Learn More About Solana
What is Solana (SOL), and what is it used for?
SOL is the token that powers Solana’s Proof-of-Stake and Proof-of-History blockchain. Some of the main uses for SOL include staking and paying transaction fees that fuel smart contracts. The protocol was named after Solana Beach, California, a town just north of San Diego, where the founders surfed before they created Solana.
What are Solana staking rewards?
Staking rewards in the form of native blockchain tokens (SOL) are distributed to validators for locking up their cryptocurrencies to a blockchain network to support validator node’s participation in the consensus mechanism and securing the network for a period of time. Refer to the data above for the latest Solana staking reward figures.
What are the costs of staking Solana?
StakeSeeker charges a small percentage-based fee (stated above) allocated towards the administerial 24/7 maintenance and monitoring of our staking infrastructure required to operate our validators effectively and securely. The rewards distributed to our community will be a net of the validator fee charged.
Is staking Solana secure?
When SOL is staked, it’s actually being delegated to a validator. In our case, StakeSeeker facilitates the role of the validator. Similar to staking tokens on any other protocol, staking SOL comes with certain risks. If any downtime is experienced, or if a validator misses another part of the necessary requirements, then a percentage of the staked SOL can be lost as a penalty (known as “slashing”). StakeSeeker monitors its nodes 24/7 and has an excellent track record that minimizes these risks.
What are the current use cases of Solana?
Solana is best equipped to deal with use cases across data storage, powering high-speed transactions, and running computation. However, it is most famously used for non-fungible tokens (NFTs), NFT marketplaces, and blockchain gaming.
How long does it take to unstake Solana?
Unstaking (also called unbonding or undelegating) can be initiated at any time. However, it takes approximately 3 days for your SOL to unstake from the network and become transferable. During this time, you will not earn rewards. When the process is complete, you regain the ability to transfer/trade your SOL tokens.
What is the minimum amount of Solana to stake?
You can stake as little as 1 SOL, but remember to keep some SOL token unstaked in your wallet to pay for any potential future transaction fees.
What are the risks of staking Solana?
Like many blockchain protocols, the consensus mechanism used by Solana includes a slashing mechanism whereby any validator that misses too many blocks or double signs a block is penalized by the network, slashing the staked amount on that validator. StakeSeeker is run by Nasdaq listed BTCS Inc. which has its own tokens staked on the same validator nodes, so we are highly incentivized to minimize these risks and maximize our staking reward. However, delegators should be cognizant of these risks.
How do I get started staking Solana?
To begin staking Solana, click the “Sign up for StakeSeeker” button at the top right, create an account with StakeSeeker and gain access to the platform’s crypto portfolio insights. Then, you can begin staking with our validator nodes by delegating your tokens. Within the platform, there are instructions and tutorials on how to link your crypto exchange accounts and digital wallets and how to navigate the platform’s tools. You can view our supported blockchain networks for staking on our homepage.