Coinbase Increases Solana Staking Rewards, Outperforming Ethereum
- Users of Coinbase may now hold their SOL in the Solana network through their Coinbase accounts and receive a passive income of up to 3.85 percent.
- All Coinbase users will progressively receive the feature.
- Other options for Solana staking have existed for a while on competing exchanges like Binance and FTX and self-custody wallets like Phantom.
This move by Coinbase marks another important step in the growth of the Solana ecosystem, as more and more people are able to participate in its native staking program. For those unfamiliar, staking is a process whereby users can earn rewards for simply holding onto their coins and keeping them locked up within a network. This provides valuable security benefits for the network, as it means that there are more users with a vested interest in keeping the network running smoothly.
The addition of Solana to Coinbase’s lineup of staked coins is also significant because it brings one of the fastest-growing and most innovative projects in the cryptocurrency space to a wider audience. Solana has been making waves lately with its lightning-fast transaction speeds and scalability solutions, which could potentially make it one of the leading platforms for decentralized applications (DApps) in the future.
So far, Coinbase has been one of the biggest cheerleaders for Solana, listing SOL on its platform early on and helping to promote its wider adoption. With this latest move, Coinbase is once again demonstrating its commitment to supporting promising blockchain projects that have the potential to reshape the crypto landscape.
The Coinbase Announcement
Coinbase has announced that it will be offering an estimated 3.85% annual percentage yield (APY) on SOL that is staked in the Solana network. This move comes as part of Coinbase’s efforts to gradually roll out the feature across its entire user base. Rewards for staking SOL in the Solana network will be distributed every three to four days.
This is a big move for Coinbase, which has been vocal about its plans to support a variety of different cryptocurrencies in the past. The firm has already added support for a number of popular altcoins, including Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Barry Pene is a stern blockchain research/copywriter. Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry's research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining.
