How to Stake Solana (SOL) on the Tangem Wallet App

Staking Solana (SOL) offers users the opportunity to earn returns by staking SOL. This involves staking to participate in transaction validation, which enhances the security of the Solana Blockchain while also earning rewards. Tangem Wallet users can stake SOL easily and conveniently directly through the Tangem App.

What is Solana Staking?

Solana Staking is the process of locking up SOL coins to participate in the Solana Network and help validate transactions and secure the Solana Blockchain. It uses a Proof-of-Stake (PoS) consensus mechanism, which relies on validators who have staked SOL to create new blocks and validate transactions.

It is important for users to understand that when they stake SOL, they are entrusting their SOL coins to validators to perform operations on the network on their behalf. In return, users receive a share of the rewards earned by validators for maintaining the network. These rewards can be a reliable source of passive income and are typically paid in Solana tokens.

Benefits of Staking SOL

Earn Returns

When users stake SOL, they receive a share of the new SOL generated by the network. These returns can vary depending on network conditions and the amount of SOL staked.

Support Network Security

Staking helps maintain the security of the Solana network by ensuring that only trusted validators participate in the Proof-of-Stake.

Contribute to Decentralization

Staking your SOL helps ensure that no single party has excessive power over the blockchain, thereby contributing to the decentralization of the Solana network.

Staking SOL on Tangem Wallet

Things to know before staking SOL via Tangem Wallet

Before staking SOL with Tangem Wallet, users should be aware of the following information:

1. Minimum amount for staking SOL

The minimum amount to stake is 0.01 SOL. Due to this small minimum requirement, staking is accessible to a wide range of users, including those with limited Solana balances.

2. Unlocking Period for Staked SOL

When users stake SOL, their coins will be locked until the end of the current epoch on the Solana network. One epoch typically lasts about 2-4 days. During this period, the user's SOL cannot be withdrawn or transferred because it will be locked for at least one epoch before it is available for unstaking. Users should therefore plan ahead before staking.

3. Staking Rewards (APR)

The Annual Percentage Rate (APR) for staking rewards is dynamic and can change depending on several factors, such as validator performance, the total amount of SOL staked, and network conditions. Tangem will display the current APR for SOL staking, sorted by validator, to provide users with the most accurate and up-to-date return rates.

4. Use of Tangem Wallet

Tangem Wallet does not determine the minimum staking amount, unlocking period, or staking rewards. These conditions are set by the protocol that stakes SOL on the Solana Network. Tangem Wallet only provides an interface for staking services.

How to Stake SOL in Tangem Wallet

Before you stake, make sure you have the latest version of the Tangem Wallet app and check your SOL balance in your wallet. If you don't have any, you can exchange other cryptocurrencies for SOL through an exchange and transfer them to your Solana Address to proceed with staking.

Staking Steps

Open the Tangem Wallet app.
Select the token you want to stake, such as Solana (SOL).
Tap "Stake."
Review information about staking the token, including APR, unlocking period, and reward payout schedule.
Tap "Stake."
Enter the amount you wish to stake and tap "Next." Remember to keep some coins in your balance to cover transaction fees.
Tap to choose a validator. Tangem will automatically suggest the validator offering the highest APR, and you can select from the list.
Click "Continue" after selecting a validator.
Tap "Stake" to proceed with the transaction.
Enter your Access code or biometric ID and tap your Tangem Wallet to sign the transaction.
Tap "Close," and you can track your staked assets on the assets page.

Or watch this video clip:

How to Claim SOL Rewards in Tangem Wallet

To claim your rewards, follow these steps:

Open the Tangem Wallet app and navigate to the Solana (SOL) page.
Tap on the Native Staking tab.
Tap "Reward" and select "Claim reward."
Enter your Access code or biometric ID and sign the transaction with your Tangem Wallet.
The claimed rewards and your staked amount will be sent directly to your wallet and will be available after the unlocking period ends.
Tap "Close" to return to the main page.

How to Unstake SOL in Tangem Wallet

To unstake your SOL, follow these steps:

Open the Tangem Wallet app and navigate to the Solana (SOL) page.
Tap on the Native Staking tab.
Tap "Your Staking" and select "Unstake."
Enter your Access code or biometric ID and sign the transaction with your Tangem Wallet.
After the SOL unlocking period ends, your earned rewards will be available.
Tap "Close" to return to the main page.

Conclusion

Staking SOL using Tangem Wallet is an easy and convenient way to enhance the security and functionality of the Solana Network while also generating passive income. With a low minimum staking amount and dynamic rewards, both new and experienced users can stake SOL.

Tangem simplifies SOL staking, allowing users to manage their digital assets efficiently and securely in a cold wallet.

Get Started with Tangem Wallet

If you're interested in starting to stake Solana and experience the Tangem Wallet for yourself, we have additional helpful information.

Order a Tangem Wallet: If you don't already have a Tangem Wallet, you can order one directly from our official website here for details and to place an order.
Review and How-to Guide: We have created a detailed video review and demonstration of how to use the Tangem Wallet on our YouTube channel. You can watch it to learn more about its features and correct usage.

Tangem Wallet not only benefits from Solana staking but also offers a secure and user-friendly experience for managing digital assets.

Reference

https://tangem.com/en/blog/post/stake-solana-sol/