Where to stake Solana in Australia?
There are many exchanges to stake Solana (SOL) in Australia. However, we recommend going through the most secure Australian 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.
How to stake Solana in Australia
This fastest and easiest way to stake Solana (SOL) in Australia is through CoinSpot. You can either deposit Solana or AUD to CoinSpot, then buy SOL with AUD. Investors can deposit Australian dollars to CoinSpot via PayID, BPAY, POLi, Osko, Bank Transfer, Credit/Debit Card or Cash. Follow the below steps to get started.
- Create a free account on CoinSpot and complete the verification process.
- Deposit Solana to CoinSpot or buy Solana by deposing AUD and going to the 'Buy/Sell' tab.
- After you have Solana, go to the ‘Wallets’ tab, then search for Solana and click ‘Earn’.
- Enter the amount of SOL you want to stake/earn then select ‘Confirm Lend Amount’.
Solana Staking APY Comparison
CoinSpot offers the highest staking returns (APY) out of any cryptocurrency exchange in Australia. You can currently get 4.5% APY on your Solana when staking on CoinSpot. You can refer to the below list for competitors Solana (SOL) staking rewards.
- SwyftX - 4% APY
- Kraken - 4% APY
- Crypto.com - 0.25% APY
- Binance - 4% APY
- Bybit - 1.1%
If you are interested in learning more about CoinSpot and it's staking rewards, you can visit our CoinSpot Review.
What is Solana and SOL?
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 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.
SOL is the native currency of the Solana network and it is used to power the chain and its applications. The token can also be staked on a variety of DEXs and CEXs for high yields.
If you are interested in investing and staking Solana, then we recommend using CoinSpot for the best results. You can easily deposit your AUD to start trading or staking SOL on the platform. The returns from Solana staking on CoinSpot are also one of the highest currently available in Australia.