How to Stake Solana on Coinbase - Is It Work?

Staking Solana (SOL) with Coinbase is simple.

Follow these simple steps to stake your SOL to Blockdaemon via Coinbase:

Within Coinbase, navigate to the SOL tab.
Locate the section titled “Actions.”
Simply press the Stake button.
Choose the Blockdaemon validator.
Enter the amount of SOL you want to stake and follow the on-screen instructions

Table of Contents

Can You Stake Solana on Coinbase?

Cryptocurrency exchange Coinbase has enabled staking benefits for Solana (SOL), enabling holders on the platform to earn SOL rewards just for holding the coin and keeping it staked within the network.

In announcing the change today, Coinbase noted that it would gradually roll out the function to all of its users. With payments made every three to four days, the company will offer an estimated 3.85% annual percentage yield (APY) on SOL staked in the Solana network. Comparatively, Coinbase currently gives its customers 3.675% APY on Ethereum staking. However, yield rates can fluctuate and are largely influenced by changes in the overall number of tokens staked on each network.

Other methods, such as competing exchanges like Binance and FTX and self-custody wallets like Phantom, have long offered Solana staking. The staking reward offered by the Solana network is divided between participating users after Coinbase retains a 25% cut.

Users must hold at least $1 worth of SOL to be eligible for staking rewards, and Coinbase will not impose any time restrictions on when they can withdraw their staked Solana SOL funds.

Staking is a process in which cryptocurrency holders can lock up their coins or tokens in a blockchain network for a period of time in exchange for yield rewards, which are akin to interest. The network’s validators can operate, keep the network secure, and handle transactions thanks to this mechanism.

Validators, or node operators, are allowed to stake their own coins, and other network users are allowed to assign their own stake to a validator in exchange for a share of the rewards. These incentives are available from Solana and other proof-of-stake networks like Polkadot (DOT) and Cardano (ADA).

Read More: What is Solana Faucet

The Best Way to Stake Solana on Coinbase

Through the process of staking, cryptocurrency owners can temporarily lock their coins or tokens in a blockchain network in exchange for a yield reward that is comparable to interest. The network’s validators can run, keep the network secure, and handle transactions thanks to this mechanism.

Follow these simple steps to stake Solana SOL to Blockdaemon via Coinbase:

Go to the SOL tab within Coinbase.
Search for the Actions section.
Click the “Bet” button.
Opt for Blockdaemon Authenticator.
Enter the amount of SOL you want to stake and follow the on-screen instructions

How Much Profit Can We Get from Coinbase?

Staking with Coinbase:

Immediately begin earning money. You will instantly start receiving rewards through staking after purchasing Solana. As of right now, 3.85% APY is the estimated annual return for staking Solana on Coinbase. ¹You will receive rewards in your account every 3-4 days
You will constantly be in charge. Your Solana is never removed from your account; instead, you simply earn rewards while keeping your cryptocurrency secure on Coinbase. You can opt-out at any time
Watch your rewards grow. View accumulated rewards in your account
Earn whatever you want. Start earning with as little as $1
Our top priority is to ensure your mental stability. We take precautions to lessen the risks of staking and give you the option to stop at any time.

Other methods, such as competing exchanges like Binance and FTX and self-hosted wallets like Phantom, have long offered Solana staking. Coinbase takes 25% of the staking rewards provided by the Solana network and distributes the remaining amount to participating users.

Final Words

It is my sincere hope that this article will assist you in understanding how to stake Solana on CoinBase and how much profit we can expect from Coinbase. Six cryptocurrencies are currently available on Coinbase as staking rewards: Polkadot, Cosmos (ATOM), Cardano, Tezos (XTZ), Tezos 2.0 (ETH), and Solana. Users who stake coins in Ethereum 2.0 (the proof-of-stake network that Ethereum will transition to) must currently lock their funds indefinitely in Coinbase.

Stake Solana (SOL) in the Following Different Exchange Platforms in BtcAdv!

How to Stake Solana (SOL) on Phantom – Is It Easy to Earn SOL?

Step 1: Create a Phantom Wallet
Step 2: Transfer SOL to your Phantom Wallet
Step 3: Delegate your SOL to a Validator
Step 4: Monitor your Staking Rewards

How to Stake Solana on Binance – Step by Step Guide

Step 1: Create a Binance Account
Step 2: Deposit Solana Tokens
Step 3: Navigate to the Staking Platform
Step 4: Choose Solana as the Staking Asset
Step 5: Confirm and Stake

How to Stake Solana (SOL) in Ledger Live – Should I Try It

Step 1: Purchase a Ledger Wallet
Step 2: Transfer SOL Tokens to Your Ledger Wallet
Step 3: Install the Solana App on Your Ledger Wallet
Step 4: Connect to a Solana Staking Pool
Step 5: Stake Your SOL Tokens

Solana(SOL) Staking on Huobi Pool – Easy Guide to Try

Step 1: Create a Huobi Account
Step 2: Deposit SOL into Your Huobi Account
Step 3: Navigate to the Staking Page
Step 4: Confirm Your Staking Request
Step 5: Start Earning Rewards

Solflare Solana (SOL) Staking Guide – What Should You Pay Attention to

Step 1: Create a Solana Wallet on Solflare
Step 2: Transfer Solana to your Solflare Wallet
Step 3: Choose a Validator to Stake your Solana
Step 4: Stake your Solana
Step 5: Monitor your Staking Rewards

How to Stake Solana on Coinbase – Is It Work?

Step 1: Within Coinbase, navigate to the SOL tab.
Step 2: Locate the section titled “Actions.”
Step 3: Simply press the Stake button.
Step 4: Choose the Blockdaemon validator.
Step 5: Enter the amount of SOL you want to stake and follow the on-screen instructions