Before I walk you through the staking process of Solana through StakeFish, I would like you to understand a few facts and figures about StakeFish. Well, if you are into crypto trading, then you must be aware of a few terms related to it. Well, staking is one of the most commonly used features and it has gained immense reputation in the crypto trading world within a short while. And here comes StakeFish into the picture.
Well, this platform is a reputable and user-friendly platform allowing crypto traders to participate in the Solana network. And, in turn, they can generate rewards for the same. By staking your SOL tokens with StakeFish, you will be able to contribute to the security and decentralization of the Solana blockchain, and this in turn will help you to generate a passive income through it. So today, through this article we will provide you with complete guidelines on how to stake Solana with StakeFish.
Let's take a look at the pre-requisites first
To get started, you'll need a Solana wallet. StakeFish recommends using the Sollet wallet, which is a browser extension wallet that provides a secure and user-friendly interface. Visit sollet.io and follow the instructions to create a new wallet. Be sure to securely store your wallet seed phrase or private key in a safe place.
To stake Solana, you'll need to acquire SOL tokens first. You can purchase SOL from popular exchanges like Binance, Coinbase, or Kraken. Follow the account creation process, complete the necessary identity verification, and deposit funds into your exchange account. Once you have your SOL tokens, withdraw them to your Sollet wallet.
Steps to connect your wallet to StakeFish and stake SOL
- Connect your wallet to StakeFish
Visit the official StakeFish website i.e. StakeFish.io and connect your Solana Wallet aka Sollet to it. For this, you need to click on the "Connect Wallet" button on the homepage of StakeFish and select Sollet from the given menu. Complete the connection after following a few easy prompts.
- Time to choose the Staking Validator
After connecting your wallet, you will be presented with a list of staking validators supported by StakeFish. So, after evaluating the available validators based on their reputation, performance, and commission fees, you can select one of them. After selecting the preferred validator, go to the next step.
- Now, you can delegate your SOL tokens
Now, go to the "Delegation" section and then enter the amount of SOL tokens you want to delegate to the chosen validator. Review all the transaction details, maximum and minimum limits along with the associated fees, and then confirm the delegation
- Let the activation complete
Now, when you make your confirmation, the transaction would be submitted to the Solana network. After a couple of minutes, your transaction would be confirmed and your preferred SOL tokens will be delegated to the chosen validator.
- Monitor and Claim Rewards
As a Solana staker, you will start earning rewards for participating in the network's consensus mechanism. StakeFish provides a user-friendly dashboard where you can monitor your staking activity, including the number of SOL tokens you have delegated and the rewards earned. Rewards are typically distributed on a regular basis, and you can claim them through the StakeFish platform.
Conclusion:
Staking Solana with StakeFish gives you a great option to earn passive income, At the same time, you can also contribute to the security and decentralization of the Solana blockchain by staking your assets through it. Please follow the stepwise guide given above and you'll be able to delegate your SOL tokens without many hurdles. Please make sure that you carry out thorough research on validators before selecting them.
