### What is Lido Staked SOL?

Lido Staked SOL (stSOL) is a liquid staking token that represents a staked SOL position on the Solana blockchain. It allows users to stake their SOL tokens and receive stSOL tokens in return. These stSOL tokens can be traded or used as collateral in decentralised finance (DeFi) activities, offering liquidity to staked assets without the usual lock-up periods.

### How does Lido Staked SOL work?

Lido Staked SOL operates through the Lido protocol on the Solana blockchain. Users can stake their SOL tokens via the Lido interface and receive stSOL tokens immediately, which represent their share of the staked asset pool. This enables them to engage in trading or various DeFi applications. The staking process involves:

1. Connecting a Solana wallet to the Lido interface.
2. Entering the amount of SOL to stake.
3. Approving the transaction through the wallet.
4. Receiving stSOL tokens instantly.

Rewards are distributed daily, and the value of stSOL tokens increases to reflect the earned staking rewards, with a 10% fee retained by Lido from the rewards.

### What are the potential use cases for Lido Staked SOL?

Lido Staked SOL tokens have several use cases, primarily within the DeFi space, including:

- **Lending and Borrowing:** stSOL can be used as collateral in DeFi lending and borrowing protocols.
- **Liquidity and Trading:** stSOL can be traded on decentralised exchanges (DEXes) and automated market makers (AMMs).
- **Yield Farming:** stSOL can be used in yield generation protocols, enabling users to earn additional rewards.
- **Direct and Staggered Withdrawals:** While direct withdrawals can take some time, stSOL allows for instant value appreciation through immediate issuance and its use in DeFi.

### What is the history of Lido Staked SOL?

Lido Staked SOL is part of Lido's expansion on the Solana blockchain. It was launched in May 2021, with Lido DAO governing the protocol. The platform initially collaborated with Chorus One and transitioned to P2P Validator in March 2022. Despite significant growth, including the staking of more than 3,000,000 SOL, 'Lido on Solana' was discontinued in October 2023 due to changes in strategic direction, ceasing new stake acceptance and transitioning node operations. The development of Lido Staked SOL highlights its adaptability in liquid staking solutions but also reflects the volatile and evolving nature of blockchain initiatives.

Lido Staked SOL

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