On July 8, 2024, ELSOUL LABO B.V. and Epics DAO announced the release of a new liquid staking token “elSOL” on the Solana blockchain.
The “elSOL” token emerges as an attractive new option for staking Solana (SOL). This token represents ownership of SOL managed by selected validators and is designed to appreciate in value in conjunction with Solana’s official staking program.
One of the main benefits for users is the ability to utilize Solana’s services while their SOL is staked. Additionally, elSOL can be quickly liquidated, providing flexibility that traditional staking does not offer.
Users can also benefit from the automatic acquisition of MEV rewards and the effects of compounding, enhancing their overall earnings.
elSOL validators operate without fees, potentially offering higher returns compared to conventional staking services.
elSOL is highly compatible with Solana-based DeFi platforms like Jupiter and Orca, allowing users to leverage elSOL in various ways to maximize their earnings.
Currently, staking elSOL can be done through the solv CLI, with a more user-friendly interface set to be introduced soon.
ELSOUL LABO B.V. and Epics DAO are also developing open-source tools such as “solv” and “Skeet” to further the Solana ecosystem.
Notably, “solv” is gaining attention as an innovative tool simplifying the management of Solana validators and RPC nodes.
With the growing popularity of DeFi on the Solana network, the introduction of elSOL is expected to further energize DeFi activities.
This new token offers users a more flexible and efficient staking method, contributing to the overall growth of the Solana ecosystem.
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