Solana is an open-source project implementing a new, high-performance, permissionless blockchain. The holder can stake tokens. It requires choosing any of the available validators, such as Everstake. SOL can be staked by moving tokens to the wallet, which supports the delegation option.
This guide is an instruction on how to stake Solana (SOL) in one of the wallets that support token staking — SAVL Wallet — using a mobile app.
About Savl
SAVL is a multifunctional app for crypto operations for Android and iOS. Users can buy, hold, manage, and stake SOL and other crypto using this app.
To stake SOL tokens, you need to follow 3 steps.
Step l. Account Creating
The mobile version of SAVL Wallet for Android and iOS are identical, so we will use the first one to demonstrate the steps of the instruction. Choose the application that suits your operating system, install it on your smartphone, and then read and accept the Terms of Use:
Generate a seed phrase containing 24 words in a specific order.
Seed-phrase is a wallet recovery phrase in case of loss of access to it. Since the mnemonic phrase is the only way to regain control of the wallet, keeping it in a safe place is recommended. We also recommend using services such as LastPass or KeepassXC.
Create a complicated 6-digit pin code.
The creation is complete, profile customization options, such as changing the username, are now available. A referral code for inviting friends and a system of referral rewards will also become available.
Step II. Depositing SOL to SAVL Wallet
SAVL Wallet can be topped up by depositing cryptocurrencies or buying them with a credit/debit card. SOL can also be swapped of existing cryptocurrency to SOL right in SAVL Wallet. This step involves passing a quick KYC.
To send tokens from another Solana wallet, click “Receive”, copy the receiving address, or scan the QR code.
SAVL Wallet is divided into two wallets: market and private. The first is used for transactions within the Savl ecosystem without fees. The second is used for transactions using external blockchains outside the Savl ecosystem and has standard network fees.
This instruction implies the choice of a Private Wallet.
Select SOL from the list of available cryptocurrencies. A QR code will open for quickly entering the wallet address and the address itself, which can be copied.
The QR code is used to make a quick transaction from another mobile wallet. The wallet address must be inserted into the address bar when sending tokens “manually”.
Step III. SOL Staking via SAVL Wallet
The “Services” section at the bottom of the screen contains options for delegating cryptocurrencies to a validator inside the wallet. Select “Stake” to deposit SOL for staking and choose SOL.
The operation can be confirmed by clicking “Enable and continue”.
Address generation for Solana tokens is complete. You can now stake by clicking “Stake SOL”.
Next, select a validator for staking tokens from the list. The app sorts validators based on their stakes. To get more info on each validator, use blockchain explorers:
After choosing a validator:
- Enter the SOL amount, which will be sent to staking.
- Ensure that you have enough SOL to pay fees for staking and unstaking.
- Push “Continue”.
After that, you will see the “staked successfully” notification.
Congratulations! Now your SOL stake is compounding. The first reward will be in a few days. You can check your stake by clicking “Total staked” on the Solana staking section.
Disclaimer: Staking tokens are NOT liquid. It means you cannot sell, trade, or restake them. To do this, you need to use liquid tokens, which can be obtained after unstaking already staked assets.
How to Unstake SOL
Go to the staking section and click “Deactivate” to unstake SOL tokens. This action can be undone at any time before token unstaking occurs.
This operation takes approximately one epoch. Detailed information can be found in the “Time till deactivation” field.
After deactivation, SOL tokens will become available for withdrawal. Check out our guide to tracking staking rewards in Solana Explorer.
Have any questions? Contact us on Discord. For more details on Solana, please refer to our FAQ.
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