Solana provides users with a web-scale blockchain enabling fast, cheap and scalable transactions. The platform allows you to create efficient decentralized applications (DApps) using the SOL cryptocurrency for transactions. Solana holders have access to crypto asset staking with ROI of up to 13% per annum. In How to stake Solana SOL: a beginner's guide we explore the main aspects of Solana staking. In this guide, we'll show you how to stake SOL tokens using Exodus’s mobile wallet.
Install the mobile application on your smartphone
Exodus is a convenient and easy-to-use multi-chain crypto wallet that supports the storage and exchange of more than 100 digital assets. The wallet has a built-in exchange, thanks to which crypto assets can be exchanged directly in the application. Exodus supports secure staking of cryptocurrencies, including Solana (SOL), Cardano (ADA), and others.
Exodus is available on iOS and Android. Download the Exodus app for your device from one of the links below:
A desktop version of the wallet is also available. We have prepared a separate guide for that. If you prefer to use the desktop Exodus wallet to stake SOL, then read our other article:
How to stake SOL (Solana Protocol) in the Exodus desktop wallet: a beginner’s guide
1. Create a new wallet
Launch Exodus on your device. To create a new wallet, click Get Started. You can import an existing Solana wallet by clicking on the button I Already Have a Wallet.
The application will acquaint you with the available crypto wallet functions. Explore them or skip them by clicking Skip.
The wallet is ready to use. But that's not all. First of all, you need to take care of the security of your assets and create a backup copy of your crypto wallet. To do this, open the tab Profile. Profile is located in the bottom menu of the application. Then open the section Security.
Now select and click Backup. For additional protection, we recommend enabling the options Secure with Passcode and Secure with Touch ID. This will protect your wallet in case your device is lost or stolen.
Make sure that there are no unauthorized persons in the room where you are, and click View Secret Phrase to show the mnemonic password.
You need to write down the seed phrase of 12 words on paper. Any other non-digital storage medium will also work. Press and hold the button Press and Hold to Reveal to display the seed. Do not take a screenshot while recording the seed phrase - this is unsafe.
Read our article about safe storage mnemonic passwords:
Crypto Security Guide: How Not To Lose Your Funds When Using Cryptocurrency
Then return to the main menu of the wallet to continue.
2. Funding a wallet
In Exodus, you can manage any supported wallets: add and remove them in a couple of clicks. This way, you can hide empty and unnecessary wallets and only use the necessary ones. By default, the Solana wallet is not displayed on the home screen of the application and must be added before using it. Here's how to do it.
Scroll down the page and click Add More.
A list of available cryptocurrencies will open. Enter SOL in the search bar (or Solana) to quickly find the desired crypto asset in the list, and then simply switch the wallet to an active state.
That worked! Now the Solana crypto wallet has appeared in your wallets list. It's time to add funds to it. To get a Solana address, click on the wallet, and you will be redirected to its menu. Click on the button on the right, as shown in the screenshot, to get the SOL address.
Scan the QR code to send coins or copy the address. In addition, you can simultaneously share both the wallet address and the QR code via instant messengers or email by clicking Share.
As soon as the wallet is replenished, you can proceed to staking.
3. Solana Staking
For SOL staking, you don't need to run your own node. You can delegate cryptocurrency to a validator. It's easier, but the validator will charge a small commission on your rewards. So, to stake cryptocurrencies, select the SOL wallet in the Exodus mobile app.
And then click on the medal icon located at the top right of the screen.
Solana staking yield is ~ 11% per annum. Scroll down the screen and click Stake SOL.
Enter the amount of SOL to be staked and click Stake SOL. Don't use all the coins - leave some tokens to pay for transactions.
Note! When you stake Solana in the Exodus wallet, the tokens are automatically delegated to the Everstake validator.
The transaction is considered complete as soon as it is confirmed by the validators. To view the status of a transaction, you need to get a Transaction ID and find a transaction using it in a blockchain explorer. Here's how to do it.
First, open your Solana wallet.
And then scroll down the screen. The Activity section displays all committed transactions (including unconfirmed ones).
Find the required transaction and click on it. After that, scroll down the screen again, find the Transaction ID, and copy it. In order to get this done, just click on it.
After that, go to the blockchain browser website and paste the copied Transaction ID into the search bar.
Done. After the unstake, SOL coins will be available in 3 days.
How to Unstake SOL
In order to unstake SOL, move to the Earn Staking Rewards menu and press the Unstake SOL button. After that, the system will ask for your confirmation, through which you will be able to proceed with the given process and unstake your funds. As mentioned above, the mobile application, also warns you that unstaking takes about 2-4 days.
Check Everstake Twitter and Discord for the latest updates.
And If you have any questions you can always contact our Solana Blockchain Manager on Twitter.
