Solana is a permissionless, decentralized, and secure smart contract blockchain platform proposing to solve the scalability problem.
Solana encodes the passage of time as data, called Proof of History (PoH), and leverages a verifiable delay function (VDF) to reduce transactional overhead between nodes in the network.
Solana is designed for decentralized applications that demand high throughput. Its architecture enables transactions to be ordered as they enter the network, rather than by block. Its uses cases include, decentralized exchanges, payments, micropayments, and distributed storage.
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Stake your SOL tokens in a few clicks by following these steps:
Solana Beach is Solana’s network explorer.
We recommend using the SolFlare wallet to stake.
Check out the Solana team’s docs for other wallet options.
Solana’s native token, SOL, will be used for staking and transaction fees.
Solana also has a wrapped token, SPL. It is the standard for synthetic token creation and exchange.
Transfers are currently enabled.
Staking rewards were fully enabled on Feb 10, 2021.
From the time you begin staking, it will take about 48 hours to begin earning staking income.
From the time you stop staking, it will take about 48 hours for your tokens to be liquid (ie. before you can transfer or trade them).
You can self-custody your Solana SOL tokens, ideally using a Ledger hardware wallet.
When you stake your SOL, the Solana protocol controls your tokens (not your validator) until you unstake.
Unstaking takes about 48 hours from the time you initiate the process.
Delegators will be slashed up to 100% via on-chain governance if their validator signs illegal transactions or votes for an illegal fork. Downtime slashing is not enabled on Solana at this time.
Staking income is staked automatically, which means you will need to unstake to withdraw your staking income.
Your potential rewards depend upon validator performance. When your validator is down, you will not be earning staking income.
Right now, the inflation rate is around 8% of the total supply, set to decrease by 15% per year until reaching a floor of 1.5%.
Solana uses token voting for on-chain governance. Governance proposals are discussed on the Solana forum.
Long-term governance will be conducted under the Solana Foundation, a Swiss non-profit entity established in June 2019. Various stakeholder groups within the Solana community (such as validators, replicators, users, developers, and token holders) will elect the foundation’s board.
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