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- 1 Solana staking has become a popular option among crypto users looking for passive income.
- 2 The crypto space has so many platforms that offer Solana staking. Users can compare them as per their APY and other features.
Who hasn’t thought about making money with cryptocurrencies lately? This decentralized fintech solution has enabled many people to generate a passive income effortlessly. In the beginning, trading was the only way to make money through digital assets. But now, crypto users can do staking, yield farming, and lending to make extra income.
Among all of them, the most widely used method is staking. Staking is the act of stashing tokens away to participate in the validation process of the network. It can only be done on a proof-of-stake (PoS) consensus-powered blockchain ecosystem. What truly makes it distinct is that anyone can do it.
One doesn’t require any technical expertise to engage in staking. They just need to own a certain number of tokens to become a validator. Now every asset operating on this mechanism offers a staking service. However, a few of them are more popular than the rest. Solana is one such platform that has become renowned for staking among crypto users.
It has delivered convenient staking along with robust security and great returns. However, starting to stake Solana is easier said than done. Users may have a hard time finding the right way to begin. Thankfully, there are Solana staking platforms that offer some great features and functionality.
Best Solana Staking Platforms for Crypto Users
The following Solana staking platforms have made this activity adaptable and profitable.
Solflare
Solflare is a non-custodial wallet developed exclusively for Solana. Using this application, users can directly stake SOL coins. They also enjoy access to audio and visual NFTs on this platform. Moreover, crypto users can use it as a mobile app, browser extension, and as a web version. Besides the great functionality, Solflare is recognized for its safety as well.
As a non-custodial wallet, it delivers total control of private keys to the users. Another special feature it boasts is simulators for payments. In this way, customers can preview the whole process of a transaction before becoming a part of it.
Marinade Finance
Marinade has gained quite a reputation among Solana stakers due to its automated staking system. It brings a unique approach by giving more options to its users. They can either engage in liquid staking or traditional staking. Additionally, it makes the staking process very efficient by bringing the 100 most high-performing validators to work on pools.
The platform selects validators based on their performance and contribution. When the users opt for liquid staking, they receive mSOL. This is an exclusive token that represents the staked token. These tokens can be used for various DeFi applications. Marinade also goes the extra mile to ensure the security of its users.
Kraken
Kraken is a leading exchange known for its features and efficacy. It serves over 10 million crypto users with a presence in over 190+ countries. The platform has become the go-to option for beginners as well as experienced traders. Users can start trading with just $10. In addition, the platform offers 200 cryptocurrencies and supports staking with an annual reward of up to 24%.
When it comes to earning potential, Kraken delivers APY of 2 to 4%. The payouts happen 1-2 times a week without any lock-up periods. The platform’s interface makes the usage of features like staking and trading so easy. Its users are quite impressed with the support options available.
OKX
OKX is another major exchange platform that makes staking quite profitable. With an APY of 7.34%, it delivers great results to all the crypto users. The platform maintained a TVL of $14.66 million in SOL tokens to a wide range of investors. To optimize the earning process, it starts the distribution of rewards after 2 to 3 days.
Above all, it automates the distribution of rewards and ensures a hassle-free experience. OKX has become quite popular for its trading features like spot trading, futures, and margin. It offers many other financial products that help investors manage a diversified portfolio.
Coinbase
Coinbase is considered a giant in the crypto exchange space. It caters to over 110 million users with a wide array of cryptocurrencies to trade with. The platform has become one of the preferred spots for Solana staking with 5.01% APY. With high security and an easy interface, it makes trading quite convenient for crypto users.
The highlight is that they can begin staking with just $1 and can discontinue it at any time. For many digital asset enthusiasts, Coinbase is quite a reliable option. That’s because it follows unyielding security standards. It has a presence in over 100 countries and offers plenty of trading and asset management solutions.
Atomic Wallet
In the past few years, Atomic Wallet emerged as a good option for SOL staking. It gives users 100% control over their funds while making their usage very easy. The platform is compatible with all the major operation systems and serves 5 million users.
With Solana staking, they can earn up to 7% APY.
Additionally, its interface has been designed to make trading and other services very easy. The wallet delivers automated background operations and makes staking very quick. Nevertheless, users need to pay a network fee for a staking or unstaking transaction. They also get an additional wallet just for staking and it never combines with the other one.
Conclusion
Solana staking platforms have become quite popular due to their outcomes. With these websites, it is very easy to venture into the staking landscape. They all have delivered excellent annual percentage yield (APY) in the last few years. Most of them are seamlessly compatible with multiple platforms. Furthermore, they are all very easy to use and efficient in their work. Since there are many options, users can analyze them and then choose one that suits their needs.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
