How to stake Solana in Canada

Bitbuy makes it easy for Canadians to stake Solana and start earning crypto rewards in Canada

Take Your Solana to the Next Level by Earning Staking Rewards!

Earn up to 4.28% in rewards on Bitbuy by holding some of your favourite coins in a stable, regulated environment and watch as passive income is paid to you every 2-3 days.

Solana (SOL)
Earn 4.28% Yearly
Minimum
0.1 SOL
Payout period
2-3 days
Bonding period
3 days
Unbonding period
N/A*

*Bitbuy users enjoy the ability to unstake any time.
Note: The reward rate posted here is an estimation, and may be updated on a monthly basis.

Calculate my rewards

Earn Passive Income with Solana Staking Rewards

With Solana, earn up to 4.28% in passive income and watch your holdings grow by locking in crypto assets for as long as you want. Funds from staking rewards are paid out every 2-3 days, and each transaction is encrypted using SSL technology and two-factor authentication for extra security. Bitbuy has some of the best staking reward rates in Canada, so more of your money goes directly to you.

Bitbuy Makes Staking Solana Crypto Simple

With Solana, staking is quick and easy. Simply deposit funds with the fiat currency of your choice, deposit cash to invest, and choose Solana as the staking crypto. Holdings will never leave your account, and funds will be paid out every 2-3 days. With Bitbuy as your digital platform, your holdings will be safe and secure. You can unstake your Solana investment at any time and withdraw your funds.

How Solana Staking Rewards Works

1. Solana utilizes a Proof-of-Stake (PoS) cryptocurrency consensus mechanism that confirms transactions and manufactures new blocks through randomly chosen validators.

2. Validators are picked based on how many coins they have locked up in the blockchain network.

3. Solana holders can stake their tokens to a minimum of one validator to the protocol's Mainnet Beta (a permissionless environment for Solana users, crypto holders, builders, and validators).

4. Anyone who has Solana can stake their holdings.

5. Once the coins are chosen to validate a transaction, stakers will receive a Solana staking reward.

Why Bitbuy is Your Best Choice for Solana Staking

Safe and Secure

Bitbuy is the first TSX-listed exchange and one of Canada's only OSC-registered crypto trading platforms to be given regulatory approval to offer staking. 

When you stake with Bitbuy, your assets are not loaned out to earn rewards. Your assets are always held at a 1:1 ratio; you can see our Proof-of-Reserves audit here.

Flexibility

With Bitbuy staking, you don’t have to worry about extended lockup and unbonding periods. We make it easy for you to unstake and withdraw anytime.

*Please note that staked ETH cannot be unstaked until the Ethereum network completes the Shanghai upgrade, predicted to launch in 2023.

Speed & Efficiency

Bitbuy staking transactions are fast and efficient. Use your bank account directly to fund your Bitbuy account or to withdraw.

The Lowest Fees

Bitbuy has the lowest staking fees in Canada. Period. By dealing with a Canadian platform, you’ll also avoid F/X fees.

Award-winning Customer Support

We’ve got you! Whatever your issue, we’ve got the solution. Check out our support page filled with detailed Q&A, or reach out via our handy support link.

FAQ

What is Solana?

Solana is one of the world's largest smart contract cryptocurrencies, with a market capitalization rate of more than $5 billion and 24-hour trading volumes north of $800 million as of 2022. The protocol’s utility is a decentralized, permissionless, and high-speed layer-1 blockchain that can facilitate efficient, scalable, and user-friendly applications for the international crypto community. Its native token is SOL.

How Much Solana do I Need to Stake?

The minimum amount you are required to stake is 0.1 SOL. This is equal to a few cents in both U.S. and Canadian dollars.

The more you stake, the more you earn. It’s that simple!

How do I Buy Solana in Canada?

There is only one way to buy Solana, and that is to purchase Solana on a crypto exchange like Bitbuy. If you haven’t already, open a Bitbuy account which will allow you to purchase SOL.

Where is the Best Place to Stake Solana?

The cryptocurrency industry has blossomed in recent years, leading to a growing number of crypto exchanges and online trading accounts that enable crypto trading. But one of the best platforms is Bitbuy, a Canadian-owned and operated digital currency platform created for new traders who want to simplify the process and advanced traders who want the best tools available today. From low fees to top security, you can gain exposure to many coins, including Solana.

Do the 4.28% Staking Rewards Fluctuate?

You will earn up to 4.28 percent in rewards for staking your Solana based on how much you stake. However, the estimated rewards rate will change depending on many factors relating to the cryptocurrency, including the current inflation rate, the validator's uptime, commission, and the total number of Solana staked on the network.

Is Solana Proof of Stake or Proof of Work?

Like Ethereum, Solana uses a Proof-of-Stake (PoS) consensus mechanism to confirm transactions, produce new coins, and manage the coin supply. A portion of Solana also utilizes the innovative Proof of History (PoH) algorithm that supports faster processing time and lower transaction costs.

How Often Are Solana Staking Rewards Paid by Bitbuy?

In the Solana ecosystem, individuals staking their cryptocurrency will first need to wait for two epochs (one epoch is equivalent to about two to three days). On the Bitbuy platform, your first reward payout will be 3-5 days, after which you will begin earning Solana staking rewards every 2-3 days.

How Much Can I Earn Staking Solana?

You can earn up to 4.28 percent on the amount you staked. Your staking rewards can grow faster by automatically re-staking the rewards, allowing you to compound your returns.

Can You Lose Solana by Staking?

While staking is mostly a safe and secure investment decision, much like depositing your fiat money into a savings account, the strategy is not without risk.

Crypto staking is considered to be much safer than crypto lending. While lending involves credit risks, staking rewards come directly from the blockchain protocol. This generally means fewer counter-party risks, as your reward comes from the issuance of new coins rather than trusting someone to pay back a loan.

The biggest risk with staking is usually slashing, which means missed rewards due to infrastructure downtime or validator misbehaviour. To prevent slashing, Bitbuy has partnered with thoroughly vetted industry-leading infrastructure providers like Figment and has designed our systems and processes to greatly reduce the likelihood of a slashing event.

Please refer to Bitbuy’s Solana staking risk documentation here.

How Long Can You Stake Solana?

There is no limit to how long you can stake your Solana for. Solana can be unstaked at any time on Bitbuy.

What is the Best Staking Coins?

Here are the top five cryptos to stake today on Bitbuy:
· Solana (SOL): A PoS blockchain platform that hosts decentralized, user-friendly, and scalable applications.

· Ethereum (ETH): A PoS cryptocurrency that supports the underlying technology in the industry.

· Polygon (MATIC): A PoS consensus mechanism that processes on-chain transactions that enjoys security from Ethereum.

· Cardano (ADA) (Coming soon in 2023): A PoS blockchain platform that supports peer-to-peer transactions and serves as an alternative protocol to PoW networks.

· Polkadot (DOT) (Coming soon in 2023): A PoS blockchain and cryptocurrency that connects blockchains, facilitating the flow of data and value across multiple networks.

· Cosmos (ATOM) (Coming soon in 2023): A PoS cryptocurrency that supports an environment of blockchains that can scale and interoperate with others. The goal is to manufacture an "Internet of Blockchains."

How Safe is Staking SOL?

Staking your Solana on Bitbuy is a safe and secure method. Your staked crypto assets will be stored in institutional-grade cold storage provided by BitGo, a market leader in compliant digital asset custody solutions.

Earn rewards by staking your crypto

Sign up
Ethereum (ETH)
Earn 3.30-4.87% Yearly
Stake ETH
Solana (SOL)
Earn 4.28% Yearly
Stake SOL
Polygon (MATIC)
Earn 4.88% Yearly
Stake MATIC
Polkadot (DOT)
Coming soon!
Stake DOT
Cardano (ADA)
Coming soon!
Stake ADA
Cosmos (ATOM)
Coming soon!
Stake ATOM

Start earning staking rewards in 3 easy steps

1
Buy and hold eligible crypto
Choose one of the eligible coins and purchase it if you do not own it
2
Choose an amount to stake
Once you own the eligible coin, choose how much you would like to stake

3

Earn staking rewards
Start earning rewards paid out frequently while you HODL