WHAT IS BACKPACK WALLET?

Backpack is a secure non-custodial crypto wallet for Solana and Ethereum. It is used for sending and receiving digital assets, swapping tokens, securing NFTs, connecting hardware wallets, and launching xNFTs. Backpack is available as a desktop extension and a mobile application for iOS and Android.

NFT & XNFT FEATURES

• NFT collection locking rejects transaction requests when an NFT is locked in the Backpack Wallet. It is available to 100+ Solana NFT collections.

• xNFTs are decentralized apps in Backpack with embedded mint and claim, token-gated chats, soulbond inventory, and loyalty rewards. xNFT library downloads are here: https://www.xnft.gg/.

Backpack Wallet Website：

Backpack

HOW TO STAKE SOL?

The process of staking SOL is straightforward and easy to follow. We will detail each of the steps below.

STEP 1. CREATE A BACKPACK WALLET

• Download Backpack Wallet from the Google Web Store

Head to the Chrome Web Store and add Backpack Wallet to your browser.

Ps:You can also download iOS & Android App here

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• Create your Backpack Wallet account

  Open Backpack Wallet and create a new account with a strong password.

• Save the recovery phrase

  Be sure to back up your recovery phrase to access your wallet if you lose your password or device. Then, click Next to proceed.

• Choose the Solana network to stake SOL

  Select Solana from the list of available blockchains supported by Backpack.

• Create a password

  Create a password that is a minimum of 8 characters long. You’ll need this to unlock Backpack. Click Next to proceed.

STEP 2. STAKE SOL

• Click on Solana (SOL) Token in the main Backpack wallet menu and then hit Staking to delegate SOL.

• To stake your SOL, click on the Add Stake button.

• Specify the number of SOL tokens you want to stake.

• Review the transaction details and click Approve.

Congratulations! Your stake is being activated, and you will start receiving rewards as soon as the current epoch ends.

HOW TO UNSTAKE SOL?

The process of unstake is quite similar to the process of staking.

• To undelegate your SOL, go to the Backpack Wallet's main menu and select Staking.

• Tap on the deposited amount that you want to deactivate.

• Verify the details and confirm the transaction by selecting Unstake.

• Then, click Approve to confirm the transaction.

• Congratulations! Your stake is deactivating; wait until the epoch ends. Once done, you can withdraw tokens and use them freely.

Frequently Asked Questions about Solana Staking:

What is the approximate annual yield for participating in node staking?

The yield rate for Solana's node staking is a fluctuating interest rate, roughly around 7%.

You can check real-time SOL staking rates at the following link:

**https://www.stakingrewards.com/asset/solana **

Why can't I withdraw immediately after unstaking?

After unstaking, you need to wait patiently for the unstaking process to be confirmed before you can withdraw.

Where can I view my staking rewards?

Staking rewards will be displayed in your staking account.

THE TAKEAWAY

Staking SOL can help you earn passive income while contributing to the network’s security, stability, and growth. Backpack Wallet is a great option for staking your SOL tokens since it provides a user-friendly platform to secure your NFTs, swap tokens, and send and receive digital assets.

It's crucial to select a reliable validator, such as Madlads, because we have a proven track record of security and uptime. This can significantly affect the staking rewards you earn.