In How to stake Solana SOL: a beginner’s guide we explore the main aspects of Solana staking. In this quick guide, we will cover how to stake SOL tokens in the Slope browser wallet.
About Slope wallet
Slope wallet is the first cross-platform wallet on Solana. It proposes versions for iOS, Android, as well as a Chrome extension.
Users can access the same identity from multiple devices through a few simple steps.
Slope provides the simplest yet most secure way to connect to Solana DApps, as well as Solana eco rankings, and news.
Users can also mint, collect, and auction NFT, and launch self-hosted NFT-strorefronts in the Slope wallet.
What is Solana
Solana is an innovative, open, and fully decentralized blockchain that provides high scalability and bandwidth. In terms of transaction processing speed, it outperforms the well-known payment giants. It claims to be the fastest blockchain in the world. The platform can process up to 50,000 transactions per second against 2,000 on average and 4,000 at its peak for Visa. The average price of the transaction at the moment of writing an article is $0.00025 only and the total transactions count in the network has surpassed 70 Billion up to date.
Solana is actively developing, it is one of the fastest-growing ecosystems in the crypto industry, with thousands of projects spanning DeFi, NFTs, Web3.
So, if you joined the Solana ecosystem and you are now an owner of SOL tokens – it’s time to delegate them and take advantage of the opportunity to earn up to 7% extra per annum! Before staking SOL, you need to create or import a crypto wallet to Slope.
Create or import a wallet to Slope
- Go to the Slope wallet website and click Add to Chrome.
Confirm that you are going to install the Slope extension. After that, you can click on the extensions’ icon in the top right corner and pin the Slope to have easy access to it.
2. Run the extension and choose the method that suits you best:
- Create New Wallet;
- Use Mnemonic words – restoring an existing wallet with the seed phrase.
If you haven’t used a SOL wallet before, select Create New Wallet and simply follow the steps. In this guide, we will restore a wallet from a seed. Choose Use Mnemonic words.
Enter the wallet mnemonic phrase (that you saved in the past) and type suggested
(m/44’/501’/0’/0′) and import it. If for some reason you lost the phrase, create the wallet from scratch and save the seed securely (better on paper). Do not share your seed phrase with anyone! This is your only access to your funds in case you lose the password.
3. Create a strong password and store it in a secure place not to forget. The wallet has been created.
4. Launch Slope by clicking on the extension icon. Enter the password you set while creating the wallet and then click Unlock.
The main page displays the balance and available tokens. You can switch between the Wallet, Collectibles, Swap, and Settings tabs. You can also copy your wallet address in the header.
Use Settings to display the private key, change the password, edit the wallet name, etc.
5. Add funds to a wallet if needed.
For this, copy your wallet address in the header and send SOL to that address from a wallet or exchange, or share the details with the sender. As soon as the network validates the transaction, the tokens will appear on the balance of your crypto wallet.
Now you can proceed to Solana staking.
How to stake SOL in the Slope
- Choose Validator tab to delegate to one of the validators. Choose Pools if you prefer staking to the pool. In this guide, we cover staking to Everstake for a reference – feel free to choose any validator.
- Click on the search icon and begin entering first letters of the validator’s name.
Click on Everstake.
You will see how many coins are staked with the validator already and the commission. The commission may vary from 0 to 15% depending on a validator.
Why stake with Everstake?
It’s profitable: the validator charges an average commission (7%) and ensures ≈100% uptime. Read more about us here. We also propose special terms for large investors. Contact us for more details.
It’s reliable: Everstake is a large, high-performance validator constantly improving its services and performance and running the best hardware/software with highly professional specialists on board. We have a vast validating experience in ≈50 PoS blockchains.
It’s convenient: we provide services for staked assets monitoring. We support users and assist with staking-related issues.
It’s simple: we regularly issue staking guides in our Blog to help newbies quickly figure out how to delegate assets across different wallets. We have dedicated Blockchain Managers for each of the networks to manage the operational flow in the most efficient way.
3. Specify the number of SOL tokens you want to stake, and then click Stake.
Note: before staking, make sure to keep at least 0.05 SOL in your wallet to pay for transactions! If you stake the maximum possible sum, you won’t be able to unstake and withdraw coins further on.
Wait while the transaction is validated by the Solana network. Done!
Your SOL will begin earning staking rewards in the next couple of days once the stake account becomes active.
4. To track your stake, go back to the wallet home page and click on the Stake icon.
Then click My Total Stake.
Click the Validator tab to check the status of your delegation.
Your stake is being activated, and you will start receiving rewards as soon as the current epoch ends. Track the epoch progress on solanabeach.io.
How to track rewards and unstake
1. Click on your active delegation (check the previous step and a screenshot)
In this section, you will find information about the state of the delegation and the rewards generated (for one epoch). The rewards are being compounded – added to the active stake each epoch.
2. Here you can also undelegate tokens by clicking Unstake button.
Done! Tokens have been unstaked yet must be withdrawn after the stake will get deactivated.
3. Wait until the epoch ends: your stake is deactivating.
Оnce the stake is inactive, withdraw tokens. Only after that, you will be able to use the tokens freely. Please note that rewards will no longer be generated from the moment of unstaking.
4. After withdrawal, your SOL tokens are available for transferring and other operations.
Solana Staking FAQ
What is an Epoch?
An epoch is a unit of time in computing. It varies slightly but is normally around 2-3 days. When you start staking, the epoch you are in will not accumulate rewards. Check the epoch length on solanabeach.io.
What does activating/deactivating stake status mean?
When you delegate or undelegate a stake account, the tokens do not change state immediately. Newly delegated tokens are considered “activating” or “warming up”, and are not eligible to earn rewards until they are fully activated. Newly undelegated tokens are considered “deactivating” or “cooling down” and are not able to be withdrawn until deactivated.
I staked all my SOL and I cannot unstake.
You need to transfer a small amount of SOL to the wallet to pay for trxs. Solana’s recommendation is to keep at least 0.05 SOL in your wallet for all future gas fees.
How long to unstake, and do I have to do any extra steps?
It takes an epoch for the stake to get deactivated. After that, you will need to withdraw tokens.
How to track all my SOL staking rewards?
Track your staking rewards with the help of your staking address and Solana explorers. Read our detailed Guide.
Find more answers and Staking Guides for Exodus, Phantom, Solflare, and Trustee wallets on our SOL dedicated page.
About Everstake
Everstake is the biggest decentralized staking provider, trusted by 625,000 users. For the past 4 years, the company has been using enterprise-level hardware to run more than 8000 nodes for the most popular blockchain networks. Everstake employs 100+ experts across the world and has been heavily involved in the development of complex blockchain products, such as Metaplex.
The Everstake team selects only promising PoS projects. Delegating with Everstake is safe and profitable – our team performs thorough project research before joining the network as a validator.
Subscribe to Everstake’s Twitter to be aware of all news!
