Why does the displayed reward rate look lower than 6.50%?

The 6.50% APY is an estimated annualized rate based on current Solana network conditions. It is not a fixed or guaranteed yield and can fluctuate over time.

1. Epoch timing Solana distributes rewards at the end of each epoch (~2-3 days for Solana). Rewards post in a lump sum at epoch close, not continuously, so mid-epoch the running rate will always look low or flat.

2. Activation delay Newly staked SOL takes up to 1 full epoch to activate before it starts earning. No rewards accrue during that window.

3. Short observation window Any rate calculation based on just a few days of data will be skewed by the above. A minimum of 2-3 full epochs (7-10 days) is needed before the displayed rate meaningfully reflects actual performance.

4. Network variability The 6.50% figure reflects current conditions. Validator performance and network-wide staking participation both affect the actual rate (it is not guaranteed and will vary).