Exchange Review

How to Stake Solana (SOL) in Australia

Summary: In this short and simple guide, we show Aussies how to stake the cryptocurrency, Solana. The best place to stake Solana and other cryptocurrencies is on the CoinSpot exchange.

By 
Serah Huels
 on  
August 13, 2022

Solana is a blockchain network that aims to provide scalability, security, and decentralisation, it was founded in 2017 by a team of experienced blockchain developers, including co-founder and CEO Anatoly Yakovenko. The company is headquartered in San Francisco, California. The Solana network utilises a unique Proof-of-Stake consensus mechanism that allows it to process transactions quickly and securely.

The blockchains tokenomics are designed to ensure transactions remain less than $0.01 for both developers and users. Solana is much faster than most networks with regard to the number of transactions it can process, and it has significantly lower transaction fees compared to popular blockchain networks like Ethereum.

Table of Contents

Where is the best place to stake Solana in Australia?

The best place and way to stake Solana (SOL) in Australia is by going through the most secure Australian-based cryptocurrency exchange, CoinSpot. CoinSpot offers the highest APY's (returns) for Solana staking in Australia and also offer the lowest fees. There are a few other cryptocurrency investing platforms that offer cryptocurrency staking for Solana but they all offer lower returns and higher fees.

If you are interested in learning more about CoinSpot and it's staking/trading options, you can visit our CoinSpot review page.

How to stake Solana (SOL) on CoinSpot

This step-by-step guide shows Australian investors how to stake Solana (SOL) instantly with low fees. In this example, we use direct deposit as the deposit method but you can also use POLi, PayID, BPAY & Cash Deposit. Follow the below steps to get started.

  1. Sign up to CoinSpot and verify your identity
  2. Select ‘Deposit Funds’ and tap ‘Direct Deposit’
  3. Copy the details into your banking app and send Australian Dollars to your CoinSpot account
Deposit Funds Page on CoinSpot
  1. Search for ‘Solana’ in the ‘Buy/Sell’ tab and input the amount of AUD you want to invest then select ‘Buy’
Buy Solana (SOL) on CoinSpot
  1. Go to the ‘Wallets’ tab and search for Solana and tap ‘Earn’
  2. Enter the amount of SOL you want to stake/earn then select ‘Confirm Lend Amount’
How to Stake Solana (SOL) on CoinSpot

Your Solana staking rewards will be paid out every week into your Solana Wallet.

Solana Staking APY (Annual Percentage Yields)

CoinSpot offers the highest staking returns (APY) out of any cryptocurrency exchange in Australia. You can currently get 6.6% APY on your Solana when staking on CoinSpot. You can refer to the list below for competitors Solana (SOL) staking rewards.

  • SwyftX - 6.1% APY
  • Kraken - 6% APY
  • Digital Surge - 6% APY
  • Crypto.com - 0.2% APY
  • Binance - 3.1% APY

What is Solana and SOL?

Solana is a high performance, fast and reliable blockchain network and SOL is the native currency of the Solana network. It is used to power the network and its applications. The Solana network utilises a unique hybrid consensus model that combines a Proof-of-History (PoH) algorithm with Proof-of-Stake consensus mechanism that allows it to process transactions quickly and securely. Solana's decentralised applications can be built on top of the platform using its smart contract functionality.

Solana Home Page

Solana (SOL) Live Price & Chart in AUD

Below you can find the live price and chart of Solana (SOL) in Australian Dollars.

Stake Solana on CoinSpot

Author Bio

Serah is our Editor in Chief and was the first person to join the Buy Crypto Australia team. She is a digital & crypto native, having been in the space since 2015.

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