Phantom, Solana’s digital wallet for DeFi and NFTs, now allows the staking of SOL. The announcement — made on Phantom’s Twitter page — will see SOL holders secure the Solana network directly from the Phantom wallet.
Phantom is one of the leading platforms aiding with global crypto adoption. Phantom supports staking and assessing ledgers on multiple blockchains. It lets Solana users turn their browsers into Web3 enabled non-custodial crypto wallets for the Solana blockchain.
Phantom is compatible with browsers such as Microsoft Edge, Firefox, Brave, and Chrome.
How Does Staking on Solana Work?
Solana runs through the Proof of Stake consensus; hence its users secure the network by staking their SOLs. However, unlike most blockchains, the staking is done by validators — carefully vetted Solana users tasked with processing new blocks in the blockchain.
Here, SOL holders delegate their tokens to their validator of choice. In return, the holders earn rewards when this validator processes incoming transactions.
How to Stake Your SOLs with Phantom
Before staking your SOL through the Phantom wallet, you need to install it on your browser — simply download it as an extension from your browser’s extension store.
If you already own some SOLs in Sollet, Solana’s wallet, you only need to migrate the wallet to Phantom using your existing wallet’s secret recovery phrase. For new Solana users, you’ll be required to create a new wallet. Again, Phantom will provide you with a secret recovery phrase.
Once your wallet is set up, you can now access the Solana network. That said, new users will have to buy some SOLs from exchanges such as Binance or Coinbase to transact in the Solana network. You can then transfer the SOL to your Phantom wallet’s SOL address. The address is readily available on the wallet.
With some SOL in your wallet, you can now start staking it. Simply click on Solana balance in the Phantom wallet and click on “Start earning SOL”. The wallet will provide a list of validators to choose from and a staking amount field. Once you input the amount to stake, click on “Stake”.
Phantom’s user-friendly interface ensures a smooth onboarding process for new crypto and DeFi users. The platform also recently integrated FTX Pay, making it easy for users to transfer their SOL, USDT, and USDC from FTX.
The staking feature is already a hit among Solana users. Phantom tweeted that 12 hours after the launch, there were over 400 new staking accounts and over $1M in SOL staked. These numbers are likely to rise as more crypto users install the extension.