Home Cryptocurrency Best Place To Stake Solana In 2022 – Passive Income

Best Place To Stake Solana In 2022 – Passive Income

by edward

Do you have some Solana (SOL) tokens? Stake them on any of the cryptocurrency platforms mentioned in this article. Staking Solana might be the best crypto-trading decision you will ever made.


Best Staking Exchanges In 2022 – Summarized List

  1. BlockFi – Visit Site
  2. Uphold – Visit Site
  3. Crypto.com – Visit Site
  4. Nexo – Visit Site
  5. Binance US – Visit Site

Over the years, cryptocurrency popularity has grown by leaps and bounds. As a matter of fact, it has become one of the mainstays in today’s world. While crypto-trading has already created many millionaires, Solana staking continues to hold great promises for astute cryptocurrency investors.

It’s no surprise if you feel excited every time you purchase a cryptocurrency. You know, going with the norm — purchasing crypto, storing it safely, and selling when there’s an irresistible opportunity — feels good. But you know what’s better? Staking your crypto.

Cryptocurrency staking involves locking up a part of your cryptocurrencies for a fixed period as a contribution to the liquidity on a Blockchain network. By doing this, you will receive rewards in form of extra coins or tokens without the hassle of looking for profits via trading.

Do you have some Solana in your crypto wallet?

If yes, you have got one of the world’s most popular cryptocurrencies. And you can get more out of it when you stake it in a reputable cryptocurrency exchange. In this article, we will show you the benefits if staking Solana and the best crypto exchanges to stake Solana. But first, let’s talk a little more about Solana.


What is Solana?

Founded in 2017, Solana, also known as Ethereum Killer, is a fast-rising blockchain that shares a striking semblance with Ethereum. It uses an impressive mix of delegated proof-of-stake and proof-of-history. Hence, it offers quicker transactions than Cardano (ADA) and Ethereum. Additionally, SOL is the native cryptocurrency or token for transactions on the Solana Blockchain.


Benefits of Staking Solana

“I will rather store my token and sell when the opportunity arises.” If you are one of the individuals who say those words, it means one thing — you don’t stake your SOL tokens. Yes, we know if it ain’t broke, don’t fix it. But c’mon, you’re missing out on the benefits that come with staking. We understand that you might be scared of losing your Solana while trying something new. It’s normal. We have also lost tokens at some points while trying something different, so we understand you perfectly well. Like every crypto-related activity, staking comes with its own risks. Nonetheless, we recommend that you stake your Solana.

Wondering why?

Here are a few reasons for staking Solana:

  • You can earn rewards for locking up your SOL tokens. Solana offers up to 7% Return On Investment (ROI), which means this is one of the best ways to create passive income for yourself.
  • It gives you the voting power needed to influence decisions about the blockchain network and future innovations. That’s some power at your disposal.

Are you ready to begin your Solana staking journey? Let’s get you started.


5 Best Exchanges To Stake Solana

At this point, you already know that staking your Solana SOL tokens benefits you in many ways than one. Now, how do you get started? It’s simple. First, you need to find an ideal place for Solana staking. And the truth is, there are many options for you to consider. However, if you would love to stake your tokens with the best of the bunch, you are at the right place.

After exploring most of the available options in the cryptocurrency market, our crypto experts handpicked a few that stood out. And that’s what you are about to find out. That said, here are the five best platforms to stake your Solana SOL tokens in 2022:


1. BlockFi


BlockFi is a cryptocurrency exchange platform with no less than 1 million users. It was launched in August 2017. BlockFi operates in many countries across the globe, including 45 U.S.A states. However, it’s presently unavailable in New York, Nevada, New Mexico, Vermont, and West Virginia. Like every platform on this list, BlockFi also encourages its users to stake Solana. You can get started on BlockFi here.

Pros

  • Ideal for beginners
  • 24/7 customer support
  • Crypto assets are secured by Gemini Trust Company

Cons

  • The user interface might confuse beginners


2. Uphold


Uphold was founded in 2013 and launched in 2015. This cryptocurrency exchange boasts over 1.7 million customers worldwide and approximately $6 billion in transactions. It is ideal for both businesses and retail investors. Uphold leverages innovative blockchain technologies to make the crypto experience easier and smoother for every user. It serves more than 184 countries. However, it’s presently not available in a few countries.

The staking features on Uphold work with cryptocurrencies that use proof-of-stake — like Solana. With Uphold, you can earn up to 19.5% Annual Percentage Yield (APY) on your staked Solana. All you have to do is download the app, stake your tokens, and enjoy your rewards. You can get started on Uphold here.

Pros

  • Easy to use
  • Reliable
  • Protects against the uptime-related slashing risk
  • Monitors your staked assets 24/7 to prevent downtime-related slashing
  • Gives you a fair shot at unstaking your assets upon request, thanks to its flexible staking feature

Cons

  • Some users have complained about hidden fees.
  • Limited customer service


3. Binance US


As the name implies, Binance US is a cryptocurrency platform for individuals residing in the United States. Hence, it isn’t a platform for non-residents. Binance US is the American arm of the world-used cryptocurrency exchange by trading volume, Binance. It encourages Solana staking and allows customers to generate an APY as high as 18%. You can get started on Binance US here.

Pros

  • User-friendly interface
  • Delivers rewards for supported cryptocurrency assets in one click
  • Identity verification process
  • Good mix of useful charts
  • Secure

Cons

  • Not available in 7 U.S states and other countries.
  • Limited customer service
  • Can be overwhelming for newbies


4. Nexo


Founded in 2018, Nexo is another excellent platform that allows you to stake your tokens and earn. It’s the perfect fit for long-term investors and beginners in the cryptocurrency world. With Nexo, you can earn up to 8% APY when you stake Solana. You can get started on Nexo here.

Pros

  • High-level security features
  • Easy-to-use mobile app for Android and iOS
  • Assets are insured
  • 24/7 customer support via live chat, email, and online messaging

Cons

  • When compared with other exchanges, it has lesser educational features for its users
  • It’s not available in some countries


5. Crypto.com


Crypto.com is a cryptocurrency exchange platform that aims to accelerate the development of new crypto traders within the crypto market. With over 50 million users, Crypto.com has built a reputation as one of the go-to platforms for Solana staking. Here, you get rewards up to 4.5% APY for staking SOL. You can get started on Crypto.com here.

Pros

  • Easy to use
  • Competitive fees or discounts
  • Good staking rewards

Cons

  • You can only stake a minimum of 5 SOL, which could be too much for some people
  • Its crypto staking rules are stringent
  • Some users have complained about its weak customer support


Added Benefits To Staking Cryptocurrencies

In the crypto world, striking while the iron is hot has been the norm — hold onto your crypto for some time and sell when the opportunity knocks. This works a treat. However, in recent times, staking crypto has gained ground, as many crypto enthusiasts have begun to see the light. Indeed, staking crypto is an excellent option, as it has many benefits.

Here are some of these benefits:

  • It doesn’t require any equipment.
  • It’s a profitable way to invest. Here, you get to build passive income from your assets over time.
  • Crypto staking is more energy efficient than crypto mining
  • It has its risk. However, it is less risky than active trading.
  • It allows you to play a significant role in maintaining the efficiency and security of the blockchain

Final Thoughts

In a nutshell, staking Solana comes with its own risk. But compared to other crypto-related activities, it’s less risky. And what’s more, it gets better when you stake your SOL tokens on a reliable platform. Luckily, you don’t have to go through the stress of testing the waters, as we’ve shared our six best places to stake Solana in 2022. So, refer to our suggested options, do further research, choose your preferred option, and begin your Solana staking journey


BlockFi Up To $250 Free

 

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