Luno, a regulated digital asset exchange in Malaysia, has announced the launch of Solana (SOL) staking, providing customers with a new way to earn rewards and grow their cryptocurrency investments.
This feature, available alongside its other two staking options Ethereum and Cardano, allows users to earn up to 5% per year in SOL, depending on network demand and the number of active validators.
The rewards are paid every two days, enabling Luno users to compound their earnings.
Staking involves holding cryptocurrency in a wallet to support the network’s operations, using a proof-of-stake consensus mechanism.
This method is more energy-efficient than traditional mining and enhances the security and efficiency of blockchain networks.
By participating in staking, users contribute to maintaining the network’s integrity and are rewarded for their involvement.
While Luno does not charge a fee for initiating or stopping staking, a service fee is applied to the rewards earned.
This makes the process simple and accessible to those without the technical knowledge to set up staking.
Scarlett Chai, Country Manager for Malaysia, Luno said,
“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, all you need to do is sit back and put your SOL to work to earn rewards. Staking will appeal to those keeping SOL for the longer term.”
