Summary
pxSOL is a high-yield liquid staking solution for Solana, built using the same proven two-token model that made pxETH the fastest-growing LST on Ethereum. pxSOL leverages validator infrastructure from Galaxy and maximizes returns by giving users a choice between pxSOL for DeFi liquidity and apxSOL for boosted staking yield.
pxSOL is currently live on testnet as the Dinero team conducts final testing and optimization.
pxSOL and apxSOL
pxSOL uses a two-token system designed to optimize yield for different user preferences. When users deposit SOL, they can choose to hold pxSOL or deposit it into an auto-compounding vault for apxSOL:
- pxSOL maintains a 1:1 peg with SOL. pxSOL holders forgo staking yield in favor of utility and earning yield across Solana's DeFi ecosystem by providing liquidity, participating in lending protocols, and more.
- apxSOL is the auto-compounding vault token that earns staking rewards. Users can deposit pxSOL into the vault to receive apxSOL and begin earning staking yield. When users unstake apxSOL, they receive more pxSOL than they originally deposited due to accumulated rewards.
Not all pxSOL holders choose to stake their tokens. However, apxSOL holders earn yield from ALL of the SOL staked in the protocol, not just their personal contribution. This means apxSOL holders earn yield from more SOL than they've personally staked, creating boosted returns.
Deposits and the SOL Buffer
Most SOL deposited into the Dinero protocol via pxSOL is staked on the Solana network. However, a small fraction remains in a 'SOL buffer' instead of being staked. This buffer facilitates smooth staking and unstaking, and allows faster SOL withdrawals when funded.
Withdrawals
Solana's epoch-based staking system can create delays when unstaking SOL directly from validators. To address this, pxSOL provides multiple withdrawal options:
- Instant Liquidity via DeFi: The fastest way to exit your pxSOL position is through Solana's DeFi ecosystem. Since pxSOL maintains a 1:1 peg with SOL, you can trade pxSOL for SOL or other tokens on decentralized exchanges.
- Instant Withdrawal: When the SOL buffer has sufficient funds, you can withdraw SOL immediately in exchange for pxSOL. This provides instant access to your SOL without waiting for epoch-based unstaking. A small fee (3-5 basis points) applies for this convenience.
- Standard Withdrawal: Your withdrawal request is queued in the system and may take several days. No fees apply for standard withdrawals.