Staking SOL with Solflare Crypto-Wallet

Víctor | melea
Aug 19 · 11 min read

Solflare It is the first wallet for the Solana network that allows you to create accounts, transfer SOL in addition to the SPL tokens created in the Solana network, is here to Stake, and much more.

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SPL tokens = Serum’s SRM coin is an SPL Token that exists on the Solana network. Every day there will be more currencies that inhabit the Solana Blockchain, because it is one of the virtues of this network; “It allows you to easily create tokens” it can be said that they are related to the ERC-20 tokens that are available and work within the Ethereum network.


This Guide written by

It is only a resource to take as an example and see how Solflare can be used with Solana, at no time is this guide a manual “You must take the necessary security precautions when you are the one who keeps your coins, here we do not explain anything related to Security is your responsibility, in addition to checking that the guide is current “ & this article guide, is not created to encourage you to buy SOL coins and do staking, but it shows you with examples how to do it in a simple way, but it will be that you do because you want, not because we advise it here.


It is a wallet that I personally liked a lot, because it offers an intuitive interface, and since it is a Wallet that does not keep your coins I like it better, it also works with a Ledger and allows staking. In short, it will be one of the wallets that I recommend the most to the community.

With SOLflare You can create your KEY aKa account for SOL online in the browser, and you are also welcome to use your Ledger

If you use a Ledger you will not need to save any backup or copy files, but if you do not have a Ledger, you should take some additional precautionary measures so as not to lose your SOL coins.

Here in this guide, we detail them.


Create an account

There are wallets that do not guard your funds, they only give you access to them through the keys, it means that they are only an interface for you who is a user. For that reason, you must save your password and your recovery files.

When you create the account, be sure to check this box, so that you have an additional file that will allow you to interact with your portfolio and the Solana client solana-cliinstalled on a computer, it is important in case you lose the password to access the Solflare interface.

The best portfolios are those that don’t guard your funds like Solflare. It means that if the SOLFlare website does not work correctly for any reason, you can manage your portfolio with the Solana client from any PC.

It is good to know this and be very clear about it. Now we continue:

Let’s create the account and check the box to get RAW Private Key

If you are serious about having your wallet and saving funds in it, it is best that you save the files in copy and do not leave any in the download folder of the computer, and the previous copies saved in different devices to which only you have access. Having this backup of your wallet will be safe to save coins and staking SOL with it.


If you have checked the box, as we have indicated in the previous step:

Once the account is created, you will end up with two files, the files of each user will be different, corresponding the characters of their file with Solana’s account, here is an example of my two backup files.

One of the files will be useful to use together with the password on Solflare.com and the other file is solflare-raw-key for use in the official Solana client solana-cli without the need for Solflare and without the need for a password. You will only need this file if you do not have the password.

Here I am using solana-cli and the backup file of solflare-raw-key

I can view and manage my wallet without the need for Solflare or password


Deposit transfer SOL to our account at SOLflare

TIP: Always send 1 single SOL coin first to be sure that we are doing well, then we can send thousands once we have verified that the first test has arrived correctly.

Copy “Your Address”
89qSTerWGuWESwESqxi7RELRAyDniHcc1aRdxvdfKnR6
to send / deposit SOL tokens from Binance for example:

As Solflare does not custody your funds, you will not need to wait for them to be credited to your account, it will be almost immediately.

We can check the same balance with solana-cli


Transfer SOL to another Wallet

Sending Sol to another portfolio will be as simple as clicking the transfer button then copying the destination account and the amount of SOL coins.



Staking, Stake, Delegate SOL

What is Staking and why do I get paid for it?

SOL is a currency that allows you to participate in the security of the network, you can help make the network more secure by staking your tokens AkA coins, this is a new modality in cryptocurrencies that is having a lot of success, call stake”

More about staking and what it is in this article.

Staking with Solflare, it’s very simple

TIP: You have to deposit SOL from your account → to a new stake account, remember not to transfer all currencies to be able to carry out transactions while you stake. Solflare helps you create an account and associate your main account, you should not worry, also with this new and new system of accounts for staking dependent on the main account is how Solana Staking works.


Do I have to create more accounts to stake?

YES

NOTE: I personally have been staking Solana on the testnets for a long time and on the mainnet network since its inception, when I found this modality of stake accounts that depend on the main account and that I can create as many as I want to be able to do the stakes, it seemed crazy to me, but after understanding and using it, I really liked this system and in short I have been able to see that it is always better to try new things even if they seem different or look futuristic, I definitely know that You will like them too after learning how they work and what you can do with them.


In this example: from 11.77 SOL that the main account has, I will deposit 11 SOL to create the Stake account and put these 11 SOL to be staked.

Start the Stake

Now that the Stake account is created, to start staking you have to delegate that account to a validator, each stake account can be delegated to a single validator. If you want to help decentralize the stake and improve the security of the Solana network, you will have to delegate to as many validators as you can control. This will diversify your stake and expand your security as well; As long as the validators you have selected offer you experience or experience validating in Solana, your stake will be safer and more productive.


How should I select a validator, where is the list of validators?

A validator is your vehicle for staking, the validator, as its name indicates, validates the transactions of the network and consequently takes a payment in the form of a commission. The commission is not fixed, it can be upgraded to higher or lower depending on the network conditions.

You can find the list of Solana validators here at SolanaBeach and at Solflare. Here is solanabeach

SolanaBeach offers us a list of all the validators available in Mainnet Beta, which is the network that interests you to do staking with real SOLs and not from testnet, which is also available in solanabeach.

When you see a validator of your interest or to review one by one to get a list of Validators, you should know that clicking on the name of the validator will take you to the validator’s website where you can do your research on whether it is a good validator or no.

The commission or Fee is the part you pay to the validator for staking. And it is the only thing that the validator wins

For example, if we are stake in Solflare

FEE = Validator commission

Validator commission explained:

With a validator that charges a 10% commission, for every SOL that we earn by staking with that validator we will pay 10%, then the Validator instead of producing 1 SOL to our account, will produce 0.90 SOL and will keep 0.10 SOL what is equal to 10% commission.

The coins earned by staking will be reflected in your Stake account at all times, you will not have to wait for the validator to pay you or for someone to execute that function, everything is automatic at Solana, you stake, the Solana protocol distributes the coins of reward according to the commission of the validators and your stake amount.

If the validator has a 100% commission, it means that you will not have rewards for stake and that the validator will take it all.

If the commission is 0% as currently the “melea validator” has it, then the validator will not earn anything and offers you a free Validation service, you win everything, the validator will not earn anything.

We do this from our validation service to help make the network more decentralized by attracting delegates to validators outside the TOP 20 like us who are currently at # 31 but it is the same as being at + #60

The commission is not fixed forever, the validator can raise or lower it as he sees fit.

That is why you should see the validator’s website, check its commission, see that it is active in Solana’s social networks, and Solana telegram chats channels, to make sure you can talk to it if you need it.

By taking these precautions or steps you can ensure a safer stake and a more decentralized and efficient Solana network for everyone.

Undelegate is to finish staking in order to transfer your tokens.


In this previous example, we have delegated 11 SOL, but so that the account does not remain empty or 0, only 10.9712 SOL go to stake and has been delegated to staking and 0.0288 SOL not, is for stay in the account so that it does not remain in 0 → Zero. This is done automatically. You should not worry, but it is good that you know.

If you want to delegate to another Validator or the same validator plus Stake, you must

  • Deposit SOL in “Your Address” or have +1 SOL in Balance
  • “CREATE ACCOUNT” button to create a stake account as before
  • Delegate “DELEGATE ACCOUNT” to a validator to start the stake!

Solflare makes it easy for you.

You can also see the validators and their commissions at Solflare

Click on the Stake Button next to your validators to review your respective stakes with that Validator.

Split: It is the action of dividing the stake or stake account into more stake accounts.

Undelegate: It is the action to finish staking.

Active Stake?

Why Inactive?

You just have to wait you don’t need to do anything else

The stake is delegated, but it is not activated immediately, Solana’s history is managed through epochs and your stake will begin its process of activating, which is called warming up, in the next epoch it will change state.


Still not Staking?


meleatoken

melea Blockchain Solutions & Services

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