introducing bonkSOL
As part of our week-long rollout of Sanctum’s new generation of LSTs, we’ll be doing a daily spotlight on each of these LSTs. To kickstart it off, we’ll have BONK’s bonkSOL!
What’s BONK?
BONK was launched as a free airdrop to the Solana community on Christmas Day 2022, at a point where morale was at its lowest on Solana. Since then, BONK has grown from strength to strength. BONK has established itself firmly as Solana’s #1 community memecoin, with integrations all over the ecosystem. Beyond that, the BONK community have proven their mettle by building out various tools and projects to benefit the Solana ecosystem. These include BONKBot, a telegram trading bot; BONKswap; and most importantly, the BONK Validator that is operated by Jito Labs.
What’s bonkSOL?
bonkSOL is an LST that delegates solely to the BONK Validator. It charges 0% deposit fee, 0% withdrawal fee, and a 0% management fee. You can deposit SOL or your validator stake account into the bonkSOL non-custodial pool (This means that your funds are safe, the team are unable to access your funds at all). Your SOL is then staked with the BONK validator. In return, you'll receive the bonkSOL token, which accrues staking rewards. For example, if you deposit 100 SOL into bonkSOL, you’ll receive 99.99 bonkSOL. In a year, your 99.99 bonkSOL should be worth roughly 107 SOL (assuming a 7% staking APY). 100% of commissions and MEV earned from the BONK validator go towards rewarding the BONK community.
Token Details
Validator Commission: 4%
Estimated APY at time of writing: 7.86% APY
Taken from Stakewiz
Why bonkSOL?
You should stake with bonkSOL because….BONK has big plans for bonkSOL! BONK is constantly at the cutting edge of innovation. Sanctum is pioneering innovation on the front of LSTs, and BONK is perfectly aligned with the vision that Sanctum is pushing! Additionally, bonkSOL is a perfect way to align people to start staking with the BONK Validator. bonkSOL holders can start receiving BONK based rewards for staking with the LST. This will create a positive flywheel that will get more stake and directly adds to to SOL-BONK conversions. Early bonkSOL stakers may be rewarded…. Finally, BONK sees bonkSOL as a fundamental piece of the BONK ecosystem stack. Expect to see bonkSOL integrated across a range of products!
How to stake with bonkSOL?
Direct SOL deposits
Our goal is to making staking as easy as a swap. All you need to do is go to app.sanctum.so. It’ll automatically direct you to the “Swap” tab. Connect your wallet, and you’ll be able to directly deposit your SOL into bonkSOL. Voila! You have bonkSOL. Do note that we charge a one-time 0.1% deposit fee.
Existing stake accounts
If you’ve already staked with a validator (or want to try this route), you can use the “Stake Accounts” tab on app.sanctum.so/stake-accounts to deposit your active stake account with BONK Validator into bonkSOL We charge 0% deposit fees for this process. There is one key thing to note here:
You require an active stake account.
This means that if you just delegated your stake to Juicy Stake within the current epoch, your stake account is considered to be activating. You have to wait till the next epoch before your stake account is considered active stake. You can use the SoceanBot Telegram Bot to track epoch timings.
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