Solana is one of the promising cryptocurrencies. Since its launch, the coin has seen massive growth, and experts believe that we will get to see a similar trend in the near future. Hence, it is a good idea to invest in the coin for the future.
But keeping your Solana funds sitting in your wallet isn’t the best path to go. Instead, you can earn interest on your holdings as you choose to hold your assets.
So the question is, how to earn Interest on Solana cryptocurrency? In this article, I will be talking about 5 platforms that let you earn interest on Solana.
So here we go:
How to earn Interest on Solana cryptocurrency? 5 Best ways
First, there is the BlockFi. It is one of the best platforms to earn interest in your crypto holdings. It offers you a BlockFi interest account which offers you attractive interest rates.
You can earn up to 11% APY with a BlockFi interest account. The interest accrues on a daily basis and gets paid to your account monthly.
The service doesn’t have any hidden fees, or there is any minimum balance that you can deposit. On top of that, it supports a wide range of cryptocurrencies, including Solana. However, depending on what currency you choose to deposit, you will earn a different interest rate.
Even, it does not only allow you to earn interest on your holdings. But you can also use BlockFi to buy, sell and trade crypto at a competitive price. This way, you can sell your Solana coins whenever you wish to. Or add more coins to your portfolio.
Getting started with the platform is also pretty straightforward. Plus, it allows you to borrow money against your crypto holdings.
Next, there is the Celsius Network. This one is also one of the best ways to earn interest in your Solana holdings.
The platform allows you to earn up to 17% APY. Plus, you can buy crypto with your bank account or credit card, swap crypto with zero fees, and so on. Also, the platform offers you crypto backed loans starting at 1% APR.
Celsius network pays interest every Monday just for holding your coins in their wallet. Also, you can enjoy 30% more rewards if you choose to earn in CEL token (Celsius Networks’s native currency). You can also use their calculator to calculate how much you could be earning with the platform.
Getting started with Celsius is also a pretty straightforward process. All you have to do is sign up and verify yourself. Then transfer your crypto, and you are all set to earn interest on your holdings.
The Celsius network also supports a wide range of cryptocurrencies, including Solana. And it offers you 5.50% APY or 7.21% APY when you earn a CEL token.
3. Gemini Earn
You can also try out Gemini Earn. It is also one of the best platforms to earn interest in your crypto assets. It offers you up to 8.05% APY.
Also, Gemini offers you a safe experience for buying, selling, storing, and earning interest on your crypto holdings.
On Gemini Earn, the interest compounds daily. Plus, you can deposit and receive more than 110x the average national interest rate.
You can also withdraw your assets instantly, and there is no lock-in period like many other crypto interest platforms. It offers you more flexibility compared to other platforms.
Plus, there are no minimums, or you have to pay any transfer or withdrawal fees. Gemini Earn also supports a wide range of cryptocurrencies. And for Solana, you will get to enjoy a 4.29% APY. Plus, you can use their on-site calculator to calculate the returns on your investments.
As Gemini Earn and BlockFi are similar on many fronts, you can check The Money Mongers detailed comparison of BlockFi vs Gemini to help you choose best crypto interest platform.
Voyager is one of the easy to use crypto exchanges available out there. With this one, you can purchase more than 80 cryptocurrencies. However, apart from its exchange, it also has an earn program.
By holding your assets in your Voyager account, you will be able to earn interest up to 9%. However, the interest rates depend on what currency you are holding.
For instance, if you choose to hold Solana, you will earn an interest rate of 3%. But if you choose to hold a stablecoin like USDC then you will earn up to 9% APY.
However, unlike most other platforms, the number of available coins for earning rewards on Voyager is pretty low.
But the interest accrues on a daily basis and compounds monthly. Also, your monthly balance for an eligible coin like SOL must meet the minimum to earn interest for that month.
Overall, it is not really the best platform out there to earn interest in your crypto holdings. But if you are looking for something easy, it definitely does the job.
Lastly, there is the NEXO. It is one of the high paying interest platforms that you can try out. NEXO offers you up to 17% APY. Plus, the interest gets paid on a daily basis.
Also, it has some unique features that set it apart from its competitors. You will enjoy features such as unique daily payouts, compound interest, zero fees, and flexible earnings.
Moreover, it supports up to 33 digital assets, and the number of coins is growing only. Also, yes, it does support Solana, and you get to earn up to 8%, which is higher than most other platforms out there.
To actually know how much you could be earning with NEXO, you can go to their website and try out the calculator. Simply enter the funds you would like to deposit and select the coin, and it will tell you the amount.
Using NEXO to earn interest is super easy. All you have to do is create an account, then buy or transfer Solana to the platform, and you are all set to earn interest. You will enjoy compound interest on your crypto, which gets paid out daily.
Also, recently Nexo launched the world’s first crypto backed payment card.
So that was all for your question about how to earn interest in Solana cryptocurrency. There are way too many platforms available out there that pay lucrative interest rates. So go ahead and compare their interest rate and other features and see which one you like the most.