What's a stake account?

When you choose to stake your SOL with a validator, first a stake account is generated. You can think of this as a locked account of SOL. This stake account is then delegated to your validator of choice. This way, the validator never has access to your SOL. This is why staking is not instant. Delegation and undelegation has a warmup and cooldown period.

What most people are unaware of is that the same process happens when you deposit into an LST, whether it’s bonkSOL or jitoSOL. When you deposit SOL into the pool, a stake account is created and delegated to the validators which the non-custodial pool has determined.

This means - that an LST is essentially just a liquid version of a stake account. That means all LSTs are semi-fungible!