Cryptocurrency Exchange Crypto.com recently announced the availability of on-chain staking for the Solana (SOL) token. On-chain staking utilizes a blockchain's proof-of-stake platform to permit users to generate rewards. According to staking rewards, Solana ranks as the second largest staking network after Ethereum, with a staking market cap of $7,956,072,148 and a staking ratio of 72.55%. Furthermore, the token is currently ranked as the tenth largest cryptocurrency with a market capitalization of $7.83 billion.

Solana is making efforts to enable decentralized applications to scale to millions of users. To this end, they have implemented a new feature called "state compression". This data structure allows developers to store a small bit of data on-chain and update it directly in the Solana ledger, thereby resulting in considerable savings as far as costs are concerned. Furthermore, Helium has expressed its intention to use this feature for compressed Non-Fungible Tokens (NFTs).

As far as rewards are concerned, Solana users that stake SOL tokens on Crypto.com can expect to get up to 5% APR without having to commit to any fixed terms or staking amount. Thus, the platform provides a great opportunity for users to earn higher returns on their investments.



Other News from Today