Crypto wallet Phantom has unveiled an upcoming liquid staking token designed to magnify opportunities for SOL holders through staking rewards and stable liquidity.
The Phantom Staked SOL (PSOL) aims to enrich the Solana ecosystem through flexible staking alternatives.
Let us explore this new product and what SOL investors can anticipate.
Phantom unveils PSOL
Phantom Wallet took it to X to introduce its new liquid staking Token (LST).
We’re launching our own LST: Phantom Staked SOL (PSOL) 👻
Why liquid stake with Phantom?
Simple:
🏆 Earn SOL rewards
🏋️♂️ Maintain liquidity
💜 Support the @solana network
The innovative product reflects the platform’s commitment to magnifying earning opportunities for Solana enthusiasts.
Now, anyone who stakes SOL using Phantom will receive an equal amount of PSOL.
For instance, staking 1000 SOL tokens earns you 1000 PSOL tokens.
The Phantom Staked SOL token reflects the staked positions.
Moreover, you can use the coin for various activities within the Solana ecosystem, including trading, holding, and yield farming.
PSOL comes as liquid staking gains traction in the blockchain space, with users looking for flexible options, especially on Solana.
Rather than locking your SOL and waiting for rewards, you can use your staked assets to work in decentralized finance (DeFi) while still earning Solana staking incentives in the background.
Available as an embedded SDK, mobile app, and browser extension, Phantom is a non-custodial crypto wallet known for its support for the Solana blockchain, though it also extends to leading infrastructures like Bitcoin, Polygon, and Ethereum.
What is liquid staking, and does it matter?
Staking involves locking your assets for a specific timeframe and earning rewards in return.
The crypto incentives come from the network as an appreciation for helping it operate smoothly and securely.
However, the traditional approach had drawbacks.
For example, you can’t trade or access the assets until the staking period ends.
That challenges people who prefer flexibility to react to market changes quickly.
Liquid staking solves such issues, with tokens like PSOL reflecting your staked Solana.
You can use the token for different activities in the Solana platform, including trading and yield farming.
For instance, Phantom Staked SOL allows you to earn passive Solana rewards and stay liquid and prepared to trade or navigate DeFi protocols.
Moreover, Phantom highlighted its dedication to enhancing the decentralization and security of Solana through staking.
PSOL contributes to the overall health of the Solana ecosystem.
SOL stakers will enhance decentralization while securing the network.
Further, Phantom’s product delegates your staked assets to renowned validators, further boosting Solana’s infrastructure.
The maturing Solana DeFi space and support from Phantom developers position PSOL as the smoothest option for magnified earnings on your SOL holdings.
Solana trades at $174 as momentum cools following last week’s impressive rallies.
It lost 3% in the past 24 hours after gaining more than 20% in the previous seven days.
An upside resumption will possibly open the path toward the $300 target.
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