Ever since 47th U.S. President Donald Trump and first lady Melania Trump introduced their official memecoins “Official Trump” ($TRUMP) and “$Melania Coin” ($MELANIA) on Solana blockchain, the crypto market has been set on fire with investors going haywire. Everyone in the industry, from a seasoned investor to a novice crypto geek, is interested in finding out more about Solana.
Whether you are a crypto degen, enthusiast or even an altcoin token trader, chances are high that you must have heard the craze about recent memecoins launched on Solana network. Based on the overall sense of euphoria, trending Solana-based meme coins have led their market capitalization reach in billions within 24 hours of launch.
So, if you are looking for more details on this particular blockchain network, its native token and the top platforms to stake Solana, then you have arrived at the right place.
Solana: Inception, Downfall and Surge
Since the inception of Solana in March 2020, the ecosystem is growing by leaps and bounds, with market capitalization surpassing $120 billion in January 2025.
Solana dropped more than 50% or $50 billion in total value in 2022, a year marked by outages, overloads, and significant exposure to Sam Bankman- Fried’s FTX exchange. The price fell down in the weeks following Bahamas-based cryptocurrency exchange FTX collapse in early November 2022 after journalists reported an affiliated trading firm, Alameda Research, derived most of its value from speculative crypto tokens.
But, Solana stood again, witnessing increased usage and hitting all-time highs due to rise in popularity and price. Currently, the total locked value (TVL) stands at a whooping $11 billion. The accomplishments by Solana blockchain paved the way for growth in Solana staking as a passive income and a good investment approach apart from trading Solana-backed meme coins.
All About Solana’s Native SOL Coin
SOL, the native currency, is the key component of the Solana blockchain. The SOL coin is essential for the payment of network transaction fees and power smart contract functions used by Decentralised Applications (dApps).
Along with transactional functions, the coin plays crucial role in Solana’s governance paradigm. Holders of tokens have the choice to stake their SOL and take part in the consensus process of the protocol. The SOL holders can contribute to transaction verification process and blockchain security by locking up a certain number of tokens owned.
The Solana ecosystem offers users an annual percentage yield (APY), ranging between 5% and 7%, minimizing risk of losses and maximizing returns. However, to benefit from this staking process, thorough understanding of various staking platforms is important.
What is Staking?
In the realm of cryptocurrency, staking is an intriguing idea that facilitates the operation of blockchain network and provides investors with a means of revenue from their digital assets.
Staking is a crypto technique that, by locking funds in wallets, enables network users to receive incentives. These coins are then utilised as a source of liquidity or to verify transactions on the network that uses the Proof-of-Stake (PoS) consensus mechanism. In such case, validator/ participant who stake their currency, confirm and verify transactions, helps in reaching at the consensus.
By adding a pre-determined minimum quantity of the network’s coin to their wallets, users become validators. They then become eligible to receive rewards for the assets they have staked.
Top 5 Platforms to Stake Solana
Before beginning the staking procedure, it is necessary to keep in mind both, the advantages and disadvantages of the platform. Some of the best platforms are:
Phantom Wallet
Phantom Wallet is considered as a preferred cryptocurrency wallet for traversing the Solana ecosystem and providing access to a variety of Decentralised Finance (DeFi) platforms. It guarantees a quick, easy, and safe cryptocurrency user experience.
With its NFT integration feature, Phantom Wallet offers an easy-to-use platform for managing crypto holdings. This application is unique since it allows users to purchase and exchange certain cryptocurrencies straight from the wallet. Because of its non-custodial nature, it gives them authority over their money.
| Pros | Cons |
| Solana-based ecosystem integration | Non-regulated wallet |
| Users can buy, swap and stake effectively | Lack of real-time customer support |
| User-friendly interface | |
| NFT-supported wallet |
Coinbase
Coinbase is a crypto exchange platform that allows its users to stake Solana on its platform and earn rewards.
After purchasing SOL on the platform using your USDT or traditional currency, users can start earning from the platform with an annual return estimated at around 6.37% APY.
| Pros | Cons |
| User-friendly interface | Coinbase offers 6.37%, which is lower compared to other staking platforms |
| Low mining/staking requirements | Coinbase charges commission fee on total returns |
| Coinbase employs strong security to ensure safety of users assets | Coinbase is a centralized platform and don not adhere to decentralized cryptocurrency system |
| Users can unstake at any time | Unstaking takes long time |
Solfare Wallet
Solfare is believed to be a reliable wallet for staking as it is developed by Solana itself.
This is a full-featured crypto wallet that operates as both, a Chrome extension and Web for Solana and SOL tokens.
| Pros | Cons |
| It offers users 24/7 support through its live chat service | This wallet only facilitate Solana blockchain |
| Connects seamlessly with hardware ledger | Setting up is difficult |
| Offers users knowledge on staking through Solflare Academy |
Trust Wallet
With Trust Wallet, you can purchase, sell, store, trade, and manage cryptocurrencies, meme coins, non-fungible tokens (NFTs).
It is a safe self-custody crypto wallet. Also, you can easily purchase, deposit, and withdraw other tokens, like Bitcoin, with Trust Wallet’s user-friendly browser extension or powerful mobile application.
| Pros | Cons |
| User-friendly interface | Lacks two factor authentication (2FA) for safety purpose |
| Supports over 100 blockchain and tokens | |
| Provides wallet encryption security |
Glow Wallet
Glow cryptocurrency wallet enables users to safely carry out their transactions by storing, receiving, selling, and staking SOL on the Solana ecosystem.
With Glow, customers can complete transactions faster and effortlessly without paying for gas fees.
| Pros | Cons |
| Allows users to stake SOL tokens with ease | Supports only Solana |
| Swap token with zero fees | Key codes could be a big risk to users |
| User-friendly interface |
How to Set Up a Platform to Stake Solana?
Step-by-step process:
- Visit platform webpage
- Create wallet
- Setup password
- Generate seed phrase or secret recovery phrase
Conclusion
Price volatility is very high in cryptocurrency market. Solana offers users another means to make passive income with crypto besides trading or swapping these tokens. However, like any other crypto, the price of Solana can change rapidly in a short time, making it possible for investors to experience significant gains or losses.
With its unique features and high adoption rate, the blockchain has the potential to revolutionize the way retail investors participate in the crypto industry. With its increased liquidity, capital efficiency, and the potential for significant growth, staking on Solana is poised to attract a large influx in the coming years.
Also Read: Solana Price Touches $272: Will It Reach New Heights?
