Solana’s Staking Event – Stake with SolFlare
With Solana’s Staking Event on its way, we thought it was time to cover some key details and de-mistify some of the topics that were brought up by users in our SolFlare Telegram group.
About Solana’s Staking Event
In order to participate in this event, you need to be staking at least 25 SOL to a validator of your choosing. You may stake to multiple validators. as long as each stake is a minimum of 25 SOL.
It’s good to note that if you choose to stake to only one validator and wish to maximize your chances of winning than your stake should be higher than 25 SOL. The higher the stake the higher the odds of winning.
So for a single validator delegation,the breakdown is:
•0–24 to one validator = no tickets
•25–99 to one validator = 1 ticket
•100–149 to one validator = 2 tickets
•150–199 to one validator = 3 tickets
But if you choose to stake to multiple validators, then the focus is on decentralizing your validator set, not on the size of your stake so make sure to keep the stake at a 25 SOL, in order to make sure you have the best odds for winning.
Each delegation = a ticket, and each ticket = 1 chance of winning rewards!
What’s the reward?
Each one of the 40 winning tickets will receive a 50 SOL reward. The winners are randomly chosen within 10 days after the event has ended.
Timeline:
You can delegate your tokens any time between September 14th, 2020, 11 am PT and October, 1st 2020, 11 am PT. Make sure to keep your SOL delegated at least until October 14th, 2020, 11 am PT, in order to qualify for winning.
Why is Solana organizing this event?
While validators are responsible for doing the heavy lifting when it comes to securing the Solana blockchain, staking helps consolidate their efforts and promotes a decentralized ecosystem when it comes to voting power. This is why we encourage you to delegate to a diverse set of validators, not just the top ones!
By organizing the event, Solana is actively encouraging SOL holders to play a more active role in maintaining and governing the network. This means that by the time the mainnet is live, Solana will most likely have a community of SOL tokens that are well educated in what it means to be a delegator and participate in the network.
If you’re new to staking on Solana, you will find the process quite easy and intuitive on SolFlare. We’ve had several staking guides created by the validator community:
Solana’s official guide to SolFlare: https://docs.solana.com/wallet-guide/solflare
Video tutorials by Staking Facilities:
• With Ledger: https://www.youtube.com/watch?v=EAWJ12Y4v_M
• With Keystore: https://www.youtube.com/watch?v=5Tf0os-JRcs
Written tutorials:
• How to Stake Solana with SolFlare by Stakin: https://medium.com/stakin/how-to-stake-solana-with-solflare-c087fa30c043
• Staking SOL with Solflare Crypto-Wallet by Melea: https://medium.com/meleatoken/staking-sol-with-solflare-crypto-wallet-b79ab88b1aef
• Staking guide by Bison Trails: https://bisontrails.co/delegate/solana/
• Staking Guides by Chainode:
- With Ledger: https://t.co/c26dy1tmtH?amp=1
- With Keystore: https://t.co/TP9FyVnKg5?amp=1
FAQs
Does SolFlare support Ledger Nano X?
Yes, it does, although we’ve seen some issues with Microsoft devices, so please be advised that Windows users may encounter some problems when connecting to SolFlare with their Ledger Nano X. This issue has also been acknowledged by Ledger and we’re working on finding a way around it: https://github.com/LedgerHQ/ledgerjs
Can I stake to multiple validators from the same account?
No, each delegation will have its own staking account. Creating one takes under 1 minute and it’s very easy on SolFlare.
Can I add SOL to an already existing stake account?
No, just create a new staking account for each delegation, even if it’s to the same validator.
How can I unstake my SOL?
Just click “UNDELEGATE” in the SolFlare interface and wait for the cooldown period required to make your tokens available for withdrawal. You can use the Solana Beach explorer for monitoring the Epochs and check our Solana’s official docs here.
Can I stake the entire amount that is in my account?
No. Make sure you account for transaction fees by staking less than the maximum amount available.
How do I send SOL from my Staking Account to my Main Account?
In order to do that simply click on the staking account address ->“Withdraw” button -> choose the amount that you want to withdraw -> introduce your password -> “Submit”
When will rewards be enabled on Solana?
There is no official date yet. When we’ll know, you’ll know!
What do I do if I lose my keys?
SolFlare is a non-custodial wallet which means that it does not store any data, so please take good care of your keys and password! No one else, not even the SolFlare team, can help you recover your wallet if you lose it.
We strongly suggest you use a Ledger device to connect to SolFlare.
