Solana blockchain ecosystem is one of the most rapidly developing ones in the crypto industry, and here comes the new SOL staking integration. In How to stake Solana SOL: a beginner’s guide we explore the main aspects of Solana staking. You can now delegate SOL tokens within the Trust Wallet (available on mobile devices). This guide is an easy walk-through for you to start earning ~5-6% APR for your staked SOL in 1-3 days after you stake—the very next Solana epoch!
About Trust Wallet
Trust Wallet is a community-driven, open-source, multi-coin crypto wallet for mobile devices that proposes users buy crypto (with a card as well), store it, collect NFTs, exchange, and earn crypto, for instance by staking. About 25 million+ crypto users already use Trust Wallet and credit its security. Users can track charts and prices within the app, use favorite decentralized apps and find new ones, without leaving the wallet. The app doesn’t collect any personal data.
Let’s proceed to creating or importing a Solana account to Trust Wallet.
Create or Import a wallet to Trust
- On your mobile device, go to the Trust Wallet website and download the app that fits your device or use the direct links to the app in the store:
Make sure to download the app from a trusted source—for that make sure to use the links provided on the official wallet website.
2. Install the app on your device and launch it.
3. We import an existing wallet to the app in this Guide and hence choose an option I already have a wallet. Accept the Terms of Use and continue.
If you don’t have an account yet, please create a new one – simply follow the steps in the app.
4. You can look specifically for a Solana coin and import a Solana wallet, or choose the Multi-Coin Wallet option and import your secret phrase (use the one from the Solana wallet, or another crypto wallet you had before). In this guide, we import the Phantom wallet seed phrase while choosing a Multi-Coin Wallet option.
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 the only access to your funds in case you lose the password.
5. Feel free to press on the “i” symbol in the top right corner of the header if you look for some tips about security and account import.
6. Congrats! Your account has been imported to Trust Wallet successfully. In the main wallet dashboard, you can find a list of the coins supported. If you don’t see SOL there, click Add tokens and start typing SOL or select a token from the list.
Use Settings to set up price alerts, notifications, etc. Use the Discover section to find more deals on staking tokens, lending and borrowing, learn more about DeFi apps available, and so on.
Top Up the Wallet
Click on Solana in your wallet and proceed to the SOL coin dashboard. If your account lacks funds, simply click Receive and copy an address to share with the sender, or use the QR code for easier contact sharing.
As soon as you initiate a funds transfer from the exchange or get it from a sender, once the network validates a transaction, the tokens will appear on the balance of your wallet.
Now let’s proceed to Solana staking.
Solana Staking
1. Click the Stake button in the same SOL coin dashboard. Check the network metrics and once again click Stake to proceed.
2. Enter SOL Amount you are willing to stake.
Attention: before staking, make sure to keep at least 0.05 SOL liquid 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!
3. You will see a validator proposed to you by Trust Wallet randomly. Click on the Validator field and choose the node you feel for. In this guide, we delegate to Everstake since it’s the biggest validator in Solana with over 150k staking accounts—feel free to DYOR and choose any validator from the list.
Pay attention to validators’ approximate APR. Note that Solana network APR changes each epoch and depends on the amount of coins staked in the blockchain. The staking commission may vary from 0 to 100% depending on a validator. Feel free to check validators’ commissions and other statistics, as well as compare validators in the Solana Explorer.
4. When you are ready to proceed, click Next. Confirm the transaction and wait seconds while it gets validated by the Solana network.
5. Done! 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 Unstake
1. Click the Stake icon in the SOL coin dashboard again to check on your delegation. Here you will find information about the state of the delegation (activating, active, or deactivating, deactivated). The rewards will be compounded, i.e. added to the active stake each epoch. Under the validator’s name and APR stats, you can see the time remaining till the end of the current epoch. Check out more on the epoch duration and cool-down period in Solana here.
2. Here you can Stake more tokens or Unstake SOL by clicking the relevant button. Confirm a transaction in your wallet. Done! Tokens have been unstaked yet must be withdrawn. Wait until the epoch ends: your stake is deactivating.
3. 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 unstake.
For more details on Solana, please refer to our 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.
