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 — Solflare Wallet — using a Ledger app.
To stake SOL tokens, you need to follow 3 steps.
Step I. Account Creating
First of all you need to install and launch the Ledger app. Use the official website for downloading.
Open the “Manager” tab located on the left sidebar of the Ledger Live app. You need to connect the Ledger to your computer and confirm the action.
In the application catalog, find Solana in the list and install it.
Solflare is an online wallet for Solana holders where users can stake SOL tokens. Go to the Solflare website and push “Add to Chrome” and “Add extension”. Click on the extension’s and pin the Solflare Wallet to have access to it.
Run the extension and choose one of two options (this guide provides the second option):
- I NEED A NEW WALLET
- I ALREADY HAVE A WALLET
Generate a seed phrase containing 24 words in a specific order if you chose the first one.
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.
Attention! Use Ledger devices to access your wallet to prevent theft of funds and make staking safe. A hardware wallet will help to avoid the intentions of attackers.
Select “Continue with Ledger“ if you are starting from scratch.
Connect your Ledger and unlock it. Launch the Solana app and click “Continue”.
Select your device in the browser pop-up. Be sure to confirm the connection. Set a passcode for your wallet. Push “Continue”. You need to select the acquisition path, i.e. the piece of data that determines how the wallet can obtain a particular key in the key tree.
There are infinitely many output paths, so you can generate an infinite number of public key addresses from a single mnemonic phrase.
Sollet and Phantom use the “m/44'/501'/0'/0'” output path. Solflare uses “m/44'/501'/0'”. Select one or more addresses and click Continue. If you start from scratch, selecting one is enough.
The balance and address can be found on the main page of the application.
Step II. Depositing SOL to Solflare Wallet via Ledger
To deposit funds to a wallet, copy your wallet address from your control panel and send SOL to that address from your wallet. You can also share the data with the sender.
To do this, click “Receive” and provide the sender with a QR code. As soon as the network confirms the transaction, the tokens will appear on the balance of your crypto wallet.
Step III. SOL Staking in a Solflare Wallet via Ledger
Click “START STAKING” on the same SOL control panel. Check your network metrics and click Stake again to continue. Enter the amount of SOL you wish to stake. You need to choose “Native SOL Staking”.
Disclaimer: before staking, make sure you have at least 0.05 SOL liquidity in your wallet to pay for transactions. If you stake the maximum possible amount, you will not be able to further unstake and withdraw tokens.
Find the right validator. Enter the first letters of the name, for example, Everstake. You will see how many tokens have already been staked with this validator, as well as the fee. The fee can vary from 0 to 15% depending on the validator. Push “Stake”.
Confirm the transaction on your Ledger. Follow all steps one by one and click on “Approve”.
Wait for the transaction to be confirmed by the Solana network. Staking activation can be seen on the wallet dashboard. Your SOL will start earning staking rewards as soon as the stake account becomes active in the next epoch (up to 2–3 days). Track the progress of an era on solanabeach.io.
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
Split or undelegate. The split will create a new account and instantly transfer the required amount there. Click “Undelegate” to withdraw funds from the validator.
However, the stake account is still there, so you may find a fraction of the coin on the account (this is done automatically to keep your staking account in the network). You can choose to close the account and withdraw that fraction of SOL. Confirm the transaction on your Ledger.
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.
Subscribe to Everstake on social media not to miss news from the world of staking: