How to Stake Liquid Solana on Top Platforms

Bittime - Looking for a way to increase your Solana (SOL) earnings? Solana liquid staking could be the right solution! In this article, we will discuss how to stake liquid Solana on one of the best platforms according to CoinGecko, along with the benefits and risks.

What is Solana?

Solana occupies the top five positions as the strongest crypto asset based on market capitalization, as well as being the third largest Proof-of-Stake (PoS) network.

Data from its official network explorer shows that more than 360 million SOL, or the equivalent of more than 60% of the circulating supply, has been staked to support the network's consensus system.

The contribution of these tokens increases network security, but on the other hand, can result in a decrease in token liquidity.

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Get to know Staking Liquid

Traditional staking offers a way for investors to earn passive income by supporting the Solana blockchain network.

However, staked assets are usually locked for a certain period, limiting their liquidity. This is where liquid staking comes in as an innovative solution.

Liquid Staking allows investors to hit two rabbits with one stone:

• Earning staking rewards : Just like traditional staking, investors earn rewards for supporting the Solana network.
• Unlocking liquidity : Investors receive liquid derivative tokens that can be traded, used in DeFi protocols, or exchanged back into SOL at any time.

This double advantage is attractive to many Solana investors. Data from Dune shows that more than 23 million SOL, with a market value of more than $3.6 billion, has been staked on the liquid staking platform.

This figure shows the huge potential of the liquid staking space on Solana, considering that it has only reached 6.2% of the total SOL staked.

Also Read How to Buy Crypto:

How to Stake Liquid Solana

There are many platforms that make it possible to stake liquid Solana. This time, the guide on How to Stake Liquid Solana is done on Jito Finance.

Jito Finance

Taken from CoinGecko data, Jito Finance offers profits of up to 8.06%. Users are charged an annual management fee of 4% of total rewards, including staking rewards and MEV earnings after validator commissions.

If you want to withdraw your staking prematurely, there is a withdrawal fee of 0.1% of the withdrawal value. Alternatively, users can sell their JitoSOL on DEX for instant liquidity with no withdrawal fees.

1. Visit the Liquid Staking Platform at Jito

Access Jito's liquid staking platform via their official website. Make sure you use safe and verified links to avoid fraud.

2. Click Stake Now

On the landing page, find the Stake Now button. Clicking this button will take you to the staking portal where you can start the staking process.

3. Connect Your Wallet

Click Connect Wallet in the top right corner of the platform. Select your preferred wallet provider from the available list, such as Phantom, Solflare, or Ledger. Follow the instructions provided to safely connect your wallet to the platform.

4. Select the amount of SOL you want to bet

Enter the amount of Solana tokens (SOL) you want to stake. Make sure you have sufficient SOL balance in the connected wallet.

5. Convert to JitoSOL

Click the Convert to JitoSOL button to convert your SOL into JitoSOL, Jito's liquid staking token.

6. Agree to the Liquid Staking Terms

Carefully read Jito's Liquid Staking Terms before proceeding. Make sure you understand all the risks and benefits associated with liquid staking. Click "Agree" to continue if you agree to the terms.

7. Transaction Verification

Follow the on-screen instructions to verify the staking transaction from your wallet. Make sure you have sufficient funds to complete the verification process.

8. Waiting for Jito Liquid Staking Information

Once the transaction is verified, you will start earning liquid staking rewards in the form of JitoSOL. You can monitor your balance and staking history on the staking portal.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime. 

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DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.