Solana is a leading blockchain network known for its fast transaction speeds, low fees, and developer-friendly ecosystem. As interest in staking Solana (SOL) increases, more users are adopting it to generate passive income and support the network’s growth.
To help you stake your SOL easily, this guide provides a comprehensive overview of the staking process.
What Is Solana?
Solana is a fast and cost-efficient blockchain for decentralized applications. It was launched in March 2020 by a team of software engineers led by Anatoly Yakovenko. Solana combines the verifiable timekeeping of Proof-of-History (PoH) with the secure validation of Proof-of-Stake (PoS) to guarantee the blockchain’s integrity.
The concept of PoH is based on the use of a cryptographic clock that assigns a unique and sequential timestamp to each transaction or event within the network. The clock is maintained through the use of computing power by validators who perform computations that generate timestamps.
What Is SOL?
SOL is Solana’s native cryptocurrency. It performs different functions in the Solana ecosystem, such as:
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SOL is the currency used to pay transaction fees on Solana, incentivizing validators to process transactions quickly and accurately.
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SOL holders can earn rewards and help secure the Solana network by staking their tokens.
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SOL serves as a medium of exchange for swapping cryptocurrencies on Solana’s decentralized exchanges.
What Is a Backpack Wallet?
Backpack is a secure non-custodial crypto wallet for Solana and Ethereum. It is used for sending and receiving digital assets, swapping tokens, securing NFTs, connecting hardware wallets, and launching xNFTs. Backpack is available as a desktop extension and a mobile application for iOS and Android.
NFT & xNFT Features
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NFT collection locking rejects transaction requests when an NFT is locked in the Backpack Wallet. It is currently limited to select projects but will expand.
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xNFTs are decentralized apps in Backpack with embedded mint and claim, token-gated chats, soulbond inventory, and loyalty rewards. xNFT Library downloads are temporarily unavailable.
How to Stake SOL?
The process of staking SOL is straightforward and easy to follow. We will detail each of the steps below.
Step 1. CREATE A BACKPACK WALLET
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Download Backpack Wallet from the Google Web Store
Head to the Chrome Web Store and add Backpack Wallet to your browser.
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Create your Backpack Wallet account
Open Backpack Wallet and create a new account with a strong password.
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Save the recovery phrase
Be sure to back up your recovery phrase to access your wallet if you lose your password or device. Then, click Next to proceed.
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Choose the Solana network to stake SOL
Select Solana from the list of available blockchains supported by Backpack.
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Create a password
Create a password that is a minimum of 8 characters long. You’ll need this to unlock Backpack. Click Next to proceed.
Step 2. STAKE SOL
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Click on Solana (SOL) Token in the main Backpack wallet menu and then hit Staking to delegate SOL.
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To stake your SOL, click on the Add Stake button.
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Specify the number of SOL tokens you want to stake. Then, click the Mad Validator icon to choose a validator.
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In the search bar, type Everstake and select the validator from the list.
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Enter the desired amount of SOL tokens and click Stake.
NOTE: Ensure to keep at least 0.05 SOL in your wallet before staking. Staking the maximum possible amount may result in an inability to unstake and withdraw coins in the future.
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Review the transaction details and click Approve.
Congratulations! Your stake is being activated, and you will start receiving rewards as soon as the current epoch ends.
How to Unstake SOL?
The process of unstake is quite similar to the process of staking.
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To undelegate your SOL, go to the Backpack Wallet’s main menu and select Staking.
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Tap on the deposited amount that you want to deactivate.
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Verify the details and confirm the transaction by selecting Unstake.
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Then, click Approve to confirm the transaction.
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Congratulations! Your stake is deactivating; wait until the epoch ends. Once done, you can withdraw tokens and use them freely.
The Takeaway
Staking SOL can help you earn passive income while contributing to the network’s security, stability, and growth. Backpack Wallet is a great option for staking your SOL tokens since it provides a user-friendly platform to secure your NFTs, swap tokens, and send and receive digital assets.
It’s crucial to select a reliable validator, such as Everstake, because we have a proven track record of security and uptime. This can significantly affect the staking rewards you earn.
If you have any questions or need help, feel free to contact us at X.
If you want to learn more about SOL and how to stake it through other wallets, click here to start!
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