Tl;dr: Right this moment, Coinbase is saying a simple and safe manner 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 purchasers to earn crypto rewards. Right this moment, 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 doable for people to stake Solana on their very own, or by way of a delegated staking service, the method might be complicated and complex. With at this time’s launch, Coinbase is providing a simple, safe manner for any retail consumer 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 by way of 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 at all times preserve management. Your Solana at all times stays in your account; you simply earn rewards whereas preserving your crypto safely on Coinbase. You may decide 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 prime precedence. We take measures to mitigate the dangers related to staking and help you unstake anytime.
The Solana community units the underlying return price relying on the variety of staking individuals. Coinbase distributes the return to prospects, much less a commission.
You shouldn’t should be an skilled crypto dealer to develop your crypto portfolio. Providing easy methods for our prospects to earn crypto by collaborating in staking is a crucial step in constructing an open monetary system. You may be taught extra about staking rewards on Coinbase at coinbase.com/staking.
Solana is a decentralized computing platform that makes use of SOL to pay for transactions. Solana goals to enhance blockchain scalability through the use of a mix 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 among the largest proof of stake blockchains by market cap.
Solana goals to allow smart 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 extra property from the community, that are paid out as rewards.
¹ The rewards price relies on the estimated protocol price, which is topic to alter. Clients will have the ability to see the newest relevant charges instantly inside their accounts.
² No lock up intervals imposed by Coinbase. Chances are you’ll 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 decide out at any time.