From April 27th, we officially list Marinade Staked SOL Token (MSOL) on the ONUS application. Soon after MSOL is added, users can perform the following features:
- Off-chain transactions: Send and receive MSOL with other users in the ONUS network.
- Exchange: Swap from VNDC or USDT to MSOL and vice versa.
Marinade is the first Liquid staking protocol built on Solana, and is supported by the Solana Foundation. Liquid Staking is an efficient way of using locked capital (SOL) while still receiving staking rewards and maintaining governance on the network. Users can stake SOL tokens on Marinade to receive MSOL tokens, then use this token to participate in the DeFi ecosystem on Solana such as Lending, Borrowing, Swap, Yield Farming,…
The Solana blockchain allows users to stake SOL tokens for rewards. However, users’ SOLs need to go through a lock-up period before they can be withdrawn to incentivize users to stay with the network longer. Marinade was created to overcome that drawback, allowing users to optimize the efficiency of capital use, while receiving rewards and still bringing tokens to do other things. Liquid Staking is not new, but Liquid Staking on Solana is currently only Marinade as the most popular and typical project.
What is MSOL Token?
MSOL is a utility token that users receive when staking SOL on the Marinade protocol. MSOL operates on the Solana platform according to SPL standards and can be used for the following purposes:
- As collateral or lending on multiple platforms
- Stake MSOL to receive MNDE – Marinade’s governance token
- Provide liquidity in DeFi
- Name: Marinade Staked SOL Token
- Symbol: MSOL
- Platform: Solana
- Standard: SPL
- Type: Utility Token
- Smart Contract Address: mSoLzYCxHdYgdzU16g5QSh3i5K3z3KZK7ytfqcJm7So