Coinbase launches Solana staking to offer more ways for users to earn crypto rewards

Coinbase Global (NASDAQ:COIN) has expanded its staking offerings to include Solana (SOL-USD) in an effort to provide more ways for users to earn cryptocurrency rewards, according to a blog post dated Wednesday.The launch will be "progressively" available to all eligible users, the crypto exchange said.Staking is the process of earning an annual reward in return for holding a position in a certain crypto (in this case SOL), a dynamic similar to depositing cash in a traditional savings account, though staking yields are typically much higher.For Solana (SOL-USD), in particular, the estimated annual percentage yield that a user can earn for staking the token on Coinbase (COIN) is approximately 3.85%, Coinbase said, adding that rewards will be settled every three to four days.Meanwhile, Solana (SOL-USD), the ninth largest digital coin by market cap, is sliding around 6% as of shortly before 5:00 p.m. ET amid a broader selloff in cryptos. It's down a whopping 80% YTD.Towards the end of March, Coinbase expanded its staking offerings to include Cardano (ADA-USD).