How to earn money with Solana
Solana is one of the most promising cryptocurrencies out there and one of Ethereum's biggest competitors. Its higher scalability, faster transaction speed and lower fees made me decide to invest in this cryptocurrency.
You can just hold and wait for Solana's value to rise. But as we all know, in the world of cryptocurrencies we have many options to make money passively.
In this post I want to explain how to stake Solana in a easy way.
Phantom Wallet
The first thing you need to do is to download the main Solana wallet. To do this you need to go to https://phantom.app/download. This wallet works in a similar way to Metamask.
Once you download the extension, enter a password and save your 12 words in a safe place.
Deposit Solana
After you have created your wallet, search for Solana and click on deposit. Copy the address and send your Solana from wherever you have it.
Stake Solana
When you have your Solana in your wallet you can start generating passive income. Yo need to go to Solana in the wallet and click on "Start earning SOL".
Then, you will see a list of validators. If you want more information about the validators you can check the following links:
Choose a validator and click on Stake. When you refresh and log back into your wallet you will see that the process is being activated. This process can take about 3 days. It depends on the Solana network.
Earnings
To see your earnings you can go into your Stake and see the rewards. In this process it will automatically generate compound interest and you can unstake it whenever you want at no cost.
