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 — Exodus Chrome Extension — using a desktop browser.
About Exodus (Chrome Extension)
Exodus Browser Extension Beta is a multi-chain Exodus wallet browser extension allowing users to explore the multiverse of Web3 DeFi, NFT and more.
At the time of writing, the Exodus browser extension supports the Solana network and the Ethereum network, but has not yet been launched on the Chrome Web Store, so you will need to install it manually. To do this, you will need to enable developer mode in your browser in order to install and add the extension to your browser.
The Exodus crypto wallet app is available for Mac OS, Windows, Linux and iOS. You can install the extension for your operating system using the official website:
Click “Install for Chrome and Brave” to proceed with installing the extension. Read more to find official Exodus instructions on installing the app.
Before staking SOL, you need to create or import a crypto wallet to Exodus.To stake SOL tokens, you need to follow 3 steps.
Step l. Create or Import Wallet
Run the Exodus Chrome Extension and choose one of two existing options:
- CREATE A NEW WALLET
- I HAVE A WALLET (it will restore an existing wallet from the seed phrase)
If you haven’t used any SOL wallet before, select “CREATE A NEW WALLET” and act as prompted by the browser extension. In this guide, we will restore a wallet used previously. Choose “I HAVE A WALLET”.
Enter the 12-word mnemonic recovery phrase that was generated when you created your wallet. If you have lost your mnemonic phrase, create a new wallet from scratch and write down the secret phrase on a piece of paper.
Sharing a seed phrase with third parties is strongly discouraged. The recovery phrase is your only way to regain lost control of your wallet.
Launch Exodus in your Brave or Chrome browser by clicking on the extension icon. Enter the password you set while creating the wallet to start using the app.
The main wallet panel displays existing balances and applications. You can buy cryptocurrencies, store your NFTs in the gallery, search for new items in the NFT markets, trade on Margo Markets, and more.
Learn more about Exodus features.
Add the coins you are interested in tracking to the portfolio by clicking “Manage Assets”. Start typing the name of the token to see it listed, then add an asset.
Step II. Top Up the Exodus Wallet
Add funds to your funding wallet by clicking “Receive”. Type “SOL” to obtain a QR code or copy the address. Share either one with the sender or send yourself coins from an exchange. It takes several minutes for the Solana network to confirm the transaction.
Step III. Solana (SOL) staking via Exodus Chrome Extension
By delegating SOL tokens, you can receive a reward of more than 6% per annum due to the support of the Solana network. Solana, like other PoS blockchains, relies on its validators and delegators to function and continue to earn rewards for its users. Staking is an important part of ecosystem well-being.
Select SOL on the main screen and click “Earn staking rewards”. The APY you will see is a dynamic value and changes every epoch. It depends on the total number of coins placed on the network.
Click “STAKE SOL”. SOL tokens will automatically be listed on Everstake as Exodus partnered with us. Everstake is the largest and most trusted validator on the web.
The validator’s commission in Solana is set individually by the validator and varies from 0 to 100%. Everstake charges a 7% fee for staking, which is quite average.
Enter the number of SOL tokens you want to stake and click “STAKE SOL”. Before staking, you must save at least 0.05 SOL to pay the transaction fee. If you bet the maximum possible amount, you will not be able to further unstake and withdraw coins.
Wait for the confirmation of the transaction by the Solana network. Your SOL will start earning staking rewards in the next epoch as soon as the staking account becomes active. To track your stake, click on the SOL asset on the app’s main screen.
How to Track Rewards and Unstake SOL
To unstake, click on your active delegation.Undelegate SOL anytime by clicking the “Unstake SOL” button. Once the tokens have been unstaked, wait until the stake gets deactivated (next epoch).
Click “Withdraw SOL” once the delegation status is inactive. Now you are able to use the tokens freely. The staking rewards will no longer be generated from the moment of unstaking.
Track transactions on your asset’s main page.
Proceed to the solscan.io explorer by clicking on the links or copy an address and check it out in any other Solana explorer. You can easily track every operation on the blockchain. Other details are covered in the dedicated FAQ.
Subscribe to Everstake on social media not to miss news from the world of staking: