How to earn Solana?
Today, I finally took the leap and started to get into Solana. Everybody is talking about it and the charts of the token are very interesting, to say the least. Solana can do almost everything that Ethereum can do but transaction costs are much more affordable.
Whenever I get into a new token or a new crypto, I try to learn as much as possible and I always start by trying to find ways to earn money. I consider myself an investor and not a speculator, therefore I favorise investment options that can give a return.
Get free Solana
I started my journey with what I had been doing some years back which is to get free Solana for paid to click activities. I tried it again but the income generated is pretty small and not really worth our time. After I created a wallet with phantom, I went to Faucetpay which is a microwallet service to earn plenty of different tokens. There is a big list of Solana faucets there.
Faucetpay is a microwallet site that is linked to plenty of faucets in many currencies
I checked the faucet with the easiest payouts (most paid users and biggest amount paid out in a day) and signed up. The website I chose is called Vie Faucet. It allows you to do plenty of easy stuff and get credits. As soon as you have 500 credits collected, you can make a withdrawal in Solana to faucetpay and from there to your wallet.
I did that to have some Solana to work with but I must warn you that you will feel that your time could have been used in a better fashion.... However if you have no available funds, then this might be the first steps to take.
Once I managed to make a transfer or two, I swapped some money on Binance and sent Solana to my wallet to really start my journey.
Passive income on Solana
I've watched a couple of videos on Youtube and I was quite impressed by everything that Solana has to offer and it took me quite some time to figure out what to do. There are some Defi Platforms but I'm hesitant to invest money into any kind of platform that I'm not familiar with. So I won't start with Defi here either. I found out that the easiest way to get a passive return on Solana is simply to stake your Solana and get a return from validators.
Earning from staking and from airdrop
There are several options to stake on Solana. I was most appealed by what was offered by the site called Marinade.
On Marinade it's pretty easy to get started with staking SOL. You can choose either Liquid or native Staking
When you stake Solana there, two options are offered: liquid or native staking. With native staking you get a slightly higher return but with liquid staking you get a liquid token in return called mSol. I opted for the liquid version. The mSol that I got can be used in many ways to generate leveraged income.
The great thing about staking Solana in either way is that you qualify in an additional airdrop. For every SOL that you stake on Marinade, you get 1 MNDE token airdropped until the 31st of December 2023, if I got this correctly (please correct me if I'm wrong). You can also get MNDE tokens when you refer people to Marinade.
Until the end of december, in addition to your staking rewards, you get MNDE tokens airdropped to you
As I said before, when you stake SOL as liquid token, you get an APR of about 7.7% but you can increase this APR by using the liquid mSol that you received. There are 45 integrations of mSol where you can earn an additional return on the token.
I have been on this discovery journey for a day only and I'm sure there are plenty of other interesting opportunities on Solana. If you know some of them, please share them with us in the comment section!
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Great report. It looks a pretty flexible chain and I saw on one of the Dex's lots of meme tokens for gambling too!
The Apr for staking sounds nice, but the inflation from December alone looks huge!
Transactions are pretty fast and also rather cheap and there is really a lot going on on Solana.
Your post made me want to explore Solana. Thank you for the information you shared.
Merry Christmas
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!PIZZA
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Yes I've been exploring the same ecosystems for this solana season. However price is sol has pumped too much for me to FOMO now. I'm missing out I feel. I've used Jupiter dex hoping for more airdrops from them.
I've heard about Jupiter DEX quite often. I probably should have a closer look :-)
@jeffjagoe is the sol whizkid.
!PIZZA
@dkidfit, sorry! You need more to stake more $PIZZA to use this command.
The minimum requirement is 20.0 PIZZA staked.
More $PIZZA is available from Hive-Engine or Tribaldex
Nice, there are really many specialists on Hive on all kind of subjects :-)
Solana is on fire these days and now your post is helpful for me to start checking more on solana and also how can I earn some. Thank you so much for sharing this
You are welcome. There are probably plenty of other ways to earn SOL but that's what I've found out so far :-)
Thank you for this opportunity
I have my faucetpay account already so I’d just open the other
I may give it a try
Nice, it's worth to try :-)
It sounds interesting but I kind of stay away from Solana because they were mixed with SBF and FTX. I think I also recall people saying that they had issues where they had to shutdown the chain to catch up. Either way, it does look interesting though.
I also kept away for quite long but then when I looked a bit deeper into it, I thought it would be worth to give it a go :-)
The opinions floating around about Solana make me hesitant about it. At this moment though, it feels a bit too overheated for me to go into it.
It's definitely not the moment to buy a lot of SOL. I wanted to get the feel of it and see whether it was possible to earn money there :-)
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I agree with people in the comments. I have never researched Solana before, I have heard about it but I don't know much about it. I think I need to do more research to find out.
This was the case for me too and I decided to jump into it and share what I have learned so far. Maybe it can be of help for others who want to take the leap :-)
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I've also came across some YouTube videos about staking SOL and the additional rewards one can get from it. Thanks for the info on how to start with the faucetpay :)
Faucetpay can be a first step to get into new tokens but it's definitely pretty time intensive :-)
Yes lol. That's the part I'm wondering out, the opportunity costs. But I think giving it a try would be a good way to see whether the trade-off is okay or not.
I think Solana is a really promising coin. Last time I checked it had accumulated a 400% profit this year alone. From around $19 to almost over an $100. So I think it's worth it investing it, and I think I will give it a try. Thanks for sharing this valuable piece of information.
Solana is indeed showing a very nice performance and it's taking a prominent place on the markets.
It was the only coin that came down that low and all my friends were saying it's over now it's never going to go up. That was a year ago. Will definitely go up again as his team is working very hard and you have given us good ways to earn some money.
Solana made a nice turn around I believe :-)
I also believe.
I think the best thing to do now is to stack more sol token as early as possible
That's indeed a good approach :-)
Thanks dear, i am going to take this chance real soon.
Good luck with it :-)
Hello @achim03 how are you? Wow, solana has given me a lot of happiness these last few weeks hehe, I know that it is always recommended not to have cryptos on exchanges but I have solona on binance earn it gives 8.2% annual interest, although at the current price I prefer to enter other currencies , Solana is only x2.3 from her ATH, I'm currently looking at ADA, what do you think about ADA?
Greetings and merry christmas
Hi @hendersonp thanks for stopping by! I just started out with Solana. It seems I'm always a bit behind the most interesting projects. I will probably have a look at ADA as well :-)