This guide walks you through the process of natively staking your SOL tokens directly on the Solana blockchain using the Solflare wallet.
Native staking refers to the traditional method of delegating your SOL to a validator who helps secure the network and earns rewards for you in return.
Understanding Native Staking:
Delegation: When you stake natively, you essentially delegate your SOL tokens to a validator on the Solana network. These validators are responsible for verifying transactions and maintaining the security of the blockchain.
Earning Rewards: In return for delegating your SOL, you earn rewards proportional to the amount you stake and the validator's performance. These rewards are distributed automatically.
Important Considerations:
Temporary Network Fee: There's a one-time network fee of 0.002 SOL incurred when creating a new staking account. This fee is refundable when you withdraw and close your staking account.
Minimum Stake Amount: The Solana network currently enforces a minimum stake amount of 0.01 SOL.
Step-by-Step Guide:
Access Staking Menu:
Open your Solflare wallet application.
Navigate to the "Staking" tab on the main menu. This will display your existing staking accounts, if any.
Initiate Staking:
Click the "Stake" button on the Staking tab.
Choose Stake Amount:
Enter the amount of SOL you wish to delegate for staking.
Remember, the minimum amount is currently set at 0.01 SOL.
Review Stake Details:
Solflare will display a breakdown of relevant information:
Annual Return (Estimated): This provides an approximate annual percentage yield (APY) you can expect based on current network conditions. This is an estimate and can fluctuate.
Total Stake: This shows the total amount of SOL you're delegating, including the chosen amount.
Validator Performance: Solflare displays the chosen validator's current performance metrics. It's recommended to consider these metrics when selecting a validator (explained further in step 5).
Select a Validator:
By default, Solflare might pre-select a validator. You can choose a different validator by clicking the dropdown menu.
Here are some key factors to consider when selecting a validator:
Commission Fee: Validators charge a commission fee on the staking rewards they generate. This fee typically ranges between 0% and 10%. Choose a validator with a competitive commission rate.
Uptime: Validator uptime refers to the percentage of time the validator is online and actively participating in the network. Aim for validators with high uptime for consistent reward generation.
Delegation Size: Consider the validator's existing delegation size. While delegating to a larger validator might seem safer, it can also lead to slightly lower individual rewards due to pool size.
Confirm Staking:
Once you've reviewed the stake details and chosen a validator, click the "Stake" button to proceed.
Verify Transaction:
Solflare will prompt you to confirm the transaction. Swipe to confirm.
Important Notes:
Reward Delay: There might be a delay of 2 days or more before your delegated SOL starts earning rewards. This is due to the Solana network's validation process.
Undelegation: You can undelegate your SOL during this initial waiting period if needed. However, there's a mandatory unbonding period before you regain full access to your staked funds.
By following these steps and considering the valuable information provided, you can effectively stake your SOL tokens on Solflare and contribute to the security of the Solana network while earning rewards.