Solana is one of the fastest growing blockchains in the crypto industry. SOL tokens can be delegated to many wallets, today we will talk about Trust Wallet (only available on mobile devices).
We have created a step by step guide to help you start earning ~5–6% APR on staked SOLs 1–3 days after you place your stake.
About Trust Wallet
Trust Wallet — a community-driven open source crypto wallet. The wallet was designed for mobile devices. Trust offers users to buy crypto (including with a card), store it, collect NFTs, exchange and earn crypto, for example, by staking.
About 25 million cryptocurrency users already use Trust Wallet and trust its security. Users can track charts and prices in the app, use their favorite dApps, and discover new ones without leaving their wallet. The application does not collect any personal data.
To stake SOL tokens, you need to follow 3 steps.
Step l. Account Creating
Trust 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:
Or you can use the official website to download the app.
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.
Instal and launch the Trust Wallet app. We are importing an existing wallet into the application and therefore selecting the option “I already have a wallet”. Accept the Terms of Use and continue. If you don’t have an account yet, please create a new one. Please follow the steps in the app.
Find the Solana token and import the Solana wallet, or select the Multi-Coin Wallet option and import your seed phrase. Use the phrase from the Solana wallet or another crypto wallet you had before.
We are importing the Phantom wallet seed phrase when selecting the Multi-Coin Wallet option.
Done! Your account has been successfully imported into Trust Wallet. On the main wallet panel there is a list of all tokens, you can find and add them using the search panel by entering a ticker, for example, SOL or select a token from the list.
Use “Settings” to set up price alerts and notifications. Use the “Discover” section to find additional token staking, lending and borrowing offers, learn more about available DeFi applications, and more.
Step II. Depositing SOL to Trust Wallet
Click on SOL and go to the SOL tokens dashboard. If you don’t have enough funds in your account, just click “Receive” and copy the address to share with the sender. You can also use the QR code for easier contact sharing.
Wait until the network confirms the transaction, the tokens will appear on your wallet balance.
Step III. SOL Staking via Trust Wallet
Click “Stake” 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.
Trust Wallet will prompt you to select a validator at random. Click on the “Validator” box and select the node you want.
In this guide, we delegate to Everstake as it is the largest validator in Solana with over 150,000 staking accounts.
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.
Pay attention to validators’ approximate APR. Solana Network APR changes each epoch and depends on the amount of coins staked in the blockchain.
The staking commission ~0–100% depending on a validator. Feel free to check validators’ commissions and other statistics, as well as compare validators in the Solana Explorer.
Click “Next”. Confirm the transaction and wait a few seconds for it to be verified by the Solana network.
Congratulations! Your stake will be activated and you will start receiving rewards as soon as the current era ends. 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
Click “Stake” to check your delegation. Here you will find information about the status of the delegation.
Rewards will be cumulative, i.e. added to the active stake every epoch. Under the validator name and APR stats, you can see the time remaining until the end of the current epoch. Learn more about the length of an epoch and the recovery period at Solana.
Stake more tokens or cancel the SOL stake by clicking the appropriate button. Confirm the transaction in your wallet. Thus SOL has not been placed, but should be withdrawn. Wait until the era ends and your stake is deactivated.
Once the staking is inactive, withdraw the tokens. Only then will you be able to use the tokens. Please note that rewards will no longer be generated once stakings are canceled.
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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