yet earning rewards. Your SOL will begin earning rewards in the next couple of days once the stake account becomes active.
Your rewards are distributed to your stake account per epoch (2 days) and automatically restaked.
You can unstake at any time, but an unbonding period(2 days) is required to fully withdraw SOL from your stake account.
You can get more information about staking SOL from these links.
Hope this guide could help you gain a better understanding of what Solana is and how-to stake SOL. Happy staking! 🥳
DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the failure of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.