Phantom Wallet & Jito Introduce Liquid Staking for SOL

This collaboration offers SOL holders a more rewarding staking experience, combining earning rewards with maintaining liquidity.

It also contributes to the security and strength of the Solana network. Let’s discover more about this important news for Phantom Wallet.
Earn Rewards and Maintain Liquidity with Liquid Staking

Liquid staking is a groundbreaking feature that allows users to stake their SOL tokens and earn rewards without locking them up, thereby maintaining liquidity. Traditional staking methods require tokens to be locked in a validator, making them inaccessible for other uses. Liquid staking with JitoSOL, however, enables users to stake their SOL and receive JitoSOL tokens in return. These JitoSOL tokens represent the staked SOL and can be used in various DeFi applications, traded, or transferred, all while continuing to accrue staking rewards.

The integration of liquid staking directly within the Phantom Wallet simplifies the process for users. By enabling the conversion of natively staked SOL to JitoSOL, Phantom Wallet ensures a seamless and user-friendly experience. Users can now stake their SOL and receive JitoSOL tokens without needing to navigate complex interfaces or multiple platforms.

Source: X

In addition to the convenience and flexibility, liquid staking with JitoSOL contributes to the security and robustness of the Solana network. By encouraging more users to stake their SOL, the network becomes more decentralized and resilient.

More About Jito – Solana

According to Solana Compass, the $JitoSOL-SOL pair ranks as the third most liquid on the entire Solana network, often claiming the top spot. This high liquidity allows for an increase in the collateral weight and TVL caps of JitoSOL compared to other liquid staking tokens (LSTs).

Consequently, JitoSOL has become the most efficient LST for use in Solana DeFi lending and is the most popular collateral type on Drift, accounting for over 40% of Drift’s $377 million TVL.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.