Staking Solana (SOL) on Backpack Exchange offers two primary methods to earn rewards while supporting the Solana network. This guide covers both approaches with step-by-step instructions and key considerations.
Two Methods to Stake SOL on Backpack
1. Liquid Staking (bpSOL)
- Concept: Stake SOL while maintaining liquidity by receiving bpSOL, a tokenized staking derivative.
Benefits:
- Earn up to 15% higher rewards (variable based on market conditions).
- Trade or use bpSOL in DeFi protocols without unlocking staked SOL.
2. Native Staking
- Concept: Directly delegate SOL to validators via your wallet.
Benefits:
- Supports network security.
- No intermediary tokens (pure SOL staking).
How to Liquid Stake SOL for bpSOL
Follow these steps to convert SOL to bpSOL:
- Navigate to the Swap tab in Backpack.
- Select SOL as the input token and bpSOL as the output.
- Confirm the swap to start earning rewards immediately.
👉 Maximize your SOL staking rewards with bpSOL
How to Natively Stake SOL
Backpack recommends these trusted validators:
- Backpack Validator
- Mad Lads Validator
Steps:
- Open your SOL balance in the token list.
- Click "Stake SOL to Earn".
- Select "Add Stake".
- Enter the SOL amount and confirm.
Key Differences: Native vs. Liquid Staking
| Feature | Native Staking | Liquid Staking (bpSOL) |
|---|---|---|
| Liquidity | Locked SOL | Tradable bpSOL |
| Unstaking Period | 2-3 days | Instant via swaps |
| DeFi Compatibility | Limited | High |
| Reward Potential | Standard APR | Boosted rewards |
👉 Compare staking options for SOL
FAQ: Staking SOL on Backpack
Q: What’s the minimum SOL to stake?
A: 0.0001 SOL.
Q: How long until staked SOL becomes active?
A: Typically within 24 hours.
Q: Can I unstake SOL anytime?
A: Yes, but unlocked SOL requires one Solana epoch (~2-3 days) to withdraw.
Q: What is Mad Validator?
A: A validator managed by Backpack, launched alongside the Mad Lads NFT project.
Q: How long should I stake SOL?
A: Long-term staking (months/years) yields stable returns.
Q: Where does staked SOL go?
A: It validates transactions on Solana’s blockchain.
By following this guide, you can optimize SOL staking for either liquidity or network participation. Always review validator performance and market conditions before committing funds.