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 firm believes that staking can be a complicated process for some if they choose to do it on their own. So it wants to make crypto rewards easier for investors by enabling them to participate in the Solana network. Investors who stake Solana will earn an annual percentage yield (APY) of 3.85% and receive rewards every 3 to 4 days.
Solana investors earn rewards while the coins are on the exchange. Investors can withdraw the coins from the staking pool at any time, and investments start at $1. Two options for staking Solana on Coinbase are to buy it on the exchange or transfer Solana into a Coinbase account from an external wallet.
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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