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- Coinbase starts offering staking benefits for those who hold and stake Solana (SOL).
- The feature is planned to be unboxed gradually to all the Coinbase users, which offers to stake for six crypto assets, including Ethereum 2.0.
- Solana (SOL) is currently exchanging hands at $31.85 and is down by approximately 9% in the last twenty-four hours.
Coinbase, the popular cryptocurrency exchange, has recently allowed staking benefits for Solana (SOL), which means the holders on the platform can earn rewards in SOL, even if they just hold the coin and keep it staked in the network.
The exchange announced while highlighting that it will steadily unload the feature across its vast user base. And the entity would provide an expected 3.85% annual percentage yield (APY) on SOL which is staked on the Solana network, with rewards given out every three to four days.
If we talk about the present time, the crypto exchange provides 3.675% APY to its users on Ethereum staking. Though the yield rates are subjected to fluctuation and highly rely on changes in the total amount of tokens locked up via staking on every given network.
The other competitors for Coinbase, such as FTX and Binance, along with self-custody wallets like Phantom, have been providing Solana staking for quite some time now. At the same time, Coinbase takes a 25% cut in the staking rewards enabled by the Solana network and then gives out the amount left to the users taking part.
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The exchange would facilitate the users to withdraw the staked SOL funds at any time with no lock-up period, and they are required to hold at least $1 worth of SOL in order to be eligible for staking rewards.
The crypto exchange Coinbase provides with staking rewards for six digital assets they are Polkadot (DOT), Ethereum 2.0 (ETH), Cardano (ADA), Tezos (XTZ), Solana (SOL), and Cosmos (ATOM). And those staking coins in Ethereum 2.0, which the Ethereum Proof-of-Stake (PoS) network needs to lock up their funds indefinitely in the exchange ahead of the future Merge upgrade.
At the time of writing, Solana (SOL) is exchanging hands at $31.85 and is down by approximately 9% in the last twenty-four hours.
Whereas Ethereum is currently trading at $1,065 and is down by about 5% in the last twenty-four hours.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
