How to stake Solana (SOL) in the Solflare web wallet: a comprehensive guide
Blockchain technologies are rapidly developing, but users still have to face some problems when using cryptocurrencies. One of these problems is the inability of blockchains to agree on time. Clock synchronization helps to achieve better performance of distributed systems.
Solana blockchain introduced a solution based on the Proof-of-History consensus algorithm that works in conjunction with PoW and PoS. Thanks to this, the platform is able to predict the scalability of blockchains over time, and users can participate in improving its performance by delegating their tokens to validators. In today’s guide, we will tell you how to stake Solana (SOL) tokens in the Solflare web wallet.
How to create a wallet
Solflare is the first non-custodial web wallet developed for Solana holders. The wallet provides all the necessary features, taking into account the Solana ecosystem, and also allows integration of hardware wallets for safe use, since web wallets can be vulnerable to online attacks.
The Solflare wallet supports staking of SOL tokens and makes it simple and convenient. Now let’s see how to create a Solana wallet in Solflare.
Step 1. Go to the developer’s website and click “Create Wallet” to start creating a new wallet.
Step 2. Next, Solflare will give you a little tour of its product and introduce you to the main features of the wallet. The wallet will also warn you that tokens are stored in a non-custodial manner, meaning that only you are responsible for the safety of your funds: neither Solflare nor anyone else will help you restore access if you lose your private keys and mnemonic phrase.
Solflare offers two ways to access your wallet:
- The Keystore file that stores the user’s private keys. It is possible to consider it as your personal identifier. Additionally, the file is protected with a password so that no one else can access it.
- Using a Ledger Nano s or Nano x hardware wallet. This is considered the most secure way to access your wallet, so if you have such a device, it is preferable to choose this method.
Warning. Solflare developers warn that Windows users may encounter some problems when using the Ledger Nano x device. They are already working on a solution and will let you know when the problem is fixed.
Step 3. Start creating a wallet by selecting “Using Keystore File” if you don’t have a hardware wallet, then click “Next”. If you have a Ledger device, read our other guide.
Step 4. Create and enter a strong password, and then repeat it. A complex password must consist of at least 12 characters and contain uppercase and lowercase letters, numbers, and special characters. You can additionally get an encoded private key by checking the box at the bottom, but this is optional. Click “Next” to continue.
Step 5. Download the key storage file to your local device. Please note that if you lose it, you will not be able to access your wallet. Save the key file in a safe place: preferably on an offline media. Make multiple copies to reduce the chance of losing the file. Let’s continue.
Step 6. Now upload the key file to confirm that you did everything correctly. If everything went well, you will see the result as in the screenshot.
Step 7. Now open the wallet using the Keystore File. Select the appropriate option and click “Access”.
Step 8. Enter your password for the new Solflare wallet and upload the key storage file to access it. Then click “Access”.
Step 9. Congratulations! You have created your first Solflare wallet. The interface is now available to you. The main screen displays your wallet address, available balance, and completed transactions.
Now you need to top up your wallet so that you can stake SOL tokens.
How to top up the wallet
Just copy the wallet address on the main screen and send it to the crypto exchange or other service that you use to buy cryptocurrency. After sending, the coins will be credited to the crypto wallet within a few minutes, after which they will be displayed on the balance.
Great! Your wallet has been replenished. Now you can move on to staking.
How to stake Solana (SOL)
To stake SOL tokens, go to the “Staking” section on the home screen of the Solflare wallet.
First, you need to create an account for staking, from which you can then delegate tokens. To do this, click “Get started”. In the window that appears, specify the amount you want to delegate and click “Next”.
Disclaimer. Unfortunately, the amount of tokens can only be entered manually, taking into account the network fee, which is usually 0.01 SOL. For example, if you want to stake 2 SOL, you need to enter “1.99” instead of “2”, otherwise the wallet will give an error.
To create a staking account, enter the password that you set when creating the crypto wallet and click “Submit”.
A staking account will be created and after 32 confirmations, the specified amount of tokens will be credited to it. You will also receive a new wallet address from which you can stake coins already. Click “Finish” to complete the procedure.
You’ve created an account, but the tokens haven’t been delegated yet. Now the funds of the staking account will be displayed in the “Staking” section. To stake Solana tokens, click “Delegate now”.
Select the validator to whom you will delegate the coins. Start by simply entering its name in the field, for example, “Everstake”. Then click “Next”.
Enter your wallet password again and proceed to the next step.
If everything worked out, the wallet will send the following message:
You have successfully staked tokens, but no rewards are being awarded yet, since the platform has not yet added this feature and will do so no earlier than in one or two months. We will publish the announcement on our blog as soon as rewards become available. However, if you vote for Everstake, you can earn rewards right now. Everstake decided to award rewards to its delegates once a week before Solana launches full payouts.
Address of the Everstake validator:
You can manually refresh the page to check the delegation status using the “Reload ↺” option. But in any case, you can withdraw coins right now by clicking the “Undelegate” button.
That’s it. Vote for Everstake — a reliable staking provider that offers token holders a wide range of cryptocurrencies for delegation and low fees. Subscribe to our social media that have up-to-date information on PoS blockchains and useful guides on staking.