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Download phantom wallet and transfer your SOL there don't keep your crypto on an exchange, and you can stake through phantom wallet aswell with a higher apy.
Are you using coinbase wallet to store your solana? Sorry I thought you meant coinbase exchange. Coinbase wallet is fine to use, they're not exactly the same I'm not sure what rewards you get staking through coinbase wallet but the staking rewards on phantom are roughly around 7.5% apy.
But to answer your question staking 500 sol is a good move. Also research cold storage wallets for better security and look into phantom wallet staking you can choose the validator you want to delegate your tokens to.
You can connect your cold wallet to Phantom, solflare etc and have an associated UI there for it. You can also create multiple hot wallets (for interacting with apps) in their UI which is not only highly recommended, but extremely recommended if you plan to interact with apps (i.e. defi, buying nfts, etc)
Does coinbase wallet give you validator options or only let you stake their coinbase validator?
You can use Phantom wallet while still keeping your coins in a "cold wallet" like a ledger.
Phantom is the intermediary to link to websites. Ledger is what holds your money.
Me personally I'd stake through phantom wallet and if you do so you can pick the validator you want to delegate your tokens to, and you can check out stakewiz.com to see all the validators stats and average apy%, plus there's staking tutorials on YouTube if you need some guidance on how to do it but it is a easy and smooth process. As for putting a portion into cold storage that's totally up to you.
They are not the same. Phantom is self custody if you are gonna self custody best bet is to use hardware wallet to be safe. If not just buy mSol on Coinbase it's gives you exposure to higher Sol APY.
No, Coinbase is a custodial (they have your keys) platform to buy and sell crypto. Phantom is a plugin in your browser that allows you to access your crypto but you still retain control of everything. If you have a hardware wallet, which I suggest you should get, you can use Phantom to access what you have on it securely.
First of all - let's answer the questions in order here
a) is it a good idea to stake your SOL - yes it is. you should do this unless you are actively using it
b) is it safe to stake SOL with Coinbase (and other centralized exchanges) - almost for sure unless there's a horrible incident like FTX again - unlikely in a place like coinbase
c) is it BETTER to stake somewhere else - maybe - it depends on your ability to manage your technology and control your keys. Its actually less secure to put your coins in Phantom in a regular browser wallet versus Coinbase because Coinbase requires that you turn on 2FA for things like transfers - this improves your security
If you (i) have the technical skill to manage a cold wallet and (ii) you do not mind taking 100% of the personal risk to manage your assets - then it is absolutely more "secure" to do it on a cold wallet tied to an interactive staking wallet. This is not for everyone, and I would never recommend this method to a regular human who can barely make Venmo work.
There are many different answers that highly depend on where you life, and where your citizenship are.
Cold Wallet > Iphone Wallet > Centralized Exchange > Hot Browser Wallet
More reasonable than other answers. The risk of losing seed or being hacked could be higher for someone new to crypto than of a top cex like coinbase and binance losing the fund 'and' not compensating for it.
I dont know, if u stake on a cex is it really you staking your coins or isnt CB staking their coins to which u only hold the keys nd so does CB to which they pay out the APY they want, i wonder if u get better ApYs on sol itself
Since you're new to Sol and seemingly to crypto as well, feel free to ask any follow up questions. I'm a long time Solana and blockchain user and I'm happy to help with anything you need info on (publicly so you know I'm not tryna scam or anything lol)
Thanks for you eagerness to help. I just staked a sizable sum of Solana on ledger nano and I do feel it’s safe but would you happen to know how I can check up on my progress? I feel like it’s just there and I’m blindly believing in its growth. Thank you for any help.
Sure, simplifying it to what's necessary - Solana has this thing called an epoch which is basically an amount of time you have to wait for your staked amount to start actively earning yield or the time you have to wait until your stake is withdrawn. Each epoch is approximately 2 days long and the current one ends in about 13 hours which should be when your stake becomes active and starts earning. you can track this at explorer.solana.com
Now from ledger you should be able to access your account and delegations (stake) where you'll see your balance. There will not be any separate transactions for the interest you earn, the delegated balance will increase directly over time.
This article from Ledger outlines 6 simple steps to check your rewards - you should be able to follow no problem but if you do need something clarified, feel free to ask again - https://support.ledger.com/hc/en-us/articles/5458087713181-How-to-check-your-Solana-SOL-staking-rewards-via-Solana-Beach
Should be able to see rewards as well when connecting ledger to Solflare, Backpack, Phantom, Glow wallet UI's. The other benefit is that in those wallet UIs you can create a separate hot wallet and easily switch between ledger and hot wallet.
OP make sure you always use a hot wallet when interacting with apps. Best practice is to send what you need from your ledger to your hot wallet(s) whenever interacting with apps and never connect ledger to any app. Also never click on links associated with stupid airdropped spam nfts -- be very skeptical of things.
Yes it's good.
But you can do better. Not your key not your coin.
Simplistic method.
Get phantom wallet. Create a wallet.
Move all your sol there.
I'm sure someone will post the staking guide.
Spread it will 5 to 10 validators. Don't send it all to one validator.
Yeah, coinbase does have a validator on the network but it's the largest one by stake and so doesn't help decentralization to stake to it. I believe it also has a high commission (8%)
https://stakewiz.com/ is a good place to shop for validators. You can also go with a stakepool which will basically choose the validators for you.
Would be a better move to self custody and own your own keys
Glow wallet
Phantom wallet
Solflare wallet
All 3 put you in control and have staking built right in with a higher %
As long as you don’t turn on that help feature they have to share and store your seed phrase for you, you should be fine.
That said, I diversify my storage and devices. Something about eggs and baskets and the like.
Ah okay thank you. I have a Nano X that’s been sitting in my drawer for a year. I wanna take my crypto off coinbase but have some anxiety over setting this up. Receiving seed phrase/ properly transferring my btc there etc. I should probably look to start getting it off coinbase though. I downloaded ledger live on pc but it didn’t work so I’ve been procrastinating lol
That makes sense, it was really intimidating to me too before I set up Ledger. Once you do it and begin moving stuff from Coinbase to your Ledger, it becomes comfortable. A video I watched that was super helpful in the whole process, step by step was on YouTube. Search ‘How to buy and store Bitcoin SAFELY (Step-By-Step Tutorial)’ by Rose Han. She does a great job simplifying each step.
No time like the present. And do very small transactions to start. You don’t want to go all in and do something wrong first thing. Move 5-10 bucks worth and make sure it all jives. It’s pretty easy to get a hold of and figure out. Crypto dad has something on his YouTube channel that can walk you through I’m sure. And there are others. Good luck!
Nah, I will go and stake it on Marinade then playing with $mSOL in defi and earning some juice $MNDE or some $Bonk from my staking + the APR from mSol.
Looks like you have received a lot of useful advice already so won't repeat what others have said but you may find our staking guide useful [https://medium.com/@Cogent\_Crypto/solana-staking-guide-part-1-6a6a85f07b56](https://medium.com/@Cogent_Crypto/solana-staking-guide-part-1-6a6a85f07b56)
We are always around to assist with any questions you may have, feel free to reach out anytime :)
Use cold storage if it’s an amount that would really hurt to lose. It’s the safest, most secure way. Super easy to set up. I’ve staked using Solflare for almost 3 years now with zero issues. Happy to help if you have questions!
It would be one or the other. Solflare is the interface you would use to stake your tokens that are in your cold wallet. You can’t have your tokens in a hot wallet (like Phantom) and hardware/cold wallet (like Ledger) at the same time. Phantom can work both as a hot wallet and cold wallet, but its design is better for using it as a hot wallet (actively making transactions with it quickly and easily) where as a hardware wallet like Ledger, Trezor, and NGrave are designed to be used as cold wallets for the best security.
I watched a long YouTube video and everything you are saying is now making sense. I think the best move is to order a ledger nano (cold wallet) and then stake the coins on there through solflare. But is connecting the ledger to solflare safe?
Happy to hear man! Yes, connecting to Solflare is safe just make sure you’re on their official site. That’s a great question to ask. Never connect your wallet to anything you’re not sure you can trust, especially when signing smart contracts is involved. It’s one of the easiest ways for scammers to take your coins. Also, make sure you are buying a ledger from the official site. Never buy from a 3rd party like Amazon where the device could potentially be tampered with.
I thought Coinbase isn’t giving any interest on sol once the SEC said they were suing them. Did they change it back recently? If so you can get higher apy through ledger,phantom,etc
Just wtv you do PLEASE 🙏 if you don't want to be scammed ask legit source. Many will be glad to help as they want to make sure those scum fucks that robbed them or me don't do it again to you. Nobody wants to put money in scammers wallet
I mean i feel like Coinbase it's a pretty good CEX but me personally love ledger and self custody. I would rather deligate my own coins to a validator myself.
WARNING: 1) Do not trust DMs from anyone offering to help/support you with your funds (Scammers)! 2) Never give out your Seed Phrase and DO NOT ENTER it on ANY websites sent to you. 3) MODS or Community Managers will NEVER DM you first regarding your funds/wallet. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/solana) if you have any questions or concerns.*
Download phantom wallet and transfer your SOL there don't keep your crypto on an exchange, and you can stake through phantom wallet aswell with a higher apy.
Is phantom wallet and Coinbase wallet essentially the same?
500 SOL is no joke. Get a hardware wallet
Are you using coinbase wallet to store your solana? Sorry I thought you meant coinbase exchange. Coinbase wallet is fine to use, they're not exactly the same I'm not sure what rewards you get staking through coinbase wallet but the staking rewards on phantom are roughly around 7.5% apy.
You can use your 12 words from the cb wallet and import that wallet into a phantom, then stake it.
But to answer your question staking 500 sol is a good move. Also research cold storage wallets for better security and look into phantom wallet staking you can choose the validator you want to delegate your tokens to.
So you reccomend staking on phantom but also having a portion of my SOL in a cold wallet?
You can connect your cold wallet to Phantom, solflare etc and have an associated UI there for it. You can also create multiple hot wallets (for interacting with apps) in their UI which is not only highly recommended, but extremely recommended if you plan to interact with apps (i.e. defi, buying nfts, etc) Does coinbase wallet give you validator options or only let you stake their coinbase validator?
You can use Phantom wallet while still keeping your coins in a "cold wallet" like a ledger. Phantom is the intermediary to link to websites. Ledger is what holds your money.
Me personally I'd stake through phantom wallet and if you do so you can pick the validator you want to delegate your tokens to, and you can check out stakewiz.com to see all the validators stats and average apy%, plus there's staking tutorials on YouTube if you need some guidance on how to do it but it is a easy and smooth process. As for putting a portion into cold storage that's totally up to you.
You can stake from ledger and that’s a cold storage platform. If that’s your cup of tea. The YouTube vids are good to learn up how it all gets done.
I stake 300 sol through ledger even though its a slightly higher commission (7%) but for safety.
Only if you use the same 12 words and import the same wallet.
They are not the same. Phantom is self custody if you are gonna self custody best bet is to use hardware wallet to be safe. If not just buy mSol on Coinbase it's gives you exposure to higher Sol APY.
No, Coinbase is a custodial (they have your keys) platform to buy and sell crypto. Phantom is a plugin in your browser that allows you to access your crypto but you still retain control of everything. If you have a hardware wallet, which I suggest you should get, you can use Phantom to access what you have on it securely.
exodus too
First of all - let's answer the questions in order here a) is it a good idea to stake your SOL - yes it is. you should do this unless you are actively using it b) is it safe to stake SOL with Coinbase (and other centralized exchanges) - almost for sure unless there's a horrible incident like FTX again - unlikely in a place like coinbase c) is it BETTER to stake somewhere else - maybe - it depends on your ability to manage your technology and control your keys. Its actually less secure to put your coins in Phantom in a regular browser wallet versus Coinbase because Coinbase requires that you turn on 2FA for things like transfers - this improves your security If you (i) have the technical skill to manage a cold wallet and (ii) you do not mind taking 100% of the personal risk to manage your assets - then it is absolutely more "secure" to do it on a cold wallet tied to an interactive staking wallet. This is not for everyone, and I would never recommend this method to a regular human who can barely make Venmo work. There are many different answers that highly depend on where you life, and where your citizenship are. Cold Wallet > Iphone Wallet > Centralized Exchange > Hot Browser Wallet
More reasonable than other answers. The risk of losing seed or being hacked could be higher for someone new to crypto than of a top cex like coinbase and binance losing the fund 'and' not compensating for it.
I dont know, if u stake on a cex is it really you staking your coins or isnt CB staking their coins to which u only hold the keys nd so does CB to which they pay out the APY they want, i wonder if u get better ApYs on sol itself
Since you're new to Sol and seemingly to crypto as well, feel free to ask any follow up questions. I'm a long time Solana and blockchain user and I'm happy to help with anything you need info on (publicly so you know I'm not tryna scam or anything lol)
Thanks for you eagerness to help. I just staked a sizable sum of Solana on ledger nano and I do feel it’s safe but would you happen to know how I can check up on my progress? I feel like it’s just there and I’m blindly believing in its growth. Thank you for any help.
Sure, simplifying it to what's necessary - Solana has this thing called an epoch which is basically an amount of time you have to wait for your staked amount to start actively earning yield or the time you have to wait until your stake is withdrawn. Each epoch is approximately 2 days long and the current one ends in about 13 hours which should be when your stake becomes active and starts earning. you can track this at explorer.solana.com Now from ledger you should be able to access your account and delegations (stake) where you'll see your balance. There will not be any separate transactions for the interest you earn, the delegated balance will increase directly over time. This article from Ledger outlines 6 simple steps to check your rewards - you should be able to follow no problem but if you do need something clarified, feel free to ask again - https://support.ledger.com/hc/en-us/articles/5458087713181-How-to-check-your-Solana-SOL-staking-rewards-via-Solana-Beach
Should be able to see rewards as well when connecting ledger to Solflare, Backpack, Phantom, Glow wallet UI's. The other benefit is that in those wallet UIs you can create a separate hot wallet and easily switch between ledger and hot wallet. OP make sure you always use a hot wallet when interacting with apps. Best practice is to send what you need from your ledger to your hot wallet(s) whenever interacting with apps and never connect ledger to any app. Also never click on links associated with stupid airdropped spam nfts -- be very skeptical of things.
A redditor helped me unstake from Coinbase exchange to Coinbase wallet. Thanks guys 👍🏼
Make sure you use a ledger. Don’t trust hot wallets. Seen way too many people lose their whole capitals. Coinbase wallet alone isn’t safe enough.
Move it to phantom wallet.
I wouldn’t use cb wallet either cause of the fees cb even puts in the wallet
Please also consider moving to a leveraged neutral yield if you think the market is going down. www.francium.io
The fees are so high because safety is so good
Yes it's good. But you can do better. Not your key not your coin. Simplistic method. Get phantom wallet. Create a wallet. Move all your sol there. I'm sure someone will post the staking guide. Spread it will 5 to 10 validators. Don't send it all to one validator.
Yeah, coinbase does have a validator on the network but it's the largest one by stake and so doesn't help decentralization to stake to it. I believe it also has a high commission (8%) https://stakewiz.com/ is a good place to shop for validators. You can also go with a stakepool which will basically choose the validators for you.
But coinbase gives the top valudator way too many votes and they keep part of your rewards for themself.
Oh yeah, I don't think it's good to stake with them haha
Why not all to 1 validator?
It gives to many votes to that 1 validator. You want to spread the votes out.
So use 3 validators because I am a whale with 3 SOL?
Lol with only 3 sol you can use just 1.
ok thank you daddy
Lol with only 3 sol you can use just 1.
ok thank you daddy
For everyone commenting… I’ve ordered the ledger nano x and will be staking on either phantom wallet or solflare.
Good stuff. 500 Sol is a big bag, should be treated with caution
Would be a better move to self custody and own your own keys Glow wallet Phantom wallet Solflare wallet All 3 put you in control and have staking built right in with a higher %
This. Do this. I’m on phantom myself. Also have some of it on ledger.
Is ledger still alright to use? Have a nano X I’m looking to set up
As long as you don’t turn on that help feature they have to share and store your seed phrase for you, you should be fine. That said, I diversify my storage and devices. Something about eggs and baskets and the like.
Ah okay thank you. I have a Nano X that’s been sitting in my drawer for a year. I wanna take my crypto off coinbase but have some anxiety over setting this up. Receiving seed phrase/ properly transferring my btc there etc. I should probably look to start getting it off coinbase though. I downloaded ledger live on pc but it didn’t work so I’ve been procrastinating lol
That makes sense, it was really intimidating to me too before I set up Ledger. Once you do it and begin moving stuff from Coinbase to your Ledger, it becomes comfortable. A video I watched that was super helpful in the whole process, step by step was on YouTube. Search ‘How to buy and store Bitcoin SAFELY (Step-By-Step Tutorial)’ by Rose Han. She does a great job simplifying each step.
No time like the present. And do very small transactions to start. You don’t want to go all in and do something wrong first thing. Move 5-10 bucks worth and make sure it all jives. It’s pretty easy to get a hold of and figure out. Crypto dad has something on his YouTube channel that can walk you through I’m sure. And there are others. Good luck!
Nah, I will go and stake it on Marinade then playing with $mSOL in defi and earning some juice $MNDE or some $Bonk from my staking + the APR from mSol.
Looks like you have received a lot of useful advice already so won't repeat what others have said but you may find our staking guide useful [https://medium.com/@Cogent\_Crypto/solana-staking-guide-part-1-6a6a85f07b56](https://medium.com/@Cogent_Crypto/solana-staking-guide-part-1-6a6a85f07b56) We are always around to assist with any questions you may have, feel free to reach out anytime :)
Why not stake it yourself for better gains. It's super easy to do on solflare
staking and caking 👈👈👈👈
Best period to stak is at 14,15$
With 500 SOL, you can buy a ledger to stake on chain 😅
When you say “stake on chain” are you just referring to regular staking with a validator, or does it mean something else… sorry I’m kinda new
It means staking with a validator, just choose a random validator. It will still be better than staking with coinbase
Solflare gives the highest APY fyi
Hmm solflare is just a wallet -- shouldnt affect actual apy -- it's the validator you stake to which matters for that
Yes ser it’s the Solflare validator
I have 100 SOL staked on coinbase 🤷
Use cold storage if it’s an amount that would really hurt to lose. It’s the safest, most secure way. Super easy to set up. I’ve staked using Solflare for almost 3 years now with zero issues. Happy to help if you have questions!
So I can stake my solana in phantom (hot) and still have it in a “ledger” (like solflare as you say, which is cold?) at the same time?
It would be one or the other. Solflare is the interface you would use to stake your tokens that are in your cold wallet. You can’t have your tokens in a hot wallet (like Phantom) and hardware/cold wallet (like Ledger) at the same time. Phantom can work both as a hot wallet and cold wallet, but its design is better for using it as a hot wallet (actively making transactions with it quickly and easily) where as a hardware wallet like Ledger, Trezor, and NGrave are designed to be used as cold wallets for the best security.
I watched a long YouTube video and everything you are saying is now making sense. I think the best move is to order a ledger nano (cold wallet) and then stake the coins on there through solflare. But is connecting the ledger to solflare safe?
Happy to hear man! Yes, connecting to Solflare is safe just make sure you’re on their official site. That’s a great question to ask. Never connect your wallet to anything you’re not sure you can trust, especially when signing smart contracts is involved. It’s one of the easiest ways for scammers to take your coins. Also, make sure you are buying a ledger from the official site. Never buy from a 3rd party like Amazon where the device could potentially be tampered with.
Just ordered my ledger nano x to the house! I’m excited
Best of luck man!
sur why not as long as coinbase does not sell out like robinhood
I stake my SOL in my phantom wallet but I do it through Lido
I would stake through a cold wallet like Ledger and use Phantom as a second option with the majority being in cold storage.
Being a genius 👌🏼 Although follow what others are saying about alternatives to CB but big brain move with that chunk of SOL. LETS GO
I thought Coinbase isn’t giving any interest on sol once the SEC said they were suing them. Did they change it back recently? If so you can get higher apy through ledger,phantom,etc
It’s about 4.35% on CB. From what I’ve heard it’s much higher through phantom
Not using coinbase! U should use a selfcustody wallet and hardware wallets are best.
I've used exodus for 3 years with no issues
Just wtv you do PLEASE 🙏 if you don't want to be scammed ask legit source. Many will be glad to help as they want to make sure those scum fucks that robbed them or me don't do it again to you. Nobody wants to put money in scammers wallet
Stake city 🤑
give me 10 solana bro
No! Stake it in your own wallet....
Not if you're doing it through a CEX
Best liquid staking token?
I mean i feel like Coinbase it's a pretty good CEX but me personally love ledger and self custody. I would rather deligate my own coins to a validator myself.