introducing dSOL
What’s Drift Protocol?
Drift Protocol is Solana’s most heavily used perpetual protocol.
As of 9 February 2024, Drift has over $140M TVL, $6B+ culmulative volume and 7m trades. Drift offerers the deepest derivative liquidity on Solana with over $20mn+ in orderbook depth.
Apart from perps, Drift also has several other products such as Superstakesol, which allows users to leverage stake their SOL. They’ve also built Connect and unique designs such as just-in-time (JIT) liquidity and insurance fund staking on Solana. Drift has shown their desire to be community-powered by setting up the Drift Liquidity Program (DLP) that allows anyone from the community to provide liquidityto a market’s vAMM. Drift has several key partnerships - including Circle and Metamask, amidst others. The Drift team is located across the globe with over 20 team members.
Drift most recently raised a Series A round of $23.5m, led by Polychain Capital. Drift will be launching its governance program in 2024 which will introduce a governance token. Drift token-holders will be able to collectively discuss, propose, and vote on upgrades to the protocol. The terminal state of Drift is to have to it become a community governed protocol.
What’s dSOL? Why stake with dSOL?
dSOL is Drift’s very own LST, and delegates exclusively to the Drift Validator. The Drift Validator charges a 10% commission fee, and has an estimated 6.81% APY at time of writing.
The Drift team has 3 main reasons why you should use dSOL:
You’ll be able to use dSOL as collateral on Drift very soon!
By staking with dSOL, you’ll be supporting Drift’s initiatives to use the Drift Validator to improve Drift user TX confirmation
It’s the perfect avenue to send Drift validator rewards to our stakers.
[One of the goals] for dSOL is to improve transaction confirmations times for Drift users by providing users a guaranteed link to the Solana network via Drift's validator.
Drift Team
Token Details
Validator Commission: 10%
Estimated APY at time of writing: 6.81%
How to stake with dSOL?
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 dSOL.
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 Drift Validator into dSOL 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 Drift Validator 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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