How to Stake SOL
Once you have created a wallet, you can send your SOL to your new address and use it in DeFi. Let's see how to stake on Marinade!
There are two ways to stake SOL on Marinade:
- 1.Stake SOL. This is for users who want to start staking on Solana.
- 2.Deposit stake account. This is for users who are already staking with a single validator and want to tokenize their already existing stake on Marinade.
Stake SOL in a click
Staking your SOL on Marinade is as simple as it gets. All you have to do is:
- 2.Connect your wallet
- 3.In the "Stake" section, type in the amount of SOL you want to stake
- 4.Click the "Stake" button and confirm the transaction in your wallet
On the Marinade app, you will see the “Connect wallet” button on the top right. Marinade currently supports the following wallets: SolFlare Phantom, Coin98, Slope, Exodus, MathWallet, Sollet and Glow.
Connect to the wallet of your choice. When you connect your wallet for the first time, you will be asked to approve the connection. Click on “Connect” to authorize this.
After a successful connection, Marinade will automatically detect the amount of SOL you have in your wallet. You can see this on the top left of the Marinade dashboard.
The next step is to stake your SOL tokens. You can do this by typing in the amount of SOL you want to stake in the ‘Stake SOL’ section. You can also use the 'MAX' button; a small amount of SOL (necessary for transactions) will be excluded.
Now, just click on the ‘Stake’ button to stake your SOL tokens. This will trigger a transaction with your wallet and a transaction pop-up will be displayed.
Approve the transaction to complete your staking process. You have now successfully staked your SOL tokens and received mSOL in exchange.
mSOL represents your staked SOL tokens. You can use your mSOL tokens in other DeFi recipes. As long as you have access to your mSOL tokens, you will continue to enjoy the staking APY from Marinade.
If you are already staking your SOL tokens with a validator and want to transfer your staking positions to Marinade instead, you can do so by following the steps below:
- 2.Connect your wallet
- 3.In the "Stake" section, click on the arrow to display your eligible stake accounts and select your stake account.
- 4.Click on "Stake SOL" and validate the transaction.
- 5.You will receive mSOL and your stake account will be delegated to Marinade. You can now unstake mSOL for SOL whenever you need without losing on your staking rewards.
Your eligible stake accounts will appear when clicking on the arrow.
Your stake account must be fully activated before you can move it to Marinade. This typically takes 1-2 epochs, starting at your staking date. Refer directly to your validator (or the wallet you're using) to keep track of the state of your stake account.
Marinade currently requires a minimum of 1 SOL in the deposit stake account to accept your stake position. This is to prevent bot attacks and overloading of the system.
In order to be able to stake SOL when you're using a Ledger wallet, you will first need to:
- 1.Connect and unlock your Ledger device
- 2.Open the Solana application on your Ledger
- 3.Go to 'Settings'
- 4.Select 'Yes' for the 'Blind signing' option
Ledger cannot yet be used natively with Solana. You will have to link your Ledger with a SPL wallet such as SolFlare or Phantom.