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Summary of Lido Staked SOL
Key Points
- Lido for Solana is a liquid staking protocol for the Solana blockchain.
- Staking SOL tokens with Lido issues an on-chain representation of SOL staking position, called stSOL.
- stSOL is a tokenized form of staked SOL, allowing liquidity and utilization as collateral in DeFi products.
- Lido for Solana is backed by industry-leading staking providers.
- stSOL can be used as SOL, earning SOL staking rewards and rewards through integrated platforms.
How stSOL Works
- stSOL represents a share of the
About Lido Staked SOL: A Decentralized Staking Solution
Lido for Solana: A Comprehensive Overview
‘Lido for Solana’ is a decentralized, Lido-DAO governed liquid staking protocol tailored to the Solana blockchain. By staking their SOL tokens with Lido, users will receive an on-chain representation of their SOL staking position with Lido validators, denoted as stSOL. This innovative solution empowers Solana token holders to unlock liquidity on their staked assets, which can then be seamlessly traded or utilized as collateral in DeFi products. stSOL represents the tokenized form of staked SOL native to Lido. Backed by several industry-leading staking providers, Lido for Solana renders staked SOL liquid and accessible, allowing participation with any amount of SOL. To get started, a SOL token holder simply connects their wallet and deposits their tokens into the Lido program. In return, they instantly receive stSOL tokens, representing a share of the total pool, and the Lido program delegates SOL to Lido-controlled validators on the Solana network. As these delegations accrue rewards on the allotted stake, the total SOL under management grows, thereby increasing the value of stSOL tokens. Notably, stSOL can be utilized in the same manner as SOL, enabling holders to earn SOL staking rewards in addition to rewards through integrated platforms like Saber and Raydium.
Unlocking the Power of Liquid Staking: How stSOL Operates
stSOL is the liquid token that embodies your proportionate share of the total SOL pool deposited with Lido. Upon delegation to the pool, you instantly receive the newly minted stSOL. As your SOL delegation accrues rewards over time, the value of your stSOL appreciates accordingly. Notably, there is no waiting period for receiving stSOL tokens. Unlike traditional staking, users can delegate their SOL tokens without having to perform or wait for the completion of any delegation or activation steps. Furthermore, users can freely exchange stSOL for SOL at any time in the open market, without any restrictions.
The Circulating Supply of stSOL: An Overview
The supply of stSOL is dynamically adjusted in tandem with the number of SOL deposited into the Lido contract and the prevailing exchange rate. For instance, if the Lido contract holds 1000 SOL and the stSOL-SOL exchange rate is 2:1, the total stSOL in circulation would approximate 500. Notably, the exchange rate is updated only once per epoch, and the exact number of stSOL in circulation can be precisely observed at epoch boundaries. The total supply of stSOL can be conveniently tracked via the API endpoint:
https://solana.lido.fi/api/stsol?q=totalcoins
Acquiring stSOL: A Comprehensive Guide
stSOL is poised to debut on a burgeoning array of exchanges, including Serum, Saber, and Raydium. Our most recent features on stSOL (Lido) include: Announcing the Mainnet Launch; Introducing Lido for Solana Multisig; Administration in Lido for Solana; and Lido for Solana bug bounty.