How to Stake Tokens on Solana (Visual Guide)
Staking tokens on Solana allows SOL holders to actively participate in network security and earn rewards. According to DataWallet, as of September 2024, approximately 68% of Solana's total supply—over 390 million SOL—was staked across 1,642 validators, with the top 25 controlling 41.5% of the total staked supply. That's why today, we're going to show you how to stake tokens on Solana.
One thing that you need to know is that there are two means by which you can stake tokens on Solana. That's why we'll show you how to do it using the Phantom Wallet and Kamino. This guide covers both native SOL staking and earning rewards with other tokens through DeFi platforms.
Video Tutorial
TL;DR
To stake tokens on Solana, first set up a Phantom Wallet by downloading the app, creating a wallet, and saving your recovery phrase. Add funds by transferring SOL from an exchange like Binance to your wallet. For staking, you can either stake SOL directly within Phantom Wallet by selecting a validator or use Kamino to stake tokens like USDC with flexible withdrawal options. Always research before investing and stay updated on the market for better returns. For detailed guidance, Cryptonary offers resources to help you maximize your crypto investments.Quick Step-by-Step Flow Chart
For those looking for a quick overview, here’s a step-by-step flow chart that outlines the entire process at a glance. Refer to this chart if you want a visual guide to follow alongside the detailed steps below.
- Creating a Phantom Wallet
- Adding Funds
- Staking tokens on Solana
Step 1: Creating a Phantom Wallet
Before you even begin to learn how to stake tokens on Solana, you need to make sure that you have a wallet that supports SOL. For this guide, we'll be using Phantom Wallet. To create a Phantom Wallet, you need to first install and set up a wallet on Phantom Wallet.- Download the “Phantom Wallet” app to your mobile phone.
- Once downloaded, open the app and agree to the terms of service. After that, tap on the “Create a new wallet” button.
Note: If you already have an account, then simply tap on the “I already have a wallet” option.
- Toggle the “Face ID” switch to on and tap the “Next” button.
- Copy the recovery phrase and tap on the “OK, I saved it somewhere” button.
- A pop-up will appear on the screen. Tap on “Yes” to continue.
- Now, your account is ready. Just tap on the “Get Started” button.
Step 2: Adding Funds
Now, the next step in learning how to stake tokens on Solana is adding funds to your wallet. You need to make sure that you have enough SOL in your Phantom Wallet for staking and Gas fees. To add funds, you need to follow these steps.- Go to the Binance app, assets section, and tap on the “Withdraw” icon.
- Again, tap on the “Withdraw” option.
- Choose the SOL option.
- Tap on the “Send via Crypto Network” option.
- Now open your Phantom Wallet and tap on the “SOL” option.
- Now tap on the “Receive” icon.
- Copy the address for SOL.
- Paste the previously copied SOL address of your Phantom Wallet and select the network.
- Now, select the amount of SOL you want to send and tap on the “Withdraw” button.
- Tap on the “Confirm” button.
- Complete the authentication process for both Email and the Authenticator App.
After the verification process is complete, the SOL will be transferred to your Phantom Wallet.
Now that you have SOL in your wallet, we can proceed with learning how to Stake tokens on Solana.
Step 3: Staking Tokens on Solana
As mentioned before, we'll show you how to stake tokens directly on Phantom Wallet and Kamino directly from the Phantom Wallet app. Let's start with staking tokens on Phantom Wallet.Staking on Phantom Wallet Directly
We'll be staking SOL on Phantom Wallet.- Open the Phantom Wallet app and tap on the "Solana" option.
- Tap on the "Start earning SOL" option.
- Choose the "Phantom Validator" option.
- Enter the number of SOL you want to stake and tap on the "Next" button.
- After that, tap on the "Confirm" button to proceed with the transaction.
- Once you go through the process, you'll be successful in staking SOL. Now, if you want to unstake the SOL, just tap on the button, but the process might take a few days to complete.
Staking on Kamino Using Phantom Wallet
Now, if you plan to stake other tokens like USDC or even SOL with the ability to unstake at any moment, you can use platforms like Kamino. It works on the principle of lend and borrow, which means that this APY isn't fixed and will depend on the borrowing rate. To show you how to stake tokens on Solana, we'll be staking USDC on Kamino.- Start by going to the Explorer section.
- Search for "Kamino" and tap on the "Kamino Finance" option.
- Tap on the connect option.
- Choose the Phant0m Wallet, and after checking the box, tap on the "Connect Wallet" button.
- Again, tap on the "Connect" button.
- Now, search for the option with the highest APY and tap on the "Supply" button.
- Enter the USDC you want to stake and tap on the "Deposit" button.
- After that, tap on the "Confirm" button.
Now, once the tokens are staked, you can easily withdraw without any issue. You will instantly receive the tokens in your wallet.
Wrapping Up
After following all of the above mentioned steps, you'll easily learn how to stake tokens on Solana. The steps are quite simple and easy to follow. Plus, if you already know how to use Phantom Wallet or have been using it, you can just skip to step 3 and start staking your tokens. To further keep your Solana or other tokens secure, divide them into other wallets like Argent Wallet. One thing that you should always keep in mind is to do your research before buying any kind of coin.Even though tokens like SOL are popular coins, you should stay up-to-date with the market to maximise your profit. That’s why if you need any kind of guidance, Cryptonary is here to help. We not only provide you with comprehensive guides and market analysis on different coins, but we also help our community find meme coins to invest in to gain maximum profit. No matter if it’s a guide on the safest ways to buy crypto or recent market updates, we’ll make sure to provide you with the most accurate information.
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