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Solana (SOL) On-Chain Staking Now Supported on This Major Exchange: Details

Mon, 04/10/2023 - 16:20
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Tomiwabold Olajide
Solana ranks as second largest staking network after Ethereum
Solana (SOL) On-Chain Staking Now Supported on This Major Exchange: Details
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Solana's SOL on-chain staking is now supported by Singapore-based cryptocurrency exchange On-chain staking utilizes the blockchain's proof-of-stake platform to generate rewards through a process referred to as "staking."

The announcement was made through the institutional Twitter account. Solana users will be able to earn rewards with up to 5% APR. In late March, Coinbase announced its transition to on-chain staking for four cryptocurrency assets, including Solana.

According to staking rewards, Solana ranks as the second largest staking network after Ethereum, with a staking market cap of $7,956,072,148. Solana has a staking ratio of 72.55%. The number of stakers over the last seven days currently stands at 588,976.

At the time of writing, SOL was marginally up 0.41% in the last 24 hours at $20.19. The token ranks as the tenth largest cryptocurrency with a market capitalization of $7.83 billion.

Solana (SOL) introduces "state compression"

Solana is taking its vision to enable decentralized applications to scale to millions of users with a newly introduced "state compression" that will enable it to cost even less to build user-first Web3 projects.

State compression represents a new way to store data directly on-chain that cuts down on costs by magnitudes of scale, Solana stated in a blog post.

Millions of Solana (SOL) Tokens Shifted in Recent Hours, What's Happening

The compression-friendly data structure utilized by "state compression" allows developers to store a small bit of data on-chain and update directly in the Solana ledger, cutting data storage costs down dramatically.

In a new tweet, wireless network Helium says it will utilize the feature for compressed NFTs.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.