Lido Staked SOL, also known as 'Lido for Solana,' is a unique project in the crypto community that offers a Lido-DAO governed liquid staking protocol for the Solana blockchain. The protocol enables SOL token holders to stake their tokens with Lido and receive an on-chain representation of their SOL staking position with Lido validators, in the form of stSOL tokens.
What is stSOL?
stSOL is an essential part of Lido Staked SOL project. It is a liquid token that signifies an individual's share of the total SOL pool delegated with Lido. Once a person delegates to the pool, the platform issues them with newly minted stSOL tokens.
Benefits of stSOL
One of the main advantages of receiving stSOL tokens is that they represent a liquid asset, which means they can be traded or used as collateral in DeFi products. This feature provides Solana token holders with liquidity on their staked assets. In addition to this, as the SOL delegation accrues rewards over time, the value of the stSOL tokens appreciates. This mechanism allows token holders to benefit from staking rewards even without selling their tokens.
No Waiting Time
A unique feature of the Lido Staked SOL project is the immediate issuance of stSOL tokens. Unlike other platforms where there might be a waiting time for receiving staking rewards or tokens, Lido Staked SOL ensures that the token holders receive their stSOL tokens without any delay. This feature allows for a seamless staking experience and helps to maintain liquidity in the SOL market.
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