Best Place to Stake Solana

Best Place to Stake Solana

Robert McDougall 

January 2, 2023


Ever since the inception of Solana in 2017, its popularity has grown rapidly, with the open-source blockchain consistently ranking among the top 10 currencies by staked amount and market cap. In this article, we will tell you about the best platforms for staking Solana (SOL) tokens. 

Top 5 Exchanges For Staking Solana

1. Binance 

With an outstanding daily volume, competitive rates, and low barrier for entry, Binance is an excellent choice. This exchange offers a variety of services, including an NFT marketplace, the ability to trade derivatives, and much more. Binance introduced SOL staking in February 2021.

Believe it or not, the initial reward rate for staking SOL was 43.79% APY. However, once staking started gaining popularity, the rate gradually decreased. Still, due to a low minimum amount required to start staking, it still offers SOL holders competitive rates. 

Keep in mind that Binance only offers fixed-term agreements. Users who want to stake their SOL tokens agree upon a locked period of 30, 60 or 90 days. During this period, you won’t be able to use your digital assets; these will be returned to you once the agreed period ends. 

The longer the lock-up period is, the greater the reward rates will be. The rewards for the fixed periods mentioned above will be around 9.28%, 10.23%, and 13.47%, respectively, making Binance one of the best SOL staking platforms. Keep in mind that although Binance calculates the interest daily, you will lose all the accrued rewards if you try to unlock the staked tokens before the lock-up period ends.

  • Simple sign-up process
  • Competitive reward rates
  • Rewards paid out daily
  • Not available in the US

2. has quickly become one of the leading platforms in the crypto industry. Starting initially as a basic cryptocurrency app, the platform has added a lot of services over the past few years. These include crypto debit cards, NFT marketplaces, and coin staking. 

The main benefit of staking Solana on this platform is the ease of use. Once you activate the soft-staking feature, the digital assets within your wallet will automatically start earning rewards from staking, which are paid out on a daily basis. When staking Solana on Exchange, the reward rate is either 1% or 2% APY, depending on whether you are staking their native CRO tokens. 

If you want the higher reward rate, you will have to stake more than 100,000 CRO tokens. However, at current prices, that is around $47,000 which means it may not be the best option for beginners with a limited budget. Plus, the minimum amount you need to start staking is 5 SOL.

  • No commitment period
  • Simple and reliable
  • Low reward rates

3. Kraken

Kraken is a very popular and advanced trading platform among traders and other crypto investors. It is known for being a very secure and reliable exchange for staking, trading, buying, and selling cryptocurrencies. Kraken introduced Solana staking in July 2021 with an initial APY of 6.5%. 

Once you have purchased or transferred SOL tokens, you can activate the wallet by selecting the “Earn” section and going to the “Staking” option. Then, enter the amount of tokens you want to stake. The rewards for staking Solana on Kraken currently range from 6% to 6.5%. 

However, on Kraken, you can withdraw your tokens at any moment. There are no un-staking fees or anything like that. Anyone who deposits at least 0.2 SOL tokens into the staking contract can participate in Kraken’s staking system. This way you will be able to earn rewards from staking SOL tokens while waiting for the perfect trading opportunity. 

  • Competitive reward rates
  • Extensive line of supported digital assets
  • Low fees
  • Not the best customer service

4. Coinbase

Coinbase introduced SOL staking in June 2022. Even though the variety of staking coins used to be quite limited, SOL staking was a great addition to the platform and removed the need for becoming a validator or setting up a staking service. What’s more, those who decide to stake SOL with this platform will automatically accrue rewards every 4 days.

Right now, the APY for staking SOL on Coinbase is about 3.85%, but this can easily change depending on market conditions. The minimum amount to start staking is just $1, making Coinbase ideal for beginners as well. Unlike Binance, Coinbase doesn't lock your funds and you can access them and remove them at any moment. 

The main benefit of staking SOL with Coinbase is that it is simple to use and one of the most beginner-friendly platforms. Plus, it also has some of the best security measures. But do keep in mind that there is a 25% fee when staking Solana on Coinbase.

  • Very easy to use
  • Safe and reliable
  • Minimum required amount is only 0.01 ALGO
  • Considerable commission fee

5. Huobi Global

After its founding in 2013, Huobi Global quickly became very popular. The cryptocurrency exchange offers services in a very broad range of nations. The APY for staking this cryptocurrency on Huobi Global is around 3.5%. those who decide to lock up 100 SOL tokens can earn 0.0095 SOL daily. 

However, Huobi Global is different from other soft-staking exchanges as it provides a link to the validator node. This means that you can use it to access Blockchain Explorer and see the full transparency of the tokens within the staking pool. Keep in mind that there is also a 5-day un-staking period. 

Huobi also has limited-time special offers that allow you to earn SOL tokens by participating in community activities. There are also occasional staking promotions via Huobi Earn where the opportunities can go up to 50% APY.

  • Lots of supported cryptocurrencies
  • Deep liquidity
  • Not very beginner-friendly

How To Stake Solana?

There are several methods to stake Solana, but the exact process depends on the crypto exchange you choose. Assuming you have chosen the one that doesn’t require any technical advanced understanding, you can start staking Solana by following these steps:

  • Register an account with an exchange platform such as Binance
  • Transfer, purchase or swap SOL tokens to your wallet
  • Select SOL tokens from the staking list
  • Choose the lock-up duration
  • Enter the amount of tokens you want to stake
  • Confirm your transaction
  • Wait until the lock-up period is over and withdraw your funds

What Is Solana?

Solana is an open-source blockchain network best known for its smart contract capabilities utilizing Proof-of-history and Proof-of-stake, as well as fast translation speeds. It also offers an extensive range of DeFi solutions and NFT marketplaces.

Can You Stake Solana?

Anyone with SOL tokens can participate in the staking system. After contributing your tokens to a node, you can earn by either running the server yourself or delegating your investment to someone’s pool. Solana also has an active ecosystem and competitive staking rewards.

With the total amount locked estimated at 44 billion, Solana is one of the best cryptocurrencies to stake. However, due to the popularity of staking SOL, the reward rate can sometimes be lower than some competitors. 

How Much Can You Earn Staking Solana?

The rewards you will receive depend on the platform you are using, the method of staking, and the amount of SOL tokens. The usual reward rate for staking SOL ranges between 5% and 7%, although some of the platforms may have lower or higher rates. Other factors that can also have an impact on the rate are the:

  • Current inflation rate for the coin
  • Commission rate
  • Number of people already staking

SOL Staking Using A Wallet

Staking via wallet is usually more complex than staking via an exchange platform. One of the main advantages of staking via wallet is that even when the tokens are in the lock-up period, the owner has complete control over them. 

This way, investors are far less likely to be exposed to any type of malicious activities or hacking attacks. So, if staking via wallet is what you are looking for, we highly recommend you to check out Phantom and Solflare for staking Solana.

Phantom Wallet

This user-friendly digital wallet allows you to buy, store, send, receive, and swap SOL tokens inside the Solana ecosystem. Phantom wallet can be acquired as an extension for some browsers, including Edge, Chrome, Brave, and Firefox. It also comes with a mobile app, though it is limited to iOS users only. 

Phantom wallet is also compatible with some of the best hardware wallets, such as Ledger Nano X, which can further enhance the security of the private key. This wallet also provides a list of validators available for staking, along with their staking fees. The list is mostly based on popularity. 

However, we recommend you to use the alternative list with more details to pre-select your desired validator. The main reason for this is that the Phantom’s web wallet won’t allow you to adjust the order based on factors such as commission and uptime. The estimated APY you will get using a Phantom wallet is between 5% and 7% with the rewards issued every 2-3 days. 

Solflare Wallet

Among the most prominent wallets available for SOL stakers, Solflare is the best choice. This wallet was designed by Solana Lavs and the blockchain developer VGNG.  Believe it or not, at the time of writing, around 24% of circulating tokens are staked on Solflare. 

Solflare’s features and services are similar to Phantom wallet. It offers NFT storage, in-app staking, integration with cold wallets such as Ledger, among others. However, Solflare has a few advantages over Phantom wallet, such as support for more platforms as well as iOS and Android apps. 

Solflare also offers extensions that are supported by most browsers, as well as a liquid staking feature. It allows users to receive liquidity tokens (mSOL) in exchange for the staked SOL tokens. The reward rate is 6% to 7%. All in all, Solflare makes a great choice for more advanced crypto investors

Our Bottom Line

Staking Solana tokens is an outstanding way for both experienced and new investors to earn passive income on their digital assets. This article presented some of the best places for staking Solana. While some are beginner-friendly, others should only be used by advanced crypto stakers. If none of the exchange platforms mentioned above suits you, you can always check out wallets such as Solflare and Phantom. provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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