Add staking guide to docs (#10609)
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Dan Albert
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@ -15,4 +15,4 @@ redirects:
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wallet/cli-wallets/remote-wallet: ./hardware-wallets/README.md
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wallet/cli-wallets/remote-wallet/ledger: ./hardware-wallets/ledger.md
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wallet/cli-wallets/file-system-wallet: ./file-system-wallet/README.md
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wallet/support: ./wallet-guide/support.md
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wallet/support: ./wallet-guide/support.md
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@ -12,6 +12,8 @@
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* [Ledger Hardware Wallet](hardware-wallets/ledger.md)
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* [File System Wallet](file-system-wallet/README.md)
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* [Support / Troubleshooting](wallet-guide/support.md)
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* [Staking Guide](staking/README.md)
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* [Stake Account Details](staking/stake-accounts.md)
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* [Command Line Guide](cli/README.md)
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* [Install the Solana Command Line Tool Suite](cli/install-solana-cli-tools.md)
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* [Command Line Conventions](cli/conventions.md)
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@ -1,19 +1,15 @@
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# Delegate Stake
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After you have [received SOL](transfer-tokens.md), you might consider putting
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it to use by delegating *stake* to a validator. Stake is what we call tokens
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in a *stake account*. Solana weights validator votes by the amount of stake
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delegated to them, which gives those validators more influence in determining
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then next valid block of transactions in the blockchain. Solana then generates
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new SOL periodically to reward stakers and validators. You earn more rewards
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the more stake you delegate.
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This page describes the workflow and commands needed to create and manage stake
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accounts, and to delegate your stake accounts to a validator using the Solana
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command-line tools. The [stake accounts](../staking/stake-accounts.md)
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document provides an overview of stake account features and concepts.
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## Create a Stake Account
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To delegate stake, you will need to transfer some tokens into a stake account.
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To create an account, you will need a keypair. Its public key will be used as
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the stake account address. No need for a password or encryption here; this
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keypair will be discarded right after creating the stake account.
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the [stake account address](../staking/stake-accounts.md#account-address).
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No need for a password or encryption here; this keypair will be discarded right
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after creating the stake account.
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```bash
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solana-keygen new --no-passphrase -o stake-account.json
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@ -22,9 +18,7 @@ solana-keygen new --no-passphrase -o stake-account.json
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The output will contain the public key after the text `pubkey:`.
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```text
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============================================================================
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pubkey: GKvqsuNcnwWqPzzuhLmGi4rzzh55FhJtGizkhHaEJqiV
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============================================================================
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```
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Copy the public key and store it for safekeeping. You will need it any time you
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@ -42,7 +36,7 @@ solana create-stake-account --from <KEYPAIR> stake-account.json <AMOUNT> \
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a new stake account at the public key of stake-account.json.
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The stake-account.json file can now be discarded. To authorize additional
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actions, you will use the `--stake-authority` or `withdraw-authority` keypair,
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actions, you will use the `--stake-authority` or `--withdraw-authority` keypair,
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not stake-account.json.
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View the new stake account with the `solana stake-account` command:
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@ -61,14 +55,8 @@ Withdraw Authority: EXU95vqs93yPeCeAU7mPPu6HbRUmTFPEiGug9oCdvQ5F
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```
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### Set Stake and Withdraw Authorities
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Staking commands look to keypairs to authorize certain stake account
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operations. They use the stake authority to authorize stake delegation,
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deactivating stake, splitting stake, and setting a new stake authority. They
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use the withdraw authority to authorize withdrawing stake, and when setting
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either a new stake or withdraw authority.
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Stake and withdraw authorities can be set when creating an account via the
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[Stake and withdraw authorities](../staking/stake-accounts.md#understanding-account-authorities)
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can be set when creating an account via the
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`--stake-authority` and `--withdraw-authority` options, or afterward with the
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`solana stake-authorize` command. For example, to set a new stake authority,
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run:
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@ -0,0 +1,111 @@
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*Note before reading: All references to increases in values are in absolute
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terms with regards to balance of SOL.
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This document makes no suggestion as to the monetary value of SOL at any time.*
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# Staking on Solana
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Staking your SOL tokens on Solana is the best way you can help secure the world's
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highest-performing blockchain network, and
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[earn rewards](../implemented-proposals/staking-rewards.md) for doing so!
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Inflation and network rewards are *NOT* presently implemented on Solana's
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Mainnet Beta network, but may be enabled in the future.
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Solana is a Proof-of-Stake (PoS) network with delegations, which means that
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anyone who holds SOL tokens can choose to delegate some of their SOL to one or
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more validators, who process transactions and run the network.
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Delegating stake is a shared-risk shared-reward financial model that may provide
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returns to holders of tokens delegated for a long period.
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This is achieved by aligning the financial incentives of the token-holders
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(delegators) and the validators to whom they delegate.
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The more stake a validator has delegated to them, the more often this validator
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is chosen to write new transactions to the ledger. The more transactions
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the validator writes, the more rewards they and their delegators earn.
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Validators who configure their systems to be able to process more transactions
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at a time not only earn proportionally more rewards for doing so, they also
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keep the network running as fast and as smoothly as possible.
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Validators incur costs by running and maintaining their systems, and this is
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passed on to delegators in the form of a fee collected as a percentage of
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rewards earned. This fee is known as a *commission*. As validators earn more
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rewards the more stake is delegated to them, they may compete with one another
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to offer the lowest commission for their services, in order to attract more
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delegated stake.
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There is a risk of loss of tokens when staking, through a process known as
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*slashing*. Slashing is *NOT* presently enabled on Solana's Mainnet Beta
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network, but may be implemented in the future. Slashing involves the automatic
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removal and destruction of a portion of a validator's delegated stake in
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response to intentional malicious behavior, such as creating invalid
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transactions or censoring certain types of transactions or network participants.
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If a validator is slashed, all token holders who have delegated stake to that
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validator will lose a portion of their delegation. While this means an immediate
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loss for the token holder, it also is a loss of future rewards for the validator
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due to their reduced total delegation.
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It is the goal of the network rewards and slashing to align both validators'
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and token holders' financial incentives, which in turn help keeps the network
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secure, robust and performing at its best.
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*Note: Network rewards for stakers and validators are not presently enabled on
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Mainnet Beta.*
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*Note: Slashing is not implemented on Mainnet Beta at this time.*
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## How do I stake my SOL tokens?
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In order to stake tokens on Solana, you first will need to transfer some SOL
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into a wallet that supports staking, then follow the steps or instructions
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provided by the wallet to create a stake account and delegate your stake.
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Different wallets will vary slightly in their process for this but the general
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description is below.
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#### Supported Wallets
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Currently, staking operation are only supported by wallets that can interact
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with the Solana command line tools, including Ledger Nano S and paper wallet.
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[Staking commands using the Solana Command Line Tools](../cli/delegate-stake.md)
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#### Create a Stake Account
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A stake account is a different type of account from a wallet address
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that is used to simply send and receive SOL tokens to other addresses. If you
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have received SOL in a wallet address you control, you can use some of
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these tokens to create and fund a new stake account, which will have a different
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address than the wallet you used to create it.
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Depending on which wallet you are using the steps to create a stake account
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may vary slightly. Not all wallets support stake accounts, see
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[Supported Wallets](#supported-wallets).
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#### Select a Validator
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After a stake account is created, you will likely want to delegate the SOL
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to a validator node. Below are a few places where you can get information about
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the validators who are currently participating in running the network.
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The Solana Labs team and the Solana Foundation do not recommend any particular
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validator.
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The Mainnet Beta validators introduce themselves and their services on this
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Solana Forum thread:
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- https://forums.solana.com/t/validator-information-thread
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The site solanabeach.io is built and maintained by one of our validators,
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Staking Facilities. It provides a some high-level graphical information about
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the network as a whole, as well as a list of each validator and some recent
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performance statistics about each one.
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- https://solanabeach.io
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To view block production statistics, use the Solana command-line tools:
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- `solana validators`
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- `solana block-production`
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The Solana team does not make recommendations on how to interpret this
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information. Potential delegators should do their own due diligence.
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#### Delegate your Stake
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Once you have decided to which validator or validators you will delegate, use
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a supported wallet to delegate your stake account to the validator's vote
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account address.
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## Stake Account Details
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For more information about the operations and permissions associated with a
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stake account, please see [Stake Accounts](stake-accounts.md)
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## Stake Account Structure
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A stake account on Solana can be used to delegate tokens to validators on
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the network to potentially earn rewards for the owner of the stake account.
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Stake accounts are created and managed differently than a traditional wallet
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address, known as a *system account*. A system account is only able to send and
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receive SOL from other accounts on the network, whereas a stake account supports
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more complex operations needed to manage a delegation of tokens.
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Stake accounts on Solana also work differently than those of other Proof-of-Stake
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blockchain networks that you may be familiar with. This document describes the
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high-level structure and functions of a Solana stake account.
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#### Account Address
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Each stake account has a unique address which can be used to look up the account
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information in the command line or in any network explorer tools. However,
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unlike a wallet address in which the holder of the address's keypair controls
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the wallet, the keypair associated with a stake account address does not necessarily have
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any control over the account. In fact, a keypair or private key may not even
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exist for a stake account's address.
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The only time a stake account's address has a keypair file is when [creating
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a stake account using the command line tools](../cli/delegate-stake.md#create-a-stake-account),
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a new keypair file is created first only to ensure that the stake account's
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address is new and unique.
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#### Understanding Account Authorities
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Certain types of accounts may have one or more *signing authorities*
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associated with a given account. An account authority is used to sign certain
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transactions for the account it controls. This is different from
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some other blockchain networks where the holder of the keypair associated with
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the account's address controls all of the account's activity.
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Each stake account has two signing authorities specified by their respective address,
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each of which is authorized to perform certain operations on the stake account.
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The *stake authority* is used to sign transactions for the following operations:
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- Delegating stake
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- Deactivating the stake delegation
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- Splitting the stake account, creating a new stake account with a portion of the
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funds in the first account
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- Merging two undelegated stake accounts into one
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- Setting a new stake authority
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The *withdraw authority* signs transactions for the following:
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- Withdrawing un-delegated stake into a wallet address
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- Setting a new withdraw authority
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- Setting a new stake authority
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The stake authority and withdraw authority are set when the stake account is
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created, and they can be changed to authorize a new signing address at any time.
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The stake and withdraw authority can be the same address or two different
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addresses.
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The withdraw authority keypair holds more control over the account as it is
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needed to liquidate the tokens in the stake account, and can be used to reset
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the stake authority if the stake authority keypair becomes lost or compromised.
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Securing the withdraw authority against loss or theft is of utmost importance
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when managing a stake account.
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#### Multiple Delegations
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Each stake account may only be used to delegate to one validator at a time.
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All of the tokens in the account are either delegated or un-delegated, or in the
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process of becoming delegated or un-delegated. To delegate a fraction of your
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tokens to a validator, or to delegate to multiple validators, you must create
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multiple stake accounts.
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This can be accomplished by creating multiple stake accounts from a wallet
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address containing some tokens, or by creating a single large stake account
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and using the stake authority to split the account into multiple accounts
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with token balances of your choosing.
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The same stake and withdraw authorities can be assigned to multiple
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stake accounts.
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Two stake accounts that are not delegated and that have the same authorities
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and lockup can be merged into a single resulting stake account.
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#### Delegation Warmup and Cooldown
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When a stake account is delegated, or a delegation is deactivated, the operation
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does not take effect immediately.
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A delegation or deactivation takes several [epochs](../terminology.md#epoch)
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to complete, with a fraction of the delegation becoming active or inactive at
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each epoch boundary after the transaction containing the instructions has been
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submitted to the cluster.
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There is also a limit on how much total stake can become delegated or
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deactivated in a single epoch, to prevent large sudden changes in stake across
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the network as a whole. Since warmup and cooldown are dependent on the behavior
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of other network participants, their exact duration is difficult to predict.
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Details on the warmup and cooldown timing can be found
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[here](../cluster/stake-delegation-and-rewards.md#stake-warmup-cooldown-withdrawal).
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#### Lockups
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Stake accounts can have a lockup which prevents the tokens they hold from being
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withdrawn before a particular date or epoch has been
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reached. While locked up, the stake account can still be delegated, un-delegated,
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or split, and its stake and withdraw authorities can be changed as normal. Only
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withdrawal into a wallet address is not allowed.
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A lockup can only be added when a stake account is first created, but it can be
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modified later, by the *lockup authority* or *custodian*, the address of which
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is also set when the account is created.
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#### Destroying a Stake Account
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Like other types of accounts on the Solana network, a stake account that has a
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balance of 0 SOL is no longer tracked. If a stake account is not delegated
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and all of the tokens it contains are withdrawn to a wallet address, the account
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at that address is effectively destroyed, and will need to be manually
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re-created for the address to be used again.
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#### Viewing Stake Accounts
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Stake account details can be viewed on the Solana Explorer by copying and pasting
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an account address into the search bar.
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- http://explorer.solana.com/accounts
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@ -4,9 +4,12 @@ experience for most people who are new or experienced with using crypto wallets.
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## Trust Wallet
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[Trust Wallet](https://trustwallet.com/) is an app for iOS and Android. This is
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currently the easiest and fastest way to get set up with a new wallet on Solana.
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currently the easiest and fastest way to get set up with a new wallet to send
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and receive SOL tokens on the Solana network.
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The app is free and getting your wallet set up only takes a few minutes.
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*Note: Trust Wallet does not support stake accounts or staking operations*
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### Trust Wallet Security
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Tokens held in Trust Wallet are only as secure as the device on which the app is
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@ -1,6 +1,7 @@
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# Trust Wallet
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Trust Wallet is an app for your smartphone or tablet and is the fastest and
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simplest way for most users to get started with a Solana wallet.
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simplest way for most users to get started with a Solana wallet to send and
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receive tokens.
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## Install Trust Wallet
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