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Coinbase users will currently earn passive yield as high as 3.85% by holding their SOL within the Solana network through their Coinbase accounts. Cryptocurrency exchange Coinbase has enabled staking advantages for Solana (SOL), facultative holders on the platform to earn SOL rewards only for holding the coin and keeping it staked within the network. Coinbase declared the move today, noting that it’ll bit by bit roll the feature out across its entire user base. The firm will offer a calculable 3.85% annual proportion yield (APY) on SOL that’s staked in the Solana network, with rewards distributed each 3 to four days.
Stake SOL on Coinbase for versatile amounts
Coinbase can permit users to withdraw their staked SOL funds for any purpose with no lock-up period, and that they should hold a minimum of $1 price of SOL to be eligible for staking rewards.
Staking may be a method during which cryptocurrency holders will lock up their coins or tokens in a very blockchain network for a period of your time in exchange for yield rewards, which are love interest. This mechanism allows the network’s validators to operate, secure the network, and process transactions.
Validators, or node operators, will stake their own coins, whereas different network users can delegate their own stake to a validator in exchange for a cut of the rewards. Solana and other proof-of-stake networks, comparable to Polkadot (DOT) and Cardano (ADA), supply such rewards.
Coinbase’s staking platform consists of 12 assets
Coinbase presently offers staking rewards for 6 crypto assets: Ethereum 2.0 (ETH), Cardano, Tezos (XTZ), Polkadot, Cosmos (ATOM), and Solana. Users staking coins in Ethereum 2.0 the proof-of-stake network that Ethereum can transition to—must currently lock up their funds indefinitely in Coinbase earlier than the approaching Merge upgrade.
Solana is presently down regarding 3% nowadays at a value below $35, as of this writing. It’s equally down about 3% over the past week, and down 22% over the past thirty days, per CoinGecko.
