Gemini Unveils Solana Credit Card That Pays and Auto-Stakes SOL Rewards

Core Insights - Gemini has launched the Solana Card, which offers instant Solana (SOL) rewards and an optional auto-staking feature to enhance rewards [1][2] - The Solana Card allows users to earn up to 4% back on purchases in instant crypto rewards, similar to Gemini's other credit cards [1][4] - The auto-staking feature enables users to stake their earned SOL for up to 6.77% APY, providing flexibility in managing their rewards [2][3] Product Features - The Solana Card includes an auto-staking option for SOL rewards, allowing users to earn interest on their staked tokens [2] - Users can unstake their SOL tokens at any time, although withdrawal times may vary from a few hours to several days [3] - Gemini's credit cards offer category-based rewards: 4% on gas and electric vehicle charging, 3% on dining, 2% on groceries, and 1% on all other purchases [4] Market Context - The decision to launch the Solana Card is attributed to Solana's strong momentum and active developer community, making it a top ecosystem for new projects [5] - Historical data indicates that users who held Solana as their reward token for at least one year have seen an appreciation of around 300% since 2021 [5] - Solana's price has experienced significant volatility, trading below $10 in early 2021, peaking above $250, and then crashing to about $8 in late 2022 before rebounding to a new high of $293 earlier this year [6] Company Performance - Gemini completed its IPO on the Nasdaq Exchange, raising over $425 million with shares initially offered at $28, although they closed at $19.68, down nearly 20% over the previous month [7]