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Coinbase Global (NASDAQ:COIN) has expanded its staking offerings to include Solana (SOL-USD) in an effort to provide more ways for users to earn cryptocurrency rewards, according to a blog post dated Wednesday. SOL staking will be "progressively" available to all eligible users, the crypto exchange said. Staking is the process of earning an annual reward in return for holding a position in a certain crypto (in this case SOL), a dynamic similar to depositing cash in a traditional savings account, though staking yields are typically much higher. For Solana (SOL-USD), in particular, the estimated annual percentage yield that a user can earn for staking the token on Coinbase (COIN) is approximately 3.85%, Coinbase said, adding that rewards will be settled every three to four days. Meanwhile, Solana (SOL-USD), the ninth largest digital coin by market cap, is sliding around 6% as of shortly before 5:00 p.m. ET amid a broader selloff in cryptos. It's down a whopping 80% YTD. Towards the end of March, Coinbase expanded its staking offerings to include Cardano (ADA-USD).
