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The largest US cryptocurrency exchange Coinbase today announced the start of staking support for Solana (SOL).
In an announcement early this morning, Coinbase said it will begin distributing staking rewards with APY 3.85% to those who own Solana (SOL) and lock them on the network. This is the next move after Coinbase has integrated the Solana blockchain into its wallet.
— Coinbase (@coinbase) June 29, 2022
Accordingly, SOL is the next coin supported by Coinbase after Ethereum (ETH), Algorand (ALGO), Cosmos (ATOM), Dai (DAI), Tezos (XTZ) and Cardano (ADA).
Coinbase will allow users to withdraw their staked SOL at any time and they must hold at least 1 USD worth of SOL to be eligible for the staking rewards.
Rewards will be distributed every 3 to 4 days. Additionally, in order to staking Solana, Coinbase users need to complete identity verification on the platform. This feature will be rolled out gradually to all Coinbase users.
Staking is an activity that allows users to receive passive income just from holding coins in the wallet to support the operation of the network that issues it. Staking makes the blockchain behind the coin safer and more efficient. In exchange for keeping coins fixed in the wallet, users will be rewarded by the network in the coins they staking.
Solana is currently down about 3% today and is trading at just under $35. During the week, SOL also fluctuated 3% and 22% over the past 30 days, according to CoinGecko.
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