Tl;dr: At this time, Coinbase is saying a straightforward and safe approach for eligible prospects to earn staking rewards on Solana (SOL).
By Thorsten Jaeckel, Senior Product Supervisor
At Coinbase, we’re targeted on providing extra methods for patrons to earn crypto rewards. At this time, 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 can be progressively rolled out to all eligible prospects.
Whereas it has been attainable for people to stake Solana on their very own, or by means of a delegated staking service, the method may be complicated and complex. With as we speak’s launch, Coinbase is providing a straightforward, safe approach for any retail person to actively take part within the Solana community and earn rewards.
With Coinbase staking:
- Begin incomes robotically. As soon as you purchase Solana, you robotically begin incomes rewards through 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 all the time preserve management. Your Solana all the time stays in your account; you simply earn rewards whereas retaining your crypto safely on Coinbase. You’ll be able to choose 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 can help you unstake anytime.
The Solana community units the underlying return fee relying on the variety of staking individuals. Coinbase distributes the return to prospects, much less a fee.
You shouldn’t need to be an professional crypto dealer to develop your crypto portfolio. Providing easy methods for our prospects to earn crypto by collaborating in staking is a vital step in constructing an open monetary system. You’ll be able to study 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 by utilizing a mixture of proof of stake consensus and so-called proof of historical past. Because of this, Solana claims to have the ability to assist 50,000 transactions per second with out sacrificing decentralization, and is likely one of the largest proof of stake blockchains by market cap.
Solana goals to allow good 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 trade, they’re rewarded with extra belongings from the community, that are paid out as rewards.
¹ The rewards fee is predicated on the estimated protocol fee, which is topic to vary. Clients will have the ability to see the newest relevant charges instantly inside their accounts.
² No lock up durations imposed by Coinbase. You might request your staked belongings be traded or transferred at any time, and Coinbase will use commercially cheap efforts to execute, topic to protocol necessities.
³ Customers can choose out at any time.