What is Staking?
You can Stake your SOL tokens to validator nodes who help secure and run the Solana network. When you delegate your stake to the voting account of the Validator, you get rewarded in an amount of SOL. This is not currently enabled but will be one day. Read more below.
Staking your SOL tokens on Solana is the best way you can help secure the world’s highest-performing blockchain network, and earn rewards for doing so! Inflation and network rewards are NOT presently enabled on Solana’s Mainnet Beta network, but may be enabled in the future.
Solana Staking Docs
You can Delegate Your SOL Now however No Rewards Just Yet
One of the Solana Validators, Melea, recently wrote a great guide on how to setup Solana CLI tools, create accounts, send / receive SOL and setup Staking. Check it out here!
Staking Now Enabled on Solflare!
Solflare is a non-custodial wallet for Solana created by Dokia Capital. SolFlare is a simple and intuitive interface that helps you connect to the Solana blockchain and manage your SOL.
When is Solana Staking Incentives Going to Be Enabled?
The team has a bit of work to do before this happens:
1. Distribute Foundation delegations across validators (more info to follow)
2. All token holders staking their tokens as soon as possible, as their stake will take potentially take several months to fully warm up
3. Unstake and remove Bootstrap Validators
4. Enable inflation
Solana Forums
The Solana team are also working out, how best to display validator statistics to the public, so the average SOL holder can choose who to delegate to.
This would be based off participation percentages in Tour De SOL, the Solana Launch Phases and MainNet Beta, along with validator metrics like uptime and response times.
This includes working with the Coinbase Custody team to allow token holders to delegate to any validator through Coinbase. The goal is to support an environment where stakes do not get locked into a centralised custody provider.
Solana Forums
They also have to figure out the technical details for how to handle slashing:
To Slash or Not to Slash, That is the Question
The team at Solana eat these problems up like its breakfast and create new Solana code releases every few days! Even 2 days ago, this popped up:
- Add getStakeActivation rpc endpoint to return stake epoch warm up/cool down information
If there is a Slashing problem the Solana team will fix it:
In the coming months…
As found in the Solana Forum thread (posted 7th July 2020), Mainnet Beta: Investor Delegation and Road to Inflation, inflation will be enabled on Solana “in the coming months“.
The Staking will Begin… EXCITED MUCH ??
This is quite an exciting time for Solana. In the coming months Solana Inflation will be enabled and SOL holders will be able to Stake!
There is already 127.7 Million SOL Delegated! The amount of stake that can be delegated is limited over time, at a 25% increase per Solana epoch (like a week).
Our average MainNet TPS has doubled from May’s TPS of 120, to an average of 260 TPS now! Our Total Transactions crossed 1 BILLION.
We also have the announced Kin migration of 57 monthly active apps who recently voted to migrate on over to Solana!
