Swissquote clients can enjoy a passive income of 5.25% APY through staking Solana (SOL) with the company.
Swissquote introduced a staking service for Solana (SOL), which allows clients to earn dividends or interest on their SOL holdings simply by depositing and holding tokens on the platform.
The Swiss online bank posted on its website the requirements for staking Solana, with an estimated annual benefit presentation (APY) of 5.2% on tokens staked on the Solana network, plus prizes distributed every three days.
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In addition, clients can exit staking positions at any time as there is no minimum withdrawal period. However, the yield rate is subject to change depending on fluctuations in the total number of tokens locked through staking on any given network.
"Based on Proof of Stake and Proof of History, the Solana platform is designed for both individuals and companies thanks to its low transaction costs, capacity to adapt, and its processing speed. The platform has also helped popularise NFTs, and has become a major player in decentralized finance (DeFi)," the company explains.
The process involves users delegating ownership of the tokens to those running the blockchain software in exchange for some profit. The decision was taken due to the emergence of great interest from retail investors hoping to earn interest on their crypto assets. Going forward, Swissquote plans to dig deeper into the digital asset sector by launching its own cryptocurrency trading platform.