Solflare is an all-in-one digital wallet solution for Solana. With Solflare you can now generate and access your free, non-custodial, digital wallet and easily stake your SOL! It’s available on all platforms, desktop, mobile browser app, browser extension and mobile app on each app store.
As the first wallet buit on the Solana platform, over 22% of the circulating SOL are staked via the Solflare platform. It is easy to use, safe and intuitive which enables you to stake, swap your tokens and also NFT compatible.
In this guide we will be using the Chrome browser extension. To download and install Solflare head over to https://solflare.com/ and click on the “add to chrome” button.
Once installed, open the Solfare extension and then click on “Create a new wallet”. From here, choose a strong password for your wallet and write down you MNEMONIC seed phrase on a piece of paper and store it safely. Never share your seed phrase with anyone.
If you lose your account information, the Mnemonic seed phrase will help you recover it. Whoever has access to your seed phrase, has access to your founds.
After setting up your wallet, you will need to transfer some SOL before staking. To do this, copy your wallet addres on the top bar or by selecting the “ Receive” button.
Now that you have transfered SOL you can begin staking! Select the staking (piggy bank)button and click on “ Expanded View”.
Select “ Stake Solana” or switch to the staking tab and click on “Start Staking”. Here you can also view your transaction’s by clicking on the “More Actions” & “ View in Explorer” which will take you to https://solanabeach.io/
Enter the amount you wish to stake and select a Validator. Before selecting a validator,be sure to make some research regarding them. When you are ready press “Stake”. You can see all the available validators and some additional information about them on https://solanabeach.io/validators
Be sure to have some spare SOL in your wallet to cover transaction fees
You will be prompted with a confirmation window and after a few moments you will see in the staking tab that your account is in activation process. This process takes about 2–3 days, depending of the time in “Epoch” we’re in. Your stake only activates and deactivates at the beginning and end of an epoch. You can see how far into an epoch we are by going to https://solanabeach.io/ or https://explorer.solana.com/
On Solana rewards are automatically claimed and added to your active stake to compound. Using smart contracts the best pools are chosen for every crypto asset, thus, ensuring enhanced yields.
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