Tl;dr: Immediately, Coinbase is saying a simple and safe approach for eligible prospects to earn staking rewards on Solana (SOL).
By Thorsten Jaeckel, Senior Product Supervisor
At Coinbase, we’re centered on providing extra methods for patrons to earn crypto rewards. Immediately, we’re saying the enlargement of our staking choices to incorporate Solana (SOL) with plans to proceed to scale our staking portfolio in 2022. Solana staking will probably be progressively rolled out to all eligible prospects.
Whereas it has been potential for people to stake Solana on their very own, or via a delegated staking service, the method might be complicated and complex. With right now’s launch, Coinbase is providing a simple, safe approach for any retail person to actively take part within the Solana community and earn rewards.
With Coinbase staking:
- Begin incomes mechanically. As soon as you purchase Solana, you mechanically begin incomes rewards through staking. The present estimated annual return for Solana staking on Coinbase is ~3.85% APY.¹ You’ll obtain rewards in your account each 3–4 days
- You’ll all the time preserve management. Your Solana all the time stays in your account; you simply earn rewards whereas retaining your crypto safely on Coinbase. You may choose out any time you want²
- Watch your rewards develop. See your rewards accrue in your account
- Earn on as a lot as you need. Begin incomes with as little as $1
- Your peace of thoughts is our high precedence. We take measures to mitigate the dangers related to staking and assist you to unstake anytime.
The Solana community units the underlying return fee relying on the variety of staking contributors. Coinbase distributes the return to prospects, much less a fee.
You shouldn’t must be an professional crypto dealer to develop your crypto portfolio. Providing easy methods for our prospects to earn crypto by taking part in staking is a vital step in constructing an open monetary system. You may study extra about staking rewards on Coinbase at coinbase.com/staking.
To get began, merely purchase Solana on Coinbase, or deposit Solana to your Coinbase account from an exterior pockets, and also you’ll begin incomes rewards mechanically.³
You may join a Coinbase account right here and obtain the iOS or Android app to start out incomes staking rewards right now.
About Solana
Solana is a decentralized computing platform that makes use of SOL to pay for transactions. Solana goals to enhance blockchain scalability by utilizing a mixture of proof of stake consensus and so-called proof of historical past. Consequently, Solana claims to have the ability to help 50,000 transactions per second with out sacrificing decentralization, and is likely one of the largest proof of stake blockchains by market cap.
Solana goals to allow good contracts to permit builders to construct a variety of decentralized finance (DeFi) apps, new crypto tokens, video games, and extra. When customers stake their crypto, they make the underlying blockchain of that asset safer and extra environment friendly. And in change, they’re rewarded with further property from the community, that are paid out as rewards.
¹ The rewards fee is predicated on the estimated protocol fee, which is topic to vary. Clients will have the ability to see the newest relevant charges straight inside their accounts.
² No lock up durations imposed by Coinbase. You might request your staked property be traded or transferred at any time, and Coinbase will use commercially affordable efforts to execute, topic to protocol necessities.
³ Customers can choose out at any time.