Explore the Solana Ecosystem

Steakwallet allows you to dive deep into the world of Solana...

Last updated on February 16, 2022

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Steakwallet allows you to dive deep into the world of Solana. The Solana Explore center is your window into the Solana ecosystem – it's the place where you can come to learn more about staking assets on the Solana network, interact with your favorite dApps, explore new opportunities, and check in on the latest, as we showcase the hottest projects and alternative opportunities across the Solana network.

 

Solana is a high-performance, open source blockchain that allows builders around the world to create decentralized applications with a focus on scale and speed. Solana is one of the new Layer 1 (L1) blockchains aiming to make crypto networks faster and more scalable. Solana uses a combination of Proof-of-Stake (PoS) and a new mechanism called “Proof-of-History” (PoH). PoH is designed to keep time between computers on a decentralized network without all the computers having to communicate about it and come to an agreement. PoH creates a historical record that proves that an event has occurred at a specific moment in time, which is different from most other blockchains in which block producers (validators) must communicate with each other to produce blocks and synchronize the state of the network. Solana side-steps this communication requirement and, therefore, can produce blocks much faster: the key to handling more transactions as the network scales. For a deep dive you can take a look at the PoH whitepaper.

 

FAQs

How do you send Solana tokens into Steakwallet?

Steakwallet supports the management (and native staking) of SOL tokens. To send assets into your Steakwallet, navigate to the home screen and click on the asset you want to send. Please note, if the token you want to manage is not yet on your home screen, you must manually add it by [INSTRUCTIONS]. Once you select the token and are taken to that token screen, click Receive to access your wallet address. Next, select Copy address, or alternatively use the QR code to scan your wallet address, and send your tokens over from an exchange, another wallet, or wherever they are held. Congratulations, you're now using the best mobile wallet to manage your tokens! 🤝

How do you send Solana tokens out of Steakwallet?

If you need to send assets out of Steakwallet, navigate to that token screen and click on Send. Input the amount you would like to send (you can view the amount either in the native asset or in your preferred fiat currency) and select Next. If the transfer is subject to fees, note the network fee and total balance of the transaction. Next, input the Recipient address.

Please make sure that you are sending the funds to the correct wallet address. If you mistakingly send your funds to the wrong address or to a different network, you may lose all amounts sent.

Input a Memo if need be or you so desire, and then click Next. You'll be taken to a final confirmation screen and presented with an overview of the transaction. If all of the information looks correct, hit Send. That's it!

How do you stake SOL?

On the particular token screen of the asset which you want to stake, scroll down slightly to the Currently earning section and click on the Native staking card that gives an overview of the staking semantics (current APR, projected 5-day ROI, and any amount currently staked). Once you click on the card, you will be taken to the hub for staking that token. Click on Stake, read through and familiarize yourself with the basics on staking that token, and hit Let's go. Use the slide bar to select how much of your balance you would like to stake (alternatively, you can hit the percentage buttons to automatically select 25%50%, or Max of your funds). Take a look at the estimated annual return on that amount and any network fees associated with the transaction, and click Next. You'll be taken to a final confirmation screen and presented with an overview of the transaction. If all of the information looks correct, hit Confirm Stake and voilà!

For more information on staking, check out our step-by-step staking guide below.

When do you begin to earn SOL staking rewards?

When you start staking your SOL and the delegation is confirmed, it will take roughly 2 epochs (where 1 epoch is roughly equivalent to 2-4 days) for your stake to become active and earn rewards. This means that if you start staking your SOL in epoch 100, then you will start earning rewards on the effective amount in epoch 102. Your rewards are automatically distributed every epoch after that. Any additional SOL that you stake after will also need to wait 2 epochs before earning rewards.

How do you claim SOL staking rewards?

Your rewards for staking SOL will be automatically claimed and you will see your overall balance increase without having to go through any additional steps. Since your earned rewards are automatically added to your total staked balance, your staking income will compound and you will earn rewards on top of your rewards.

Please note that if you want access to your rewards balance, then you will need to unstake all of your SOL and withdraw it to your wallet as the Solana network does not allow you to unstake only a certain amount.

How do you unstake SOL?

If you'd like to unstake your assets, navigate to the given token staking screen and select Unstake and then Let's go. Please note that when you unstake your assets, you will be subject to an unbonding period in which you will not be able to use your tokens. Use the slide bar to select how much of your balance you would like to unstake (alternatively, you can hit the percentage buttons to automatically select 25%50%, or Max of your funds). Take a look at the associated network fee and click Next. You'll be taken to a final confirmation screen and presented with an overview of the transaction. If all of the information looks correct, hit Confirm Unstake and your funds will begin to unbond.

What is the unbonding period for unstaking SOL?

You may need to wait several epochs (approx. 2-4 days or more) for the SOL to be available to send again. All your rewards will automatically be unstaked as well.

 

Staking Guides

 

Check out what’s new in the world of Solana on Steakwallet

 

Support

If you have need support or have questions for us, you can reach out to support@steakwallet.fi or join our Discord (and send a shout in our #support channel) to immediately connect with team members.

 

 
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