Solana Staking: How to Stake Solana (SOL)
Staking Solana is easy with a multichain Solana wallet like Enkrypt. Simply connect to Solana and begin staking your SOL in a matter of minutes!
Enkrypt makes it easy to stake your SOL on the Solana network
What is Solana staking?
Staking is one of the simplest and most low-risk ways of earning rewards on your crypto. Besides Ethereum, Solana is the largest and most well-established proof-of-stake blockchain in the crypto space. Solana (SOL) staking is a process by which participants can earn passive rewards by delegating their SOL tokens to validators that process transactions on the Solana blockchain.
Staking on Solana revolves around its Proof of Stake (PoS) and Proof of History (PoH) mechanisms, which together enhance network security and efficiency. Solana's design allows for high throughput and quick transaction speeds, making it ideal for decentralized applications and services.
How Solana staking works
One of the primary benefits of staking Solana, and of crypto staking in general, is the opportunity to receive passive rewards. Participants get a part of the transaction fees, as well as rewards for creating new blocks and maintaining the network’s integrity.
Anyone who is holding SOL can stake on Solana. It’s not necessary to run a validator yourself – instead, tokens can be delegated to validators that verify transactions, produce new blocks, and receive rewards, which are then distributed to the delegators proportionately to stakers. This way, users don’t have to do any staking maintenance, while still remaining in full control over their SOL tokens even when delegating.
Solana staking rewards
The yield for SOL staking depends on the current SOL inflation rate, total number of SOL staked on the network, and a validator’s performance and fees. While Ethereum rewards are issued at every block, Solana’s rewards are issued at every epoch, which lasts about 2 or 3 days.
Rewards are automatically redelegated and put back into staking. Because of this, in order to withdraw rewards, a user would have to unstake first and then withdraw when the stake becomes available at the next epoch. Conveniently, users can unstake and re-stake SOL at any time.
To learn more about staking benefits, risks, and how it works, check out our help center and blog articles:
Staking: The Easiest Way to Earn Crypto Rewards
Now, let’s stake some SOL!
Connecting Your Wallet
First, head to the Enkrypt staking website then click ‘Connect’ at the top right.
Don’t have Enkrypt wallet yet? Click Get Enkrypt and download it for your browser!
Select ‘Enkrypt’
Select the account you want to connect with then click ‘Connect’.
You should see your wallet address at the top right. Your wallet is now connected and ready to start staking!
Staking SOL
Click ‘Solana staking’ on the left side menu.
Enter the amount you want to stake then click ‘Continue’.
Don't have SOL? Buy SOL directly in Enkrypt!
Review your stake. If everything looks good, click ‘Stake’.
On the Enkrypt pop up, click ‘Send’ to confirm the staking transaction.
Once the transaction is confirmed, the website will display that your SOL is staked.
You can click ‘View details’ to view your stake details in the ‘My staking portfolio’ dashboard.
Viewing your portfolio and rewards
Click ‘My staking portfolio’ on the left side menu.
Here you can view all your current stake positions. Click ‘details’ on the right side of your stake.
The details should open and you can view the rewards earned, the validator and the balance. Keep in mind that on Solana, rewards are automatically redelegated into staking, so that you are earning even more rewards over time.
Unstaking and Withdrawing SOL
Solana rewards are automatically redelegated back into your stake, so to withdraw your rewards, you will need to unstake first.
Click ‘My staking portfolio’ on the left side menu.
Click ‘details’ on the right side of your stake then click ‘Unstake’.
Review your transaction then click ‘Unstake’.
On the Enkrypt pop up, click ‘Send’ to confirm the transaction.
You will see a confirmation that your SOL was unstaked. Click ‘View details’ to go to the details sections of your stake. It may take a couple of days for your stake to become available for withdrawal. Once it does, you can go to My staking portfolio to view the status of the stake and withdraw.
On the details section of your stake, click ‘Withdraw’.
Review the transaction details then click ‘Withdraw’.
On the Enkrypt pop up, confirm the transaction by clicking ‘Send’.
The website should display that you have withdrawn your SOL. Check your wallet to confirm that your SOL balance has been updated.
We hope you have found this guide helpful! If you have questions about staking SOL with Enkrypt, please write to [email protected] and we’ll be happy to help you. Follow MEW and Enkrypt on X for news about our wallets and staking features, DM us with feedback and questions, and subscribe to our newsletter to get updates in your inbox!