- Solana is a top blockchain network and its native SOL token ranks among the largest by market cap.
- Crypto.com now offers SOL on-chain staking.
- Investors can earn rewards of up to 5% when they stake SOL on Crypto.com.
Crypto.com, a Singapore-based cryptocurrency trading platform, has announced that it now supports SOL on-chain staking. The news was shared in an official tweet from the exchange on Monday.
Solana is a prominent blockchain network and its native SOL token is one of the largest by market cap. By staking SOL on Crypto.com, investors can earn rewards of up to 5% APR, with no fixed terms or minimum staking amount.
All about efficiency and performance? You’re gonna love this. SOL is now available for on-chain staking on the https://t.co/A7lhUEyoao Exchange. Earn more #SOL rewards when you stake now! https://t.co/w5IWWkOtqC
⬆️Up to 5% APR
🚫No fixed terms
🤏No min. staking amount@solana pic.twitter.com/QGJFFBps1c— Crypto.com Institutional (@Cryptocom_Insto) April 10, 2023
Solana Among Most Rewarding Crypto Assets for Staking
Crypto staking platforms are crypto exchanges, brokers, or apps that allow users to earn rewards on their crypto assets by making it possible for them to lock the tokens in wallets or staking pools for a reward that comes after a set period.
The staking process allows proof-of-stake blockchains to use staked coins to support and secure the network – which is different from the mining process of proof-of-work blockchains like Bitcoin.
Solana is the third-largest crypto asset by staking market cap, behind only Ethereum and Cardano. Data from on-chain staking shows, however, that the Solana network is the most rewarding when it comes to staking reward ratio.
Staking ratio is a percentage of tokens eligible for staking that are currently being staked, and Solana’s ratio is currently at over 71%.
Ethereum, which transitioned to a proof-of-stake consensus mechanism in September 2022 via the Merge, only has 15.64% of ETH staked. Ethereum staking was introduced in December 2020 with the Beacon Chain genesis.
Cardano and Cosmos have about 67% of tokens eligible for staking.