Minimal risk staking with Socean

ProjectSocean
ChainSolana
Time10 minutes
Reward$1 in SOL

What is Socean? 

Socean, SOL-Ocean, is the solution to risk-free staking. The mission at Socean is “To increase the value in the world by building decentralised, positive-sum financial products.” (Make the world richer together.) One of Socean’s proud web3 applications is their Socean Stake, designed to give you the best risk-free rewards on the Solana blockchain. Behind the scenes, their powerful algorithmic delegation engine delegates the SOL deposited into the Stake pool to other validators, maximizing returns and earnings. By combining the analysis of validator performance with financial and economic theory (mean-variance analysis), they can maximize reward APY and improve network health.Additionally, Socean supports a marketplace for governance token streams. Streams.co, Socean’s marketplace for governance token streams, allows protocols to sell their governance tokens, which then can be used to make long-term bets on protocols you believe in, and be rewarded for doing so. 

What we’ll do in this tutorial 

We will be going through, step by step, how to get started on Socean and stake SOL. For this tutorial, you will need a Phantom Wallet.

1. Go to Socean’s website

Go to this link to get started. 

2. Link Phantom Wallet to Socean

Click on the Connect Wallet button, and select Phantom Wallet

Phantom will pop up, asking for confirmation.

Confirm the connection.

3. Stake SOL

Once you’ve successfully connected your wallet to the application, choose how much SOL you are willing to stake and confirm the transaction

You will receive scnSOL in exchange for your staking. This represents your value of the stake, and will increase as the pool accumulates rewards. To unstake, go to the unstake and decide how much you want to unstake (in terms of scnSOL)

4. Claim your reward! 🎁

You've completed the required steps, and it's time to get paid! The final step is submitting a reward claim so we can verify you've completed the tutorial.

Click the “Claim Reward” button at the top of the page.

Fill in the address of the wallet you used for this tutorial.

Submit the form and wait!

We’ll confirm that you have added staked Solana on Socean and send over $1 of SOL as a reward!