In addition to generating great benefits by trading crypto, you can also generate a passive income by staking those crypto assets. Yes, you read that absolutely right. As you can easily guess from the title of this read, here we are specifically talking about generating passive income by staking SOL. However, there are a lot of users who might not have an idea what "Stake" actually means, how to stake SOL, and what are the risks attached to it. So, if you also had these queries in your mind, you can definitely step ahead and learn more about them.
Today, in this post, I am going to share some exclusive details in reference to staking SOL through an Exodus wallet. But, before anything else, let us first shed some light on What staking means in reference to Solana.
Solana Staking- An Explanation
If you are planning to try your hands at staking, then staking SOL is a good option to start with. The best part is, when you stake SOL through this platform, the generated rewards are paid to you in the form of SOL itself.
If you do not know what staking is, then let me tell you it simply means locking your owned crypto assets for a fixed amount of time. In short, we can say that it is just like a fixed deposit scheme which is there at different financial institutions.
But, if you ever feel the need, you can easily unstake those staked crypto assets. Now, you must be wondering, why do you get rewarded by staking your crypto assets? Well, the answer is pretty simple. When you stake crypto assets through the Solana network, it means you are sharing your contribution towards the stability of this network and for doing the same, the platform is returning the favor. And, this way, you eventually earn rewards.
Should you stake SOL through Exodus wallet?
If you have doubts about whether or not you should stake SOL through the Exodus wallet, then this section is going to help you come to a conclusion. Exodus follows a non-custodial way to stake your SOL making it safer for crypto traders. Here, by the term "non-custodial" we mean that you always have full control over your crypto assets whether you have staked them or not.
So, if you have some SOL in your wallet, why not use it for earning more and more rewards? And the best part is, you can always "Unstake" them as and when needed.
To Sum Up:
I hope this blog post covers all the queries that you had about staking SOL through the Exodus wallet. Meanwhile, if you are not aware of the method to stake crypto assets, particularly through this wallet, then let me tell you that it is an extremely easy process.
All you need to do is create a wallet > sign into it > click on the "Rewards" icon at the top-right corner > hit the "Stake SOL" option and follow the easy prompts.