Solana is one of the most desired cryptocurrencies to invest in with a market capitalization of $9.4 billion at the time of writing. The attraction among investors is not limited to its on-chain utilities but also the passive income opportunities which are available. Since 2021, earning interest on Solana has become one of the top ways to earn additional income.
Solana is one of the many cryptocurrencies that provide high returns to investors for just holding their tokens in crypto accounts (or wallets.) This guide will list our top picks for the best places to earn interest on Solana, and where to find the best rates with a step-by-step tutorial on earning interest with Solana.
Best Platforms to Earn Interest on Solana in 2022
These are our top-rated platforms for earning interest on Solana based on our reviews:
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Solana Interest Rates Comparison
Investors earn varying interest on Solana depending upon the cryptocurrency exchanges they choose. In addition, those platforms provide different features suitable for users wishing to participate in the crypto ecosystem actively. The table below compares the different rates for Solana offered by the top crypto interest platforms that are popular among yield investors.
|Platform||SOL Interest Rate||Requirements||Best For|
|Nexo||Up to 8% APY||Staking Nexo is required for highest rate||No minimum redemption period|
|BlockFi||Up to 5% APY||Fixed rate for all amounts of SOL||Great for small SOL investments|
|Binance||0.78% APY||None||Provides flexible savings option|
|Celsius||Up to 4.99% APY||Platinum level accreditation required||Best for borrowing and lending|
|Crypto.com||Up to 6.50% APY||High CRO staking requirement||Crypto.com credit card and crypto loans|
How to earn interest on Solana – Quick Guide
Below are the quick steps investors can take to start earning interest on Solana
- Compare and select a Solana interest platform
- Create an account and complete verification
- Deposit or purchase Solana
- Begin earning interest on SOL
Where To Earn Interest On Ethereum
1. Nexo – Overall Best Platform to Earn Interest on Solana
Nexo is a centralized crypto-financial provider that provides borrowing and lending utilities to users. Established in 2018, it has become one of the best platforms to earn interest on Solana and over 40 other digital assets. The platform has generated a lot of interest from the DeFi community for its secure, regulated and fair interest rates. Available in over 200 jurisdictions worldwide and with more than 4 million customers, Nexo is a popular choice for investors to diversify into crypto savings accounts and earn a predicted income. In addition, Nexo insures customer holdings with its $375 million insurance policy for peace of mind.
As for earning interest on Solana, Nexo offers an interest rate of up to 8% interest per annum. There are certain conditions to earn the highest Solana interest rate. This includes holding at least 10% of their Nexo portfolio in NEXO tokens, which is the platform’s discount token. Users that don't hold NEXO tokens can still earn interest on Solana at the base rate of 6% APY. Overall, the rate is very competitive in the market when compared to other providers. Moreover, investors do not need to worry about hidden fees or commissions.
One of the great benefits of Nexo is the funds will automatically generate interest on SOL tokens once deposited to the platform. There is no need to transfer the tokens to a dedicated wallet for earning interest. There are no lock-up periods which means investors have the luxury to withdraw Solana, including any interest accrued, at any time without and fees.
For those that do not own Solana, the Nexo platform has its own cryptocurrency exchange. This means users can directly purchase SOL on Nexo using USD, EUR and GBP. The payment method is limited to debit cards, credit cards and bank transfers. While the selection of fiat currencies that can be used to buy Solana is limited, Nexo offers up to 0.5% cash back on purchases. The exact reward depends on the user's loyalty tier.
To ensure the highest safety of Solana funds on the platform, Nexo employs state-of-the-art security measures with institutional grade vaults to store the assets. Partnered with leading custodians such as BitGo, Ledger and Bakkt, Nexo is one of the safest places to earn interest on Solana.
- No hidden fees and zero commissions
- Cryptocurrencies are covered under a $375 million insurance policy
- Compounded daily pay-outs for FLEX users
- Nexo Prime for investors wanting more options to earn Solana
- Holding NEXO is needed to earn the highest interest
- Price volatility can drive the interest rate down
- Interest accounts still outside the reach of US-based investors
2. BlockFi – Best For Fixed Solana Interest Rates
BlockFi is another crypto platform that offers lucrative and fixed interest rates on Solana. BlockFi has built up a reputation for being a quality provider for USD loans against crypto deposits and earning interest on crypto. Similar to its competitor Nexo, BlockFi is backed by well-known venture capitalists and crypto investors have more than 1 million users worldwide. At the time of writing, BlockFi is not registered under the Securities Act 1933 which prohibits US-based investors from using the interest accounts.
For users outside the USA, Solana investors can transfer their assets to the BlockFi interest account to earn interest. The savings account is based on a fixed plan with yields of 5% APY for Solana. There are no limits or specific requirements on the amount that can be earned on SOL deposits. Once the tokens are held within the BlockFi interest account, the platform will automatically lend the funds to others and repay the originator in the form of interest. The interest is accrued daily and transferred to the investor's account at the beginning of each month.
Apart from its institutional products, BlockFi offers a secure crypto wallet, a trading platform to swap between digital assets, and a lending platform using crypto as collateral. In short, BlockFi is a recommended option for earning interest with Solana for experienced and even novice investors.
- Provides a fixed interest rate on Solana
- Interest rate is compounded daily and paid every month
- Suitable for all sizes of Solana Investments
- Nexo Prime offers more opportunities to earn interest on Solana
- US-based users can't open a BlockFi interest account
- Interest rewards prone to slashing
- Too much dependent on institutional investors
3. Binance – Best For Different Ways to Earn Interest
Binance is the world's leading cryptocurrency exchange with over 100 million users. It has listed more than 600 cryptocurrencies and more are added daily. In addition to simply being a top crypto platform, Binance is also a dApp platform provider, has an NFT marketplace, and offers users multiple ways to earn interest on Solana, among other cryptocurrencies via its Binance Savings Account.
There are two ways that Binance provides to earn Interest on Solana. The first is the flexible duration. Investors choosing this option earn a fixed 0.78% interest on their Solana holdings. It is a safer option for those who wish to interact actively with the crypto market and want to withdraw quickly to trade their Solana when the price shows rising trends. A minimum of 0.1 SOL is required to subscribe to the Solana interest account.
When opening the Solana flexible savings account, the estimated interest is shown with the distribution date. A great feature is the amount of interest that will be earned per day is shown for transparency. Moreover, Binance provides an overall portfolio view of the users assets earning interest which provides a useful snapshot of the cumulative interest earned on Solana.
Another way is for investors are willing to lock their Solana holdings for a particular time. It is known as the locked staking which provides rewards depending upon the duration of their holdings.
- 90 Days: 13.47%
- 60 Days: 10.23%
- 30 Days: 9.28%
Compared to the flexible interest account, the earnings to be made via Solana staking is high. However, once an investor delegates their Solana, they can not withdraw it until the taking period is over, which locks out that investor on investment opportunities. For more information on how to stake Solana, read this article.
- Flexible and Fixed Interest rate offered for Solana
- Up to 13.47% APY on Solana
- Highly secure and trusted platform worldwide
- Multiple ways to interact with the crypto market
- Not a beginner-friendly platform
- Only 0.78% interest for Flexible staking
- No DeFi Staking for Solana
4. Crypto.com – Best Mobile App For Interest Accounts
Crypto.com is one of the most popular cryptocurrency exchanges for its simple and easy to use mobile app. One of the top features is the ability to buy crypto at true cost and no additional fees using debit and credit cards. Suitable for a wide range of investors from all over the world, Crypto.com has branched out to offer crypto earning opportunities to its 50 million users.
When it comes to earning Solana interest on the app, there are three tiers available:
- Tier 1: Users can earn up to 6.5% interest on their saved Solana tokens. It is valid if the amount of CRO staked is equal to or less than $3,000
- Tier 2: Users can earn up to 3.75% interest on their Solana if the value of stored SOL tokens exceeds $27,000
- Tier 3: Users can earn up to 0.3x times of Tier 2 interest rate. However, so far, it hasn’t been unlocked yet.
To earn these interest rates, users must stake at least $40,000 worth of CRO. If the amount of staked CRO is less than or equal to $4000, investors can earn interest on Solana from 0.49% to 3% APY. For staking 0 to 400 CRO, investors can earn interest from 0.32% to 2.00% APY.
Without staking CRO tokens, the base interest rate for SOL is 2% APY which is competitive when compared against Binance. However, the highest rates on offer at limits to staking more than $40,000 worth of CRO with a rate of 6.5% APY. Crypto.com also offers flexible interest options to those who don’t want to lock their Solana tokens that ranges from 0.25% to 0.4%.
Overall, Crypto.com is one of the best crypto apps to earn interest. It provides the greatest level of flexibility and interest rates for Solana compared to other crypto interest providers. However, the tiered structure is quite confusing to understand. Moreover, the requirement to stake CRO tokens to obtain the top interest rates is not ideal for entry-level investors looking for the best Solana interest account.
5. Celsius – Best For Beginners To Earn SOL Interest
Celsius is a centralized cryptocurrency lending and borrowing platform. It was created by founders who wanted to retain the traditional banks' good parts and bring them to the crypto ecosystem. The platform is easy to use for investors, both veterans and newcomers looking for alternative financial products.
Launched in 2018, Celsius supports more than 40 crypto assets and has processed more than $8.20 billion in loans among its 2 million users and counting. While the platform is mostly leveraged for borrowing and lending purposes, investors have also found it optimal for lending assets to earn interest.
Update: Celsius suspended withdrawals on June 13, 2022, due to market volatility. For more information, read their blog post.
To earn interest on Solana on Celsius, users only need to create an account and hold their SOL tokens in the crypto exchange. The baseline interest rate for depositing Solana into a savings account is 3.82% APY. However, that percentage can increase if the investor is accredited to the Platinum level.
To achieve Platinum Level, users must hold 20% or more of their portfolio in CEL tokens which is the native token of Celsius. There is a 4-level loyalty tier that starts from bronze and ends with Platinum. Platinum level holders can get a 30% interest boost up to 4.99% on Solana per annum. A benefit of Celsius is the interest rate for Solana is fixed for all amounts of SOL tokens deposited. In comparison, the SOL interest rate is lower compared to Nexo and BlockFi and is a worthy alternative to these platforms.
- Users can increase the interest they warn using CEL tokens
- No crypto deposit, withdrawal or minimum balance fees
- High-end customer service
- Exclusively for borrowing, lending, staking and saving
- Must buy CEL tokens to increase their Solana Interests
- Does not have a wide range of cryptocurrencies
- Tier rewards don’t exist for Solana
- CEL tokens are still out of reach of the US-based investors
Top Solana Interest Platform Compared
Here is the comparison list that provides insight into the top platforms that let investors earn interest in Solana. It is recommended that users go through the detailed reviews of each before choosing the Solana interest platform that suits their needs.
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|$25 Bitcoin for >$100 deposit||Visit Nexo||Nexo Review|
|Get up to $250 Bonus in Bitcoin||Visit BlockFi||BlockFi Review|
|Up to $100 welcome bonus||Visit Binance Earn||Binance Earn Review|
|250+||None (3.5% surcharge for credit card)|
|None available at this time||Visit Crypto.com||Crypto.com Review|
|None available at this time||Visit Celsius||Celsius Review|
Should You Earn Interest on Solana?
Investors can consider earning interest on Solana with rates of up to 8% APY. Depending on the chosen platform, there are fixed or flexible interest rates for Solana with no hidden fees or commissions. There is little effort required, no upfront costs and interest accrued is paid out regularly making it a suitable investment option for crypto enthusiasts.
Is Earning Interest on Solana Worth It?
Given the current market volatility and decline in the prices of the overall crypto market, transferring a portion of SOL tokens to earn interest can offset any potential losses. With interest rates between 0.78% and 8% APY for Solana, it is not guaranteed to protect against a bear market, however, the compounding effect of earning interest can generate a reasonable passive income for long-term holders and believers of the project.
Trade Solana vs Earn Interest on Solana
Trading Solana will allow investors to tap into the volatile crypto market and earn rapid profits. It has greater risks, but so are the rewards when using high crypto leverage platforms such as FTX and Bybit. On the other hand, earning interest on Solana will help them generate passive income without any trading experience or expertise in the market. Ideal for beginners, Solana interest exchanges can generate expected gains with less risk.
What Are The Risks of Earning Interest on Solana?
Akin to a bank account, earning nominal interest by holding Solana does have risks. Particularly, when using centralized providers that manage the lending and borrowing of customer assets. Interest rates are not always guaranteed and are subject to change without notice. Lending providers are not regulated by most Governments to offer consumer protection in the event of a hack. More so, cryptocurrency exchanges have been known to slash interest rates during a bear market or block withdrawing funds. A recent example is Celsius Network which blocked withdrawals sparking fears of insolvency and bankruptcy. Moreover, the inflow of money into the DeFi ecosystem has also drawn the attention of malicious parties that have resulted in several DeFi hacked platforms and protocols in recent years.
Earning Interest on Solana – Full Guide
To find out how to earn interest on Solana, here is a step-by-step tutorial.
1. Compare and select a Solana interest account
The first step to earning compound interest is to compare and choose a crypto interest platform that supports Solana. For the purpose of this tutorial, we will use Nexo which is our top-rated savings account for SOL based on our comparisons and reviews.
2. Create an account and complete verification
Visit the Nexo website and create an account. This is a simple step and can be completed by entering details such as name, email ID, and creating a password. Once the details are verified by email, the signup process is completed. There is a mandatory ID verification process called Know-Your-Customer (KYC) before using the earn features on Nexo. Basic personal information and a Government-issued ID will need to be provided and submitted for approval.
3. Deposit or purchase Solana (SOL)
Investors who do not own Solana can do so on Nexo via its exchange by swapping other crypto-assets. Alternatively, users can buy Solana on Nexo using credit and debit cards. If the investor has already stored Solana, they can transfer it to the Nexo exchange by copying the unique Solana address. The speed to transfer Solana between wallets can take a few minutes to complete.
4. Begin earning interest on Solana
Once the SOL is stored on the Nexo account, it will start accruing interest automatically without any further action or prompts. The amount of interest earned can be monitored directly on the Nexo platform or mobile app. The initial deposit amount and interest earned can be withdrawn from Nexo at any time without any fees.
Frequently Asked Questions
Yes, investors can earn interest on Solana Crypto. To earn interest, users will need to select a crypto interest platform that supports Solana tokens in a savings account.
Earning interest with Solana is quite safe. Investors who want to earn crypto without direct participation consider saving and earning interest to be a feasible option. However, investors must be careful about the interest rates because they can vary depending upon market conditions. Moreover, using a trusted and reputable provider will reduce the risk of security exploits and hacks. It should be known that most providers are not regulated or come with consumer protection like traditional bank accounts.
Investors can earn interest from staking of saving Solana up to 8% APY, depending on the chosen platform. The crypto platforms offer interest account options under flexible and fixed durations with different yields. Moreover, the amount of Solana deposit can influence the SOL interest rate on certain platforms.
Investors can now decide which crypto interest platforms fit their requirements and which offers the most interest rates. Before deciding, however, the investors must figure how out much risk they can afford to take. Earning interest on Solana is relatively less risky but risky nonetheless. Thus, users must consider all the options before committing their tokens to a crypto savings account.