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 coins with the help of the Exodus browser extension launched recently.
About Exodus Chrome Extension
Exodus crypto wallet app is available for Mac OS, Windows, Linux, and iOS. And now also as a Chrome extension! Exodus Browser Extension Beta is a multi-chain browser extension that lets you explore the Web3 multiverse of DeFi, NFTs & more.
Note that currently the Exodus browser extension supports the Solana network and the Ethereum network but has not been launched on the Chrome Web Store yet, so you will have to install it manually. You will need to enable a Developer mode in the browser to install and add the extension to your browser.
Click Install for Chrome and Brave to proceed with installing the extension. Click here to find official Exodus instructions on installing the app.
Before staking SOL, you need to create or import a crypto wallet to Exodus.
Create or import a wallet
1. Run the Exodus extension and choose the method that suits you best:
- Create a new wallet;
- I have a wallet (it will restore an existing wallet from the seed phrase.)
If you haven't used a SOL wallet before, select Create a new wallet and act as prompted by the app. In this guide, we will restore a wallet used previously. Choose I have a wallet.
Enter the 12-word seed that you have written down when creating the wallet and press Restore.
If you lost the mnemonic phrase, create a new wallet from scratch and write the secret phrase down on a piece of paper. Do not share your seed phrase with anyone! This is your only access to your funds in case you lose the password.
2. Create a strong password (be creative and make it complex) and make sure to store it in a secure place. Repeat the password and accept the Terms of Use. Congratulations! We’re done with the wallet setup and can proceed with filling the wallet with coins if needed.
3. Launch Exodus in your Brave or Chrome browser by clicking on the extension icon. Enter the password you set while creating the wallet to start using the app.
The main wallet dashboard displays existing balances and different apps. Exodus is famous for its variety of apps proposed to users within a compact interface. Take your time to explore the possibilities of the wallet: you can buy crypto, store your NFTs in the Gallery, search NFT marketplaces for new pieces, trade on Margo Markets, and more. Learn more about Exodus features here.
4. If your wallet dashboard looks empty, click Manage Assets to add coins you are interested in into your portfolio. Start typing the token name to see it in the list, then add an asset.
Send Funds to the Wallet
1. Adding funds to your wallet is easy! Click Receive on the main screen and see what happens.
2. Begin typing SOL to obtain a QR code or copy the address. Then share either one with the sender or send yourself coins from an exchange.
3. Wait a bit for the network to validate a transaction. Done!
Now you can proceed to Solana staking.
Staking SOL in the Exodus
When you delegate your SOL tokens, you can earn ~6% extra per annum and even more all while supporting the network’s operation. Solana, like other PoS blockchains, relies on its validators and delegators in order to function and keep earning rewards for its users, so staking is an important part of the ecosystem’s well-being.
1. Choose your Solana asset on the main screen and click Earn staking rewards. The APY you will see is a dynamic value and changes each epoch. It depends on the whole amount of coins staked within the network.
Click on Stake SOL.
Your funds will be automatically staked with Everstake since Exodus is partnered with them. Do not worry about the lack of choice, though, since Everstake is arguably the biggest and most reliable validator on the network.
The validator’s commission in Solana is set individually by the validator and varies from 0 to 100%. Everstake charges a 7% fee for staking, which is quite average.
2. Specify the number of SOL tokens you want to delegate, then click Stake SOL.
Note that before staking you must make sure to keep at least 0.05 SOL to pay for transaction fees. If you stake the maximum possible sum, you won’t be able to unstake and withdraw coins further on.
3. Once the transaction is validated by the network, it’s done! Your SOL will begin earning staking rewards in the next epoch once the stake account becomes active.
4. To track your stake, click on SOL asset from the main screen of the app.
How to track rewards and unstake
- Track staking rewards with the help of your staking address and Solana explorers as specified in our detailed guide.
- To unstake, click on your active delegation (check the previous step and a screenshot).
- Undelegate SOL anytime by clicking the Unstake SOL button.
- Once the tokens have been unstaked wait until the stake gets deactivated (next epoch).
- Click Withdraw SOL once the delegation status is inactive. Now you are able to use the tokens freely. The staking rewards will no longer be generated from the moment of unstaking.
- Track transactions on your asset’s main page.
Clicking on each transaction displays its details. For instance, if we choose the Staked trx, then the addresses and the trx ID will be displayed.
Proceed to the solscan.io explorer by clicking on the links or copy an address and check it out in any other Solana explorer. Remember: you can easily track every operation on the blockchain. Other details are covered in the dedicated FAQ.
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.
