Best Solana Staking Platforms

Best Solana Staking Platforms

Staking a key component of the Solana ecosystem, with 68% of all SOL tokens staked, and finding the right platform can significantly impact your returns. Our team has rigorously evaluated the top 15 platforms, comparing key factors like APY, fees, liquidity, and available DeFi strategies to bring you the best options.

Before we get into the finer details, the table below provides a quick summary of the top Solana staking platforms based on our analysis.

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1. Phantom

The Phantom wallet is a top choice for native Solana staking, especially for beginners. With its built-in staking feature, delegating SOL to a validator takes just a few simple steps. Phantom lets you choose from several staking providers, offering competitive APYs of up to 7.68%.

However, there are a couple of limitations with native Solana staking. Your SOL will be locked for one epoch (around 2-3 days) when staking and unstaking, and during that period, it can't be used elsewhere. Additionally, Phantom charges up to a 9% commission on staking rewards if you use its validator.

• APY: 6.99% to 7.68%.
• Fees: 0-9% commission on staking rewards.
• Liquid: No.
• Top DeFi Strategy: Just staking APY since the SOL isn't liquid.

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2. Jito

A more advanced Solana staking platform, Jito, allows users to obtain JitoSOL, a Liquid Staking Token (LST) that accumulates both staking and MEV rewards. These tokens are transferable, providing flexibility for decentralized strategies to earn additional yield, while a portion of MEV profits is redistributed to stakers, benefiting the entire Solana ecosystem.

Jito also leads the Solana liquid staking sector with a TVL of $1.9 billion and over $212 million generated in cumulative fees as of October 2024. It provides a higher APY than native Solana staking, and unstaking JitoSOL is nearly instant, giving users full control over their coins. Additionally, users can explore JTO, Jito's governance token, as part of their DeFi strategy.

• APY: 7.18%.
• Fees: 4% of total rewards annually.
• Liquid: Yes.
• Top DeFi Strategy: Providing liquidity on Orca and Rayidum for extra yield or providing liquidity on Kamino for yield + JTO rewards.

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3. Bybit

Bybit is the top centralized exchange for staking Solana, offering its own LST called bbSOL, with the added security of platform-backed insurance. Users must create a Bybit Web3 wallet, purchase SOL tokens through the integrated decentralized exchange, and stake them for bbSOL. Bybit’s standout attribute is its double-digit APYs for staking Solana.

As an exchange-backed LST provider, Bybit ensures that your delegated Solana is secure, though it is not decentralized like other platforms on this list. Currently, Bybit's bbSOL has a TVL of $53 million, closely competing with Binance, which offers BNSOL with $55 million locked. Bybit also takes zero commissions for SOL staking.

• APY: 20.85%.
• Fees: 0% management fees.
• Liquid: Yes.
• Top DeFi Strategy: Providing liquidity on Kamino or restaking using Solayer.

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4. Marinade

Returning to decentralized liquid staking, Marinade offers both native SOL staking and liquid staking through its non-custodial platform. Users can stake SOL tokens in exchange for mSOL, which provides liquidity while earning rewards. The protocol has $1.1 billion in TVL and has generated $55 million in cumulative fees, with a current median APY of 7.53%.

What sets Marinade apart is its automated native staking system on Solana, which maximizes rewards while minimizing custodial and smart contract risks. This system is particularly appealing to institutional players seeking a secure and lucrative way to earn SOL rewards. Marinade's governance token, MNDE, hasn’t seen the same success as JTO, however.

• APY: 7.53%.
• Fees: 6% fee on rewards.
• Liquid: Yes.
• Top DeFi Strategy: Restaking on Solayer for additional yield.

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5. Solayer

Mentioned several times already, Solayer is the original Solana restaking protocol that allows users to reuse both native and liquid-staked SOL. Users can convert their tokens into sSOL, leveraging the stake-weighted quality of service (QoS) on Solayer to earn a boosted APY of up to 8.12%.

Since launching in 2024, Solayer has attracted $185 million in TVL and offers nine strategies on its marketplace, including options for Binance Staked SOL (BNSOL), Bybit Staked SOL (bbSOL), Helius Staked SOL (hSOL), and others. Solayer also offers sUSD, a yield-bearing restaking stablecoin, though it has yet to launch a governance token.

• APY: 8.12%.
• Fees: 7% fee on rewards plus a small withdrawal fee.
• Liquid: Yes.
• Top DeFi Strategy: Vault Strategy on Kamino or Deposit into Save lending pool.

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What is the Best Way to Stake Solana?

The minimum amount of Solana required for staking is just 0.01 SOL, which is a major advantage over networks like Ethereum. The best platform or method for staking depends on your experience, capital and goals.

• Beginners: Delegate your SOL tokens through crypto wallets like Phantom or Ledger, or use a centralized exchange that stakes your tokens for a commission.
• Intermediates: Liquid staking and restaking are ideal for more advanced users looking to maintain liquidity and earn higher yields through DeFi.
• Experts: Those with technical expertise can set up and maintain their own validator node, providing maximum control and higher potential rewards.

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How Profitable is it to Stake Solana?

The current estimated reward rate for staking Solana is around 6%. This means that by participating in staking, you can earn approximately 6% annually on your SOL holdings from block and epoch rewards. For example, if you stake 100 SOL at the current Jito rate of 7.74%, you could earn around 7.74 SOL per year in rewards, depending on your staking method and platform.

The majority of the native yield comes from Solana's inflation rate, which is set at 5.77%. Since transaction fees on Solana are relatively low, most of the staking rewards are derived from newly minted tokens rather than from network fees. This inflation mechanism ensures that validators and delegators are rewarded for securing the network.

As long as inflation continues, you might as well benefit from it by staking and earning a portion of the newly issued SOL. Furthermore, with more advanced strategies such as liquid staking, this yield could potentially be higher, as you can also take advantage of DeFi opportunities while still receiving staking rewards.

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How Long do I Have to Stake Solana?

It takes one epoch for your stake to activate, with each epoch on Solana lasting approximately 2-3 days. After this period, your stake will become active and start earning rewards. While native staking has a short lockup period for unstaking (typically one epoch), liquid staking derivatives offer no lockup period at all, providing more flexibility.

However, most users who stake SOL tend to do so for the longer term (months or even years) to maximize their passive income on their tokens.

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Bottom Line

Staking Solana has become more versatile, with platforms like Jito, Bybit, and Solayer offering great APYs and flexible options like liquid staking and restaking. With an average APY around 7%, staking SOL is a solid way to grow your holdings, while contributing security to the network.

While the best platforms may shift over time, these three currently stand out for their strong yields, low fees, and innovative DeFi features, making them great choices for safely earning rewards.