If you haven’t already heard, RockX is teaming up with a long-term strategic partner, Moonstake, for SOL staking! This means that Moonstake users can now stake SOL on Moonstake through a RockX validator. If you’re a SOL holder, you can now earn interest on your holdings by staking your assets on Moonstake’s super clean, easy-to-use interface.
The staking giant Moonstake entered the industry last year set on becoming the largest staking network in Asia. They have since developed a mobile wallet for iOS and Android that supports over 2000 cryptocurrencies. In August 2020, Moonstake officially launched a full-scale operation that has seen their staking assets grow to over $1B. Today, Moonstake and RockX come together once again to bring more benefits to their users with the addition of Solana staking on Moonstake’s platform.
If you’re curious on how this works, here’s how you can stake SOL on Moonstake through RockX.
How to Stake SOL on Moonstake
- Register your Moonstake Wallet via Web or mobile (iOS / Android). Links can be found on the Moonstake website.
- Select SOL from the “Wallets” screen and click the “Add Asset” button.
- Access the SOL screen to check your staking information. From the Staking tab, click the “Stake” button and enter your staking amount (must be more than 1 SOL).
- Enter your wallet password to complete staking.
Just like that, you can stake SOL on Moonstake through one of RockX’s validators on Solana. Once you start staking SOL, a stake account with its own unique address will be created automatically. There is no limit to the number of stake accounts you may have, and they can all be managed through a single wallet, such as your Moonstake wallet.
How to Receive Staking Rewards
Staking rewards will fluctuate depending on network activity, which can be influenced by external factors such as market conditions. Typically, however, staking SOL yields an approximate 6% APY. Staking rewards will be computed and issued every epoch, which is about every other day. To begin, however, you must first wait two epochs, or four days.
Issued rewards can be found in the stake accounts that earned them. Do note that all rewards are automatically re-delegated as active stake so that your yield gets continuously compounded.
How to Unstake SOL
Tokens must first be un-delegated before they can be withdrawn from a stake account. The un-delegation process takes around 1 epoch (2 days) and is called the “deactivating” or “cooling down” process.
Inactive tokens will no longer earn any staking rewards, and can be withdrawn to the main wallet immediately. In some cases, there might be a lockup period, in which case tokens cannot be withdrawn until the lockup period is up. Once the lockup period is over, tokens may be withdrawn immediately without requiring action from the user to unlock the account.
