Staking SOL tokens can be a great way to earn passive income and support the Solana network. This is the step-by-step guide to show you how to stake Sol with two popular wallets Solflare and Phantom.
Staking with Solflare
Solflare is a web-based wallet designed for the Solana blockchain, which allows users to securely store, manage, and transact with SOL and SPL tokens. One of its key features is the ability to stake SOL tokens and earn rewards. Solflare also enables users to generate and access their free, non-custodial digital wallet, providing an extra layer of security for their assets.
Creating Solana Wallet with Solflare
To create a Solflare wallet, go to solflare.com and click “Download” to add the Solflare wallet extension to your Chrome, Brave, or Firefox browser. Next, click “Create a wallet” or “I need a new wallet.” On the following screen, you will see your mnemonic keys — a set of 12 or 24 words that make up your seed phrase. It’s important to store your seed phrase in a safe place, such as writing it down on paper or using a special device in a secure location. Your recovery phrase is a backup key for your wallet, so be sure to never share it with anyone!
After verifying your Solflare account, you can access all the necessary information to take action in the “Portfolio” tab on the Solflare page. From there, you can see your balance and stake your SOL tokens.
Staking Account and Delegating
To start staking, you’ll need to create a staking account. Click “Start Staking” in the staking section and choose “Native Sol Staking.”
On the pop-up, select the amount of SOL you’d like to stake and the validator you want to stake with. You can search for specific validator names in the menu. Remember to leave some SOL in your account (0.5 SOL is usually enough) to pay for transaction fees. Finally, click “Stake” and “Confirm” to complete the process.
Once your tokens have been sent to the validator for staking, you can see your staked tokens in the “Staking” tab.
Staking with Phantom Wallet
Phantom is a non-custodial cryptocurrency wallet designed for use with the Solana blockchain. It allows users to securely store, manage, and trade SOL tokens, as well as interact with decentralized applications (dApps) on the Solana network. Here’s how you can stake with Phantom:
How to stake with Phantom.app
- Visit the Phantom.app website and add the Phantom extension to your browser (Chrome, Brave, Firefox, or Edge).
2. Once you’ve added the extension, open it and click “Create Wallet” to set up a new wallet. When creating your backup file, you’ll be given a 12-word seed phrase. It’s important to store this seed phrase in a secure location, such as writing it down on paper or using a special device. Don’t store your seed phrase on any online devices. You can use this seed phrase to restore your wallet on the same or a different device.
3. After setting up your wallet, make a deposit. If you don’t see your SOL tokens, check the token list as shown in the pictures below.
4. To stake your SOL tokens, click on the “Solana” account from the token list and then click “Start Earning SOL.”
5. Search for “your validator” in the list and select it. Choose how many SOL you’d like to stake and click “Stake.”
6. That’s it! Your tokens have been sent to the validator for staking. You can see your staked tokens in the “Your Stake” tab.
GateOmega Delegation Address: 9Gko8QZBbV5SrEvHKtQHcMrGGSfgFP3KJUozEGifu25x
DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the failure of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.