Users can now stake their SOL tokens on the mobile application with ease and earn rewards in high APY based on the chosen validator.
Trust Wallet Adds Solana Staking
Trust Wallet, a mobile cryptocurrency wallet with over 25 million users in the Decentralized Finance (DeFi) space, now offers Solana Staking. Users can efficiently utilize the mobile wallet to stake Solana’s native $SOL tokens and earn rewards.
Trust Wallet provides users with an easy route to discover the best Annual Percentage Yields (APY) due to its multi-chain functionality. The mobile wallet supports over 60 blockchains and more than 3 Million assets, giving users multiple staking options. In addition, unlike other wallet providers, staking SOL on Trust Wallet does not attract fees because it does not require an external protocol or smart contract. Trust Wallet announced Solana Staking integration on May 10 through Twitter and published an explainer for the community interested in utilizing the feature. https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-3&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NlbnNpdGl2ZV9tZWRpYV9pbnRlcnN0aXRpYWxfMTM5NjMiOnsiYnVja2V0IjoiaW50ZXJzdGl0aWFsIiwidmVyc2lvbiI6bnVsbH0sInRmd190d2VldF9yZXN1bHRfbWlncmF0aW9uXzEzOTc5Ijp7ImJ1Y2tldCI6InR3ZWV0X3Jlc3VsdCIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1524075100701659137&lang=en&origin=https%3A%2F%2Fwww.web3wire.news%2Fpost%2Fstake-solana-on-trust-wallet-and-earn-tokens&sessionId=c9a2f37debaf75b1692dfdfe5e0498693b3baa57&theme=light&widgetsVersion=0577b6d654dbc%3A1652396794909&width=550px
Staking SOL has an Epoch Mechanism—a time frame for staking and unstaking. Hence, staking and unstaking SOL on Trust Wallet is carried out every three days. When users stake SOL, they would begin earning SOL when the next epoch commences. Therefore, when users stake SOL at the beginning of one epoch, it could take up to three days to receive APY earnings from their chosen validator.
Also, once users stake the SOL tokens, they will be locked to the chosen validator. Since both staking and unstaking take up to three days, users’ funds will be locked for a maximum of 6 days. Therefore, users who decide to unstake before the first epoch would not have their funds locked, and they would not receive any SOL staking rewards.
The Wallet has an epoch calendar built inside the application for users looking to track the epoch time. The epoch mechanism is suitable for users who immediately decide to unstake their SOL tokens. Additionally, it will also help users compound their earnings to ensure that they enjoy the best rewards from staking on their chosen validator.
You can read the Trust wallet Announcement HERE to learn how to utilize the feature and earn rewards.
What is Trust Wallet:
Trust Wallet is one of the world’s leading multi-asset digital wallets used to store cryptocurrencies. Trust Wallet supports numerous blockchains, including BNB Chain, Ethereum, Solana, etc. In addition, the mobile wallet offers users access to a vast selection of digital currencies, including the most prominent ones such as (ETH), Bitcoin (BTC), Litecoin (LTC), and Binance Coin (BNB).
Where to find Trust Wallet:
Source : web3wire.news