How to Stake Solana (SOL) and Earn Rewards Using Trust Wallet
Learn how to earn rewards for staking Solana SOL using Trust Wallet. This step-by-step guide will show you how to stake, unstake, and claim rewards.
Trust Wallet, available as a mobile app and Chrome Extension, is a simple-to-use, self-custody crypto wallet and gateway to Web3 for people who want to fully own, control, and leverage the power of their digital assets. Trust Wallet allows you to store and manage your crypto and NFTs, buy, sell, and stake crypto to earn rewards, access dApps securely and much more—all in one place. Additionally, features like the Trust Wallet Security Scanner help to keep your entire Web3 experience safe.
In this guide, we’ll focus on the staking feature, and specifically how to stake SOL.
Key details for staking SOL using Trust Wallet
Minimum amount required for staking: 0.01 SOL
Lockup period for staking: Staked funds will be accessible for claim after the current epoch ends. One epoch takes approximately 2 to 4 days.
Staking yield (APR): Please see rates listed in the ‘Earn’ section of the Trust Wallet app.
Trust Wallet does not control the minimum amount, lockup period, or staking rate.
What is staking?
Staking is a method of supporting a proof-of-stake (PoS) or a delegated proof-of-stake (dPoS) blockchain network by holding and "staking" a specific cryptocurrency. This activity contributes to various functions within the network such as transaction validation, upholding the network's security, and refreshing the blockchain. In return for their staking commitment, participants can earn staking returns, somewhat like earning interest in a traditional banking system.
What is Solana (SOL)?
Solana (SOL) is a high-performance blockchain platform designed for decentralized applications and crypto-currencies. Solana aims to solve scalability issues through a novel protocol called Proof of History (PoH), which allows for greater speed and efficiency. The native currency, SOL, is used for transaction fees and staking within the network. Solana’s significant performance capabilities position it as a strong contender in the decentralized finance (DeFi) and blockchain gaming sectors. SOL holders participate in the network's unique governance model and can stake their tokens to secure the network and earn rewards.
Before you stake SOL using Trust Wallet
Before we dive into how to stake SOL using Trust Wallet, you’ll need to create a wallet if you don’t already have one. Trust Wallet is available as a mobile app or you can get the Trust Wallet Extension for your desktop web browser. In this example, we’ll set up a new wallet using the Trust Wallet Mobile App. A similar process can be followed for the Trust Wallet Browser Extension.
We’ll then review the steps to stake SOL using the Trust Wallet mobile app and Browser Extension.
Step 1: Download the latest version of the Trust Wallet App.
Step 2: Set up your new wallet
Open the Trust Wallet app, and choose the option to ‘Create a new wallet.’
Select an option to back up your wallet.
Go through the instructions to start using your wallet.
Tip: If you already have a wallet that’s not Trust Wallet, you can choose to import that wallet. In this case, you’d choose the “I already have a wallet” option.
Step 3: Ensure you have SOL in your wallet
You’ll need SOL in your Trust Wallet before you stake it, so use the appropriate instructions below to get SOL into your wallet.
Use these instructions to deposit SOL into your wallet.
Use these instructions to buy SOL directly in your Trust Wallet.
How to stake SOL using the Trust Wallet mobile app
To stake SOL, do the following:
Select the “Earn” button from the main wallet page.
Select “SOL Terra Classic”.
Choose the amount you want to stake and choose the validator you want to use by selecting the Validator dropdown.
Once you choose a validator, then select “Continue”.
Follow the remaining instructions to confirm your stake.
How to stake SOL using the Trust Wallet Browser Extension
To stake SOL using the Browser Extension, do the following:
Select “Earn” from the main wallet page.
Select “Native Staking”
Then choose “Solana”
Choose “Stake now”.
Then enter the amount you want to stake, choose your validator, then select “Stake now” to confirm your stake.
Frequently asked questions about staking SOL using Trust Wallet
How much do you earn staking SOL?
Staking rates may vary depending on the network, and the rate is not set or controlled by Trust Wallet. You can check the current rate anytime from within the app.
Note: Validators and delegators help secure the network through staking and will sometimes charge a commission for their services. This is neither controlled by Trust Wallet nor does Trust Wallet take any proportion of this commission.
What is the minimum amount to stake SOL?
The minimum stake amount is 0.01 SOL.
What is the lockup period when I stake SOL?
Staked funds will be accessible for claim after the current epoch ends. One epoch takes approximately 2 to 4 days.
Can I use my SOL while they are staked?
No, you won’t be able to use your tokens while they are staked/locked. Before you use your SOL tokens, you’ll need to unstake them.
How do I unstake SOL on Trust Wallet?
To unstake SOL, do the following:
Go to ‘Earn’ from the main wallet page, and choose SOL.
Then choose Unstake and follow the instructions to confirm the unstaking process.
Note: Staked funds will be accessible for claim after the current epoch ends. One epoch takes approximately 2 to 4 days. How do I claim my rewards?
Go to ‘Earn’ from the main wallet page, and choose SOL. Select the option to claim rewards and follow the instructions.
What is the best wallet to stake SOL?
Many people wonder where the best place to stake SOL is. Trust Wallet is a great option because it allows you not only to stake your SOL to earn rewards directly with the protocol, but you can also claim your earned crypto directly within the wallet and store it safely.
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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.