Solana's SOL on-chain staking is now supported by Singapore-based cryptocurrency exchange Crypto.com. 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 crypto.com 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.
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.