Solana (SOL)

Step-by-Step Guide to Staking SOL via Trezor Suite

This guide will take you through the process of staking Solana using your Trezor.

Step 1: Connect Your Trezor and Open Trezor Suite

• Plug your Trezor device into your computer.

• Open the Trezor Suite and enter your PIN.

• Navigate to the Accounts section and select your Solana (SOL) wallet.

Step 2: Access the Staking Section

• In your Solana account, go to the Staking section.

• Find and click the Start Staking button.

• You will see the available staking options and details about the staking rewards.

• Click Continue.

Step 3: Choose Everstake as Your Validator

• Since Everstake is the default validator, it will be pre-selected.

• Mark your agreement to stake with us.

• Click Confirm to proceed.

Step 4: Enter the Amount to Stake

• Decide how much SOL you want to stake.

• Make sure to leave a small balance for transaction fees.

• Click Continue to proceed.

Step 5: Confirm the Entry Period

• Read details about the staking process, including the locking period.

• If needed, learn more about how your tokens are locked.

• Acknowledge the entry period by marking it as read.

• Click Confirm & Stake to proceed.

Step 6: Confirm Staking on Your Trezor Device

• Your Trezor device will display transaction details.

• Verify the information carefully.

• Approve the transaction by confirming it on your Trezor device.

• Then click Stake to proceed.

Step 7: Transaction Processing

• Once confirmed, the transaction will be broadcasted to the Solana blockchain.

• You can check the staking status in your Trezor Suite under the Staking tab.

Conclusion

Staking Solana with Trezor Suite and Everstake is a secure and user-friendly process. By leveraging Trezor’s hardware security and Everstake’s reliable validation, you can stake with confidence while maintaining full control over your funds. For further details, you can check the official Trezor guide here.

Start staking your SOL today with Everstake!

• Official Solana Explorer

• Solana Scan

• Solana Beach

• Solana FM

• StakeWiz

• Solana Compass

• Validators App

SOL is Solana’s native cryptocurrency, which works as a utility token. Users need SOL to pay transaction fees when making transfers or interacting with smart contracts. The network burns SOL as part of its deflationary model. Like Ethereum, Solana allows developers to build smart contracts and create projects based on the blockchain.

SOL uses the SPL protocol. SPL is the token standard of the Solana blockchain, similar to ERC20 on Ethereum. The SOL token has two main use cases:

• Paying for transaction fees incurred when using the network or smart contracts.

• Staking tokens as part of the Proof of Stake consensus mechanism.

The network was launched with an annual inflation rate around 8%, set to decrease by 15% per year until a long-term stable rate of 1.5% is reached, however these parameters are yet to be finalized by the community. These issuances are to be split and distributed to participating validators, with around 95% of the issued tokens allocated for validator rewards initially (the remaining 5% reserved for Foundation operating expenses). Because the network will be distributing a fixed amount of inflation rewards across the stake-weighted validator set, the yield observed for staked tokens will be primarily a function of the amount of staked tokens in relation to the total token supply.

“Validator fee” refers to the rewards received by Validator for participating in the Blockchain network Validation process. Everstake determines the validator fee through a process involving analysis and consideration of various factors, such as network requirements, operational costs, and market dynamics.

Validators don't have control over users' funds in blockchain networks. Instead, they validate transactions and participate in the consensus process based on the rules defined by the network protocol. Users retain control over their funds through private keys, which are used to sign transactions and authorize transfers. Validators' roles involve confirming the validity of transactions and blocks, but they don't have the authority to access or manipulate users' funds.

Solana stake accounts are auto-compounding, meaning rewards are automatically added to the staked balance. It typically takes about two epochs for a new stake to become active and start earning rewards, while unstaking requires around two days. The exact activation and deactivation times may vary depending on network-wide stake and unstake requests.

Staking rewards on Solana are funded through inflation, where new SOL tokens are issued each epoch. Inflation was first enabled on mainnet-beta in early 2021 with an initial rate of 8%, which decreases by 15% of the previous year’s rate annually until it stabilizes at a long-term target of 1.5%.

The yield a delegator receives depends on the current inflation rate, the total amount of SOL staked, validator uptime, and validator commission. Validator commission is a percentage fee deducted from staking rewards, while uptime is measured by the validator’s voting performance. Validators earn vote credits for each successful vote, which are tallied at the end of each epoch to calculate rewards.

In addition to staking rewards, validators also earn a portion of transaction fees. Each transaction costs 0.000005 SOL per signature. When a validator produces a block, it receives 50% of the transaction fees included in that block, while the remaining 50% is permanently burned. Although block rewards contribute to overall APY, they represent a smaller share compared to staking rewards from inflation.