Best SOL (Solana) Interest Rates of Sep 2023

Best SOL Interest Rates

The table above compares the best SOL interest rates. As you’ll notice, there are base rates and max rates. Since the max rates often have certain requirements, such as locking the asset for a fixed amount of time, the best Solana interest rate will depend on your willingness to fulfill any of those requirements.

For example, platform A might have a higher base rate than platform B, but platform B can offer a higher max rate if you lock your SOL for one month. So the best SOL interest rate would depend on your willingness to lock the asset.

Where To Earn the Highest SOL Yield

The max APY column will show where you can earn the highest SOL yield, depending on your willingness to fulfill any requirements specified. Some platforms also have tiers, as specified, so you may only be able earn the highest SOL interest rate on the first X amount of SOL.

In addition, there is a toggle above the table where you can change the location between United States and International. The platforms and Solana rates may change for US vs non-US. The table also includes other details relevant to determining the highest SOL interest rates, such as pointing out when a platform is unavailable in a specific US state.

Best SOL APY / Best SOL APR

The table shows SOL rates in APY (Annual Percentage Yield) by default. However, some platforms advertise their rates in APR (Annual Percentage Rate), so the table will specify when rates are in APR. APY takes into account compound interest, while APR does not. If a platform has SOL rates in APR, you can use tools like this to convert SOL APR to SOL APY.

Best SOL Staking Rates / Best SOL Lending Rates

For earning yield, staking SOL is sometimes used interchangeably with lending SOL. So those looking for the best SOL staking rates to earn interest might be looking for the best SOL lending rates to earn interest. With the CeFi platforms covered here, you are lending your SOL to centralized entities, as a way to earn yield on SOL.

How To Earn Interest on SOL

To earn interest on SOL, an individual would create an account, then there is usually a KYC (Know Your Customer) process to verify your identity. From there, you can often just deposit SOL to start earning interest. To earn the highest SOL APY, as shown in the max APY column, there are sometimes other requirements, as specified in the table.

Why Earn SOL Interest

The high yield offered by SOL interest accounts is likely the main reason an individual would want to earn SOL interest, rather than letting it sit idle.

However, there is always risk that you lose some or all of your assets. For example, a CeFi platform could halt withdrawals on the coins you deposited. Do your own research to make sure you understand all the risks of any particular cryptocurrency, or platform holding your crypto. No cryptocurrency or platform is without risk.

Best SOL Interest Account / Best SOL Savings Account

CeFi platforms are sometimes referred to as crypto interest accounts or crypto savings accounts (though very different from traditional bank accounts). The best SOL interest account / best SOL savings account might vary based on an individual’s preferences and situation.

For instance, some platforms have tiers, so what might be ideal for one person, might be less ideal for someone with a much higher amount of SOL. You also wouldn’t want to use a platform that you believe is too risky, even if everything else seems ideal.