Solana is a rapidly advancing blockchain network that has been shaking up the world of cryptocurrency. Here’s your comprehensive guide to all things Solana. Solana’s unique consensus protocol, Proof-of-History, allows it to offer fast trading speeds at low fees. This system works by creating a timeline of all prior transactions so nodes can quickly and accurately validate upcoming trades. Solana is renowned for its rapid transaction processing, with the capacity to process hundreds of transactions per second. Its remarkable speed and efficiency make it perfect for applications that require swift action, such as DeFi and NFTs. As of February 2023, the SOL coin price is $22.82.
One of the main advantages of Solana crypto is the possibility to stake these coins. let’s see how it works.
How to Stake Solana?
You can generate rewards while assisting to reinforce the Solana blockchain by participating in staking Solana. Here we will illustrate how you can join and complete the steps required for successful staking:
- Obtain SOL. To get started with staking Solana, you must first acquire SOL – the token of the Solana network. You can find it on digital exchanges like Binance, WhiteBIT, or Huobi. It’s your key to joining in on this revolutionary blockchain experience and beginning your journey towards earning rewards for staking.
- Create a Solana wallet. You’ll require a Solana wallet to house your digital currency securely. There are numerous wallets readily available, such as the Ledger hardware wallet and the web-based Solflare or Solana wallets, for maximum safety.
- Choose a staking platform. To stake SOL, you’ll need to pick a staking provider that meets your needs. For instance, it may be one of the exchanges mentioned before, we coffee the WhiteBIT platform.
- Delegate SOL. After you have selected a staking provider, it is time to allocate your SOL tokens for their pool. This may be completed either through the website of the staking provider or on Solana’s wallet. By delegating your SOL coins, what you are actually doing is lending them to the chosen stakeholder in order to secure and protect Solana’s network.
- Start earning. Once you assign your SOL to a reliable staking provider, you can relax and begin earning rewards. Generally, these rewards are paid out in the form of SOL tokens. The size of the reward largely depends on who your chosen service provider is as well as how much SOL was delegated by you initially.
The WhiteBIT platform offers over 40 staking plans with different digital assets, staking periods, and rewards. You may click any plan and enter the data to see how many rewards it will bring you. WhiteBIT offers relevant SOL prices and an intuitive interface for users.
Also read: Is It Good to Invest in Ethereum?