Coinbase: Staking Rewards Benefits for Solana Holders with High Returns

Coinbase, a cryptocurrency exchange, has enabled Solana (SOL) staking rewards, allowing platform users to earn incentives for just holding the coin and keeping it staked in the network. Coinbase announced the change and stated that it would progressively roll out the capability to all its users. With rewards dispersed every three to four days, the company will offer an estimated 3.85 percent annual percentage yield (APY) on SOL staked in the Solana network. In contrast, Coinbase now provides 3.675 percent APY on Ethereum staking to its users. Yield rates, however, are variable and heavily influenced by shifts in the overall number of tokens staking on a particular network. 🚀Now Launching🚀@solana staking is rolling out on Coinbase! Start earning up to 3.85% APY. $SOL info 👉 https://t.co/IQg2ufYcFH pic.twitter.com/6PETRrISke — Coinbase (@coinbase) June 29, 2022 Competing Exchanges Offer Solana Staking Other competing exchanges like Binance and FTX and self-custody wallets like Phantom have long offered Solana staking. The Solana network provides the staking reward splits between Coinbase and the participating users, with a 25% cut going to Coinbase. Users can withdraw their staked SOL coins from Coinbase at any time with no lock-up requirement, but to be eligible for staking rewards, they must possess at least $1 worth of SOL. The staking process allows cryptocurrency owners to temporarily lock up their coins or tokens in a b...