Coinbase has expanded its staking pool to include Solana, enabling investors to earn interest by holding the coin.
Solana Staking on Coinbase
Coinbase announced in a blog post that it will add the Solana (SOL) token to its staking offering. The San Francisco-based crypto exchange stated that it wanted to scale its staking portfolio in 2022 and is doing so by enabling eligible customers to stake Solana.
The crypto company thinks that staking can be tricky for some people if they try to do it alone. So, it aims to simplify crypto rewards for investors by allowing them to join the Solana network. Those who stake Solana will get an annual percentage yield (APY) of 3.85% and will receive rewards every 3 to 4 days.
Solana investors receive rewards while their coins are held on the exchange. They can take their coins out of the staking pool whenever they want, with investments starting at $1. On Coinbase, there are two ways to stake Solana: by purchasing it on the exchange or by transferring Solana from an external wallet into a Coinbase account.
Apart from Solana, Coinbase offers some of the best staking coins: Ethereum, Algorand, Cosmos, Tezos, Dai and Cardano. Solana stakers will earn more for their coins than Ethereum, which yields a 3.675% APY. On the high end of the range is Algorand staking, enabling investors to earn 5.75%. Dai staking investors will earn only 0.15% APY.
What is Solana?
Solana is a blockchain platform that enables users to access smart contracts. Developers can use smart contracts for non-fungible tokens (NFTs), Web3, decentralized finance (DeFi) and games. The platform enables lightning-fast transactions, offering 400 millisecond block times while ensuring every transaction costs less than $0.01.
To transact on Solana’s network, users need to buy the Solana token (SOL). Besides Coinbase, investors have several options to buy Solana.
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