You have some Solana (SOL) tokens and are looking for places to store and stake them, such as in a wallet or an exchange, to earn passive income by yielding high-interest earnings.
Solana is a hybrid between Proof-of-Stake (PoS) and Proof-of-History (PoH) concepts of blockchain validation. With PoS here, staking is possible for SOL.
Where are the BEST places to stake Solana (SOL) to earn High APY Interest Rates?
This article will list all the BEST places to stake your Solana (SOL) to receive high-yield crypto returns.
Here is the summary table of all the wallets & exchanges with high-interest APY rates that you can use to stake your Solana (SOL).
|S/no||Where to Stake||APY rates for Solana (SOL)|
|1||Binance Earn||8% to 13% APY|
|2||Atomic Wallet||7% APY|
|3||Solana Compass||6.5% APY|
|8||Gemini Earn||5.4% APY|
|9||Phantom||Depending on each validator, it can go up to 7% APY|
Take note that the interest rates stated here are accurate as of the date of this article. The figures will continuously be updated as long as this page is updated.
1) Binance Earn
Binance is the largest cryptocurrency exchange in terms of daily trading volume. It supports over 390+ coins and over 1600+ crypto market pairs.
The exchange has an Earn feature in its platform and encourages users to deposit supported crypto, including Solana (SOL), into their Earn account to enjoy high-interest rates.
This is not considered staking as your Solana is not used in the coin’s network. You are merely “lending” Solana to Binance for a fixed duration, e.g. 30 days, 60 days or 90 days. This is a fixed duration term. When the term is up, your principal amount and interest will be returned to your Binance trading account. If you withdraw your SOL before the fixed term is up, you may not enjoy the full high-interest rates.
Binance offers the highest interest rates over the rest of the competition. At the time of this article, they provide between 9% to 13& for locked staking.
Founded in 2017, Atomic wallet has been highly regarded as a secure software wallet by many.
It is a multi-currency, non-custodian software wallet that supports over 300+ coins and tokens. In addition, it has a built-in exchange so users can easily buy and swap different cryptocurrencies in the wallet’s interface.
You can use Atomic wallet to stake your Solana (SOL) at 7% APY. The wallet also supports staking other tokens like TRX, ADA, ALGO, AWC and many others.
You can install and use Atomic wallet on Windows, macOS, Linux, Android and iOS devices.
Solana Compass can connect your Phantom or Solflare wallet and stake your SOL tokens to earn as high as 6.4% APY returns.
Solana Compass is a reliable validator that uses your SOL to help secure and decentralize the network. Moreover, it uses high-powered servers in top-class data centres with high uptime. As a result, it charges one of the lowest commission fees, approx 0.39% per annum.
The APY rates it offers are often at a highly competitive rate.
Founded in 2019, FTX is a fast-growing cryptocurrency exchange that supports over 300+ coins and 400+ crypto market pairs. At the time of this article, FTX is the 3rd largest exchange in terms of daily trading volume on its platform, behind Binance and Coinbase.
You can stake your SOL in FTX exchange and receive 6% annualized staking rewards.
Do note that FTX occasionally adjusts their staking rewards to align with the on-chain rewards rates. Un-staking, your SOL will take up to seven (7) days which these days will not contribute to any staking rewards.
Kraken is a cryptocurrency exchange that supports over 130+ coins and over 450+ crypto market pairs for trading. Kraken has always been consistently ranked among the top 5 largest exchanges in terms of daily trading volume.
Kraken offers staking features in its platform, and it supports Solana (SOL), Cardano (ADA), Terra (LUNA) and many more. In contrast, Kraken is not a crypto wallet that uses staking to secure the network. Instead, it uses your SOL to invest and, in return, offers you high interest.
When you stake Solana (SOL) with Kraken, you can expect to receive 6% yearly rewards within the agreed period of time, i.e. boding period.
Exodus wallet is a privacy-focused software wallet that supports over 155+ different cryptocurrencies. It supports Windows, macOS, Linux, Android and iOs devices.
Exodus is also in partnership with the popular hardware wallet manufacturer Trezor for better crypto exchanging, enhanced security and better management experience.
The wallet has a built-in exchange that allows for the easy purchase of crypto assets for its users.
Within Exodus, you can install staking apps to earn more when you store cryptos using Exodus. For example, at the time of this article, you can stake Solana (SOL) for an average reward rate of 5.4%.
Lido is a liquid staking solution that can connect directly to your wallet and offer users a decent high APY rate of approx 5.5% for staking Solana (SOL). The actual APY varies from time to time, so it is always best to check the latest rate on their website.
Lido lets users earn SOL staking rewards without needing to maintain infrastructure and allows them to trade staked positions and participate in on-chain decentralized finance with their staked assets.
Lido supports Phantom, Solflare, Ledger, Sollet, Solong and MathWallet.
8) Gemini Earn
Gemini is a cryptocurrency exchange that allows you to earn up to 4.29% APY when you lend your Solana (SOL) to its Gemini Earn platform.
Gemini Earn is a feature of Gemini exchange that allows users to “lend” their crypto to the exchange in return for earning high interest. Gemini is partnering with Genesis, another crypto trading platform, in this feature.
Using Gemini Earn, lenders can view their combined trading balance, Earn balance, and the interest they’ve earned in one web interface. Interest is paid daily.
Not all cryptos are supported in the Earn feature. Some of the supported ones are Gemini dollar, Dai, Filecoin, Terra, Solana and many more.
The phantom wallet is a non-custodial cryptocurrency wallet that means no one except you own your wallet’s private keys. One of its features includes having native support for staking Solana (SOL).
You can use the wallet to store, buy, send, receive, swap tokens and collect NFTs on the Solana blockchain.
Phantom can be installed on iOS devices and the following desktop browsers; Chrome, Brave, Firefox and Edge. The phantom wallet also has plans to support Android devices and has begun inviting some Android users to test their beta versions.
To stake Solana using the Phantom wallet, choose your preferred validator and stake your SOL with them. You can refer to this list of Solana’s validators.
So how do you choose a Solana validator?
- Look at the APY rate. The higher, the better. This is the compounded interest over time.
- Look at the commission rate. The lower, the better. This is the fee the validator will earn and incur on your earnings. There are validators with 0% commission.
- Look at the stake amount. Go for validators with a lesser stake so that the Solana network can be more evenly distributed. Solana should be as decentralized as possible. Avoid popular validators such as Everstake as it holds approximately 14 million+ SOL, which is too congested for one validator.
Here are all the high-earning places you can choose to stake your Solana (SOL).