Phantom Wallet Staking | Ultimate Guide to Passive Income

Staking Solana through the Phantom wallet is a great way to earn passive income while also helping to secure the network, staking through Phantom is a safe and secure way to stake your Solana and in this article we’ll do a deep dive into what it’s all about.

Phantom Wallet Staking

Phantom Wallet Staking

Staking your Solana on Phantom is super easy and they have laid it out in a user- friendly UI that takes away any of the technical side of things, all you need is a Phantom wallet set up and the Solana you want to stake in your wallet.

Not only are you going to earn passive rewards while staking your Solana but you will also be helping the Solana network stay secure by delegating your Solana towards a validator which keeps the network secure and helps process transactions.

How to stake Solana through Phantom wallet?

Step 1: Create your Phantom wallet and fund it with the SOL tokens in which you would like to stake.

Step 2: Once funded, in Phantom click Solana to open the details about your Solana holdings.

Step 3: From here there are two ways that you can begin staking, if you have not staked yet there will be this section that says “Start earning SOL” this will open the validators in which you can stake with.

The other way is by tapping these three dots in the top right hand corner and selecting “Stake SOL” from the dropdown.

Step 4: This opens the screen where you can select which validator you would like to delegate your SOL tokens to.

If you have a specific validator you want to delegate to you can search it here otherwise you can select one from the list.

The 10% validator fee is the fee that the validator will take out of your staking rewards.

How does staking on Phantom wallet work?

As Solana is a layer 1 network that runs of a proof of stake consensus mechanism it requires what are called validators which are made up of tens of thousands of SOL tokens to process new incoming transactions, generally the more SOL staked in a validator the more likely that validator will be chosen to process new transactions.

By staking your Solana tokens with a validator you are increasing its voting weight giving it more power when voting and increasing its chances to be chosen to process transactions. In return for delegating your Solana tokens to a validator you are paid out rewards based on the amount of fees/rewards that specific validators receive for processing transactions and creating new blocks for the network.

When staking through a validator the validator takes a fee out of your staking rewards, this is usually around 10% however will be shown in the validator information when deciding which to stake with.

How do I get staking rewards on Phantom wallet?

Your staking rewards will be shown in Phantom, however keep in mind that your rewards cannot be withdrawn unless you decide to unstake all of your Solana from the validator which you have chosen. What Phantom does is it automatically restakes all your staking rewards so it is constantly compounding and constantly increasing your staking rewards.

Steps how to view staking rewards in Phantom

How much do you earn staking Solana on Phantom?

The APY of rewards fluctuates depending on the amount of traffic Solana is processing and how much voting weight the validator you wish to stake with has, the APY generally ranges between 6-8%. From this 6-8% you must deduct the validator fee which you pay, let’s say you earn 8% APY and the validator fee is 10% that means you will pay 0.8% in fees giving you a final APY of 7.2%.

Is it safe to stake Solana on Phantom?

Staking directly through Phantom is one of the most secure ways to stake your Solana in the ecosystem as Phantom is a trusted dApp and has a very high level of security, staking through Phantom is often a lot safer than staking through a DeFi protocol.

The ease of use of staking through Phantom is a big selling point as it makes it a slot easier for you to track your rewards as everything is done within the Phantom wallet. No more having 17 different DeFi protocols to keep track of.

Where is the best place to stake Solana?

Much like most tokens, finding the protocol or dApp that pays out the best rewards can be quite a daunting task, the same goes for Solana. With options such as Phantom and the dozen or so DeFi platforms built on Solana it can be a hard task choosing which to stake your SOL tokens with.

If you are thinking purely from a security and peace of mind viewpoint then I would stake with Phantom as they are a reputable company and you are staking directly with a validator unlike some DeFi protocols. While other protocols may offer a higher APY than Phantom, with Phantom you have the highest level of security when it comes to staking.

There are however dozens of places where you can stake your SOL tokens, a great place to view all of these protocols including information such as their APY and TVL is DeFiLlama. It is important to view all these metrics as TVL will tell you how much value is locked into these protocols giving you somewhat of an idea of their security and APY most importantly will tell you how much rewards you will earn through staking.

Solana staking rewards via DeFiLlama

Staking Solana through the Phantom wallet is a great way to earn passive income while also helping to secure the network, staking through Phantom is a safe and secure way to stake your Solana and in this article we’ll do a deep dive into what it’s all about.

Phantom Wallet Staking

Phantom Wallet Staking

Staking your Solana on Phantom is super easy and they have laid it out in a user- friendly UI that takes away any of the technical side of things, all you need is a Phantom wallet set up and the Solana you want to stake in your wallet.

Not only are you going to earn passive rewards while staking your Solana but you will also be helping the Solana network stay secure by delegating your Solana towards a validator which keeps the network secure and helps process transactions.

How to stake Solana through Phantom wallet?

Step 1: Create your Phantom wallet and fund it with the SOL tokens in which you would like to stake.

Step 2: Once funded, in Phantom click Solana to open the details about your Solana holdings.

Step 3: From here there are two ways that you can begin staking, if you have not staked yet there will be this section that says “Start earning SOL” this will open the validators in which you can stake with.

The other way is by tapping these three dots in the top right hand corner and selecting “Stake SOL” from the dropdown.

Step 4: This opens the screen where you can select which validator you would like to delegate your SOL tokens to.

If you have a specific validator you want to delegate to you can search it here otherwise you can select one from the list.

The 10% validator fee is the fee that the validator will take out of your staking rewards.

How does staking on Phantom wallet work?

As Solana is a layer 1 network that runs of a proof of stake consensus mechanism it requires what are called validators which are made up of tens of thousands of SOL tokens to process new incoming transactions, generally the more SOL staked in a validator the more likely that validator will be chosen to process new transactions.

By staking your Solana tokens with a validator you are increasing its voting weight giving it more power when voting and increasing its chances to be chosen to process transactions. In return for delegating your Solana tokens to a validator you are paid out rewards based on the amount of fees/rewards that specific validators receive for processing transactions and creating new blocks for the network.

When staking through a validator the validator takes a fee out of your staking rewards, this is usually around 10% however will be shown in the validator information when deciding which to stake with.

How do I get staking rewards on Phantom wallet?

Your staking rewards will be shown in Phantom, however keep in mind that your rewards cannot be withdrawn unless you decide to unstake all of your Solana from the validator which you have chosen. What Phantom does is it automatically restakes all your staking rewards so it is constantly compounding and constantly increasing your staking rewards.

Steps how to view staking rewards in Phantom

How much do you earn staking Solana on Phantom?

The APY of rewards fluctuates depending on the amount of traffic Solana is processing and how much voting weight the validator you wish to stake with has, the APY generally ranges between 6-8%. From this 6-8% you must deduct the validator fee which you pay, let’s say you earn 8% APY and the validator fee is 10% that means you will pay 0.8% in fees giving you a final APY of 7.2%.

Is it safe to stake Solana on Phantom?

Staking directly through Phantom is one of the most secure ways to stake your Solana in the ecosystem as Phantom is a trusted dApp and has a very high level of security, staking through Phantom is often a lot safer than staking through a DeFi protocol.

The ease of use of staking through Phantom is a big selling point as it makes it a slot easier for you to track your rewards as everything is done within the Phantom wallet. No more having 17 different DeFi protocols to keep track of.

Where is the best place to stake Solana?

Much like most tokens, finding the protocol or dApp that pays out the best rewards can be quite a daunting task, the same goes for Solana. With options such as Phantom and the dozen or so DeFi platforms built on Solana it can be a hard task choosing which to stake your SOL tokens with.

If you are thinking purely from a security and peace of mind viewpoint then I would stake with Phantom as they are a reputable company and you are staking directly with a validator unlike some DeFi protocols. While other protocols may offer a higher APY than Phantom, with Phantom you have the highest level of security when it comes to staking.

There are however dozens of places where you can stake your SOL tokens, a great place to view all of these protocols including information such as their APY and TVL is DeFiLlama. It is important to view all these metrics as TVL will tell you how much value is locked into these protocols giving you somewhat of an idea of their security and APY most importantly will tell you how much rewards you will earn through staking.

Solana staking rewards via DeFiLlama

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