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06/30/2022

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Coinbase Announces Sonala Staking Support

The largest US cryptocurrency exchange Coinbase today announced the start of staking support for Solana (SOL). In an announcement, Coinbase said it will begin distributing staking rewards with 3.85% APY to those who own Solana (SOL) and lock them...

Coinbase Announces Sonala Staking Support
The largest US cryptocurrency exchange Coinbase today announced the start of staking support for Solana (SOL).
Coinbase Announces Sonala Staking Support

In an announcement, Coinbase said it will begin distributing staking rewards with 3.85% APY to those who own Solana (SOL) and lock them on the network. This is the next move after Coinbase has integrated the Solana blockchain into its wallet.

Accordingly, SOL is the next coin supported by Coinbase after Ethereum (ETH), Algorand (ALGO), Cosmos (ATOM), Dai (DAI), Tezos (XTZ) and Cardano (ADA).

The exchange will allow users to withdraw their staked SOL at any time and they must hold at least $1 worth of SOL to be eligible for the staking rewards.

Rewards will be distributed every 3 to 4 days. Additionally, in order to stake SOL, Coinbase users need to complete identity verification on the platform. This feature will be rolled out gradually to all Coinbase users.

At the time of writing, SOL is trading at $31.8, down more than 9.5% over the past 24 hours and 12.2% over the past 7 days.

Coinbase Announces Sonala Staking SupportSOL daily chart. Source: CoinCu

Staking is an activity that allows users to receive passive income just from holding coins in the wallet to support the operation of the network that issues it. Staking makes the blockchain behind that coin safer and more efficient. In exchange for keeping coins fixed in the wallet, users will be rewarded by the network for the coins they staking.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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