During the highly anticipated Malaysia Blockchain Week 2024, Luno, Malaysia’s premier regulated digital asset exchange, has introduced Solana (SOL) staking. This new feature allows customers to earn SOL rewards every two days, providing a passive income opportunity and enabling the growth of their crypto investment portfolios.
Scarle Chai, Luno’s Country Manager for Malaysia, highlighted the significance of this addition. “Luno’s SOL staking is the third staking wallet available to our Malaysian customers alongside Ethereum and Cardano. Customers can earn up to five percent per year in SOL by simply holding (or ‘hodling’ in crypto-speak),” she said.
The reward rate, according to Chai, fluctuates based on network demand and the number of active validators. “Rewards are paid every two days in SOL, so you can automatically grow your stake and compound your rewards,” she explained.
While customers’ coins are staked, they cannot be sold or sent; however, unstaking can be done at any time by removing coins from their staking wallets.
“Luno focuses on making it safe and simple to buy, sell, and store crypto. As a trusted cryptocurrency guide, we have made it as easy as tapping a button on the Luno app to open a staking wallet. There are no minimum deposits required. All you need to do is sit back and put your SOL to work to earn rewards. Staking will appeal to those holding SOL for the long term,” added Chai.
Cryptocurrencies that support staking use a consensus mechanism called proof-of-stake to verify transactions securely. This method allows participants to use their stake to ensure transaction legitimacy. To become a validator, participants must put up a certain amount of cryptocurrency as collateral.
Staking eliminates the need for energy-intensive crypto mining, which involves solving complex mathematical problems for transaction verification. Instead, transactions are validated by those who stake their tokens, providing a more scalable mechanism for SOL.
Additionally, staking contributes to the long-term health of the crypto ecosystem by supporting the security and efficiency of blockchain projects. By staking funds, users enhance the blockchain’s resistance to attacks and strengthen its transaction processing capabilities.
“Luno launches Solana staking during Malaysia Blockchain Week 2024, offering customers passive income opportunities and supporting the long-term health of the crypto ecosystem.”
