Solana staking is available on iOS and coming soon to our Android app!
🤔 What is Solana staking?
Solana staking is a simple way to grow your Solana (SOL) balance over time. You will be provided with a yearly variable interest rate and periodic SOL interests.
You can stake any amount of Solana from your wallet. Interests will start after 2 days.
When you want to retrieve staked assets, you will need to wait for 2 days before being able to spend the funds (and the interests you've earned).
Yearly interest rate varies and is shown in app so you can check it regularly.
✅ How to activate
Open Spot and tap on the Solana section, then tap on the Staking section of the balance module. Then, follow the instructions to stake any amount of Solana you have.
Your Spot wallet shows how much SOL are currently staked, and how much are available in your wallet for you to send. Note that you can always retrieve the staked SOL by unstaking them — this operation takes 2 days.
🙈🙉 Stake and unstake
Your wallet will show you all your staking accounts.
Staked means that your assets are currently generating interest.
Unstaked means the funds are ready to be withdrawn to your wallet!
Staking and unstaking is an operation that takes approximately 2 days. You can come back to the app any time to check if your SOL are starting generating interest!
Note that you will have to pay some fees to the Solana network to stake. Those will be shown before activation, and are NOT paid to Spot.
🤔 Can I still use my Solana wallet while some (or all) of my Solana are staked?
✨ Short answer: of course!
You can 📥 receive and 💳 purchase Solana while earning interest on it via staking.
In order to 📤 send, you need to unstake the Solana you've staked (as you can only send Available balance).
⏳ When will my interest be paid?
You will receive your first interest 2 days after activating your Solana interest account.
🤯 How does this work?
This will get a little technical 🤓 Solana staking is a main feature of the Solana blockchain consensus algorithm. Staking is the process of assigning some of your Solana to a validator, in order to increase the impact of their vote in the on-chain governance.