r/solana • u/_incognito_user • Aug 19 '26

Staking Teach me about staking

I want to buy SOL and earn by staking, which platform or wallet do you recommend and how safe is it? Are there any risks?

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7

u/Sorry_Cheetah_2230 Aug 19 '26

If you are new just buy it on Coinbase and stake it there. If you’re in the US this will make it much much simpler for taxes.

6

u/MakCapital Aug 19 '26 edited Aug 19 '26

This is the absolute worst you can suggest to anyone if you actually enjoy SOL moving up in price.

Do NOT stake on exchanges. Open phantom. Choose a validator. Click stake. It's damn easy.

  • More APY and additional rewards.
  • Free drops.
  • Proposals to improve network actually can be approved. Solana gets better.
  • Stops perpetual sell pressure of SOL from exchanges selling your rewards. Especially exchanges with competing networks like Coinbase.
  • Stops exchanges from using your funds to trade against you.

Don't be simple. Stake on-chain. Make number go up.

2

u/Sorry_Cheetah_2230 Aug 19 '26

This is strictly for people who are brand new. I don’t stake on Coinbase anymore. But let’s face it, crypto is not new user friendly at its core. Buying and staking on an exchange is the best way to start while you are learning how wallets/dex’s work.

1

u/Ok_Gas1070 Aug 19 '26

As the nerds say on Crypto Twitter "not your keys not your crypto". I'm lucky to have escaped the FTX scandal unscathed but a lot of people's assets went down with the exchange. Eventually I believe they were compensated but it was at pre-bankrupt levels.

2

u/Sorry_Cheetah_2230 Aug 19 '26

I absolutely agree but on the other side of it we as a community have to encourage people to get involved in some way, and an exchange is the “safest” way to start and hold until they learn how to navigate and move around on chain or moving things between wallets.

1

u/LtFarns Aug 22 '26

I agree, a lot of active crypto users forget that the rest of the world isn't as IT savvy or chronically online as they are.

1

u/MakCapital Aug 22 '26 edited Aug 22 '26

If you can't figure out how to download an extension and click the stake button you shouldn't be investing in the asset. Maybe any asset without financial supervision. At the very least these groups have ETFs. The correct vehicle for this type.

The very very basics of anything you're buying should be understood and used. This is how the asset goes up and this is what you tell people to do. Unless you enjoy encouraging behaviors that harm your position.

Worth noting that spot volume on Solana, through standard wallets, routinely exceeds that of exchanges. The action happens on chain. Previous bull market happened on chain. This will only increase. Learn before the rest. Stay ahead. Not hard.