Buy Lido Staked SOL (STSOL)
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:
- Connecting a Solana wallet to the Lido interface.
- Entering the amount of SOL to stake.
- Approving the transaction through the wallet.
- 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.
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Frequently Asked Questions (FAQs)
What is the current price of Lido Staked SOL (STSOL)?
The Lido Staked SOL price is $0 AUD, representing a 0% from the day prior.
Where is the best place to buy Lido Staked SOL (STSOL) in Australia?
The best place to buy Lido Staked SOL (STSOL) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Lido Staked SOL (STSOL) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Lido Staked SOL (STSOL)?
The trading volume of Lido Staked SOL (STSOL) is $0 AUD in the last 24hrs, representing a 0% from the day prior.
How can I buy Lido Staked SOL (STSOL)?
Lido Staked SOL (STSOL) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Lido Staked SOL (STSOL)?
The current market cap of Lido Staked SOL (STSOL) is $0 AUD.
Can I convert Lido Staked SOL (STSOL) to cash?
Yes - With Coinstash you can convert your Lido Staked SOL (STSOL) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Lido Staked SOL (STSOL) are there?
The current circulating supply of Lido Staked SOL (STSOL) is 0.
Is Coinstash a safe place to buy Lido Staked SOL (STSOL) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Lido Staked SOL (STSOL) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.