Global cryptocurrency exchange OKX has announced the launch of OKSOL, a Solana liquid staking token, on December 11, 2024. The move aims to enhance asset utilization while providing users with staking rewards.
Key Features of OKSOL
1. Dual Functionality
- Staking Rewards: Users staking SOL on OKX receive OKSOL at a 1:1 ratio, enjoying staking and MEV (Maximum Extractable Value) rewards while retaining liquidity.
- Asset Utility: OKSOL can be traded, used as collateral, or redeemed, offering flexibility for participants.
2. Stability and Security
- Designed with asset security as a priority, OKSOL mitigates risks typically associated with smart contracts.
3. Redemption Options
- Standard Redemption: Approximately 4 days.
- Spot Trading: Real-time liquidity for immediate access to funds.
- Future Enhancements: A fast redemption feature is planned for added convenience.
4. Capital Efficiency
- OKSOL can be leveraged in lending and collateral scenarios, optimizing users’ capital. Additionally, OKX plans to incorporate OKSOL into structured products for further utility.
Trading Details
Two spot trading pairs, OKSOL/USDT and OKSOL/SOL, will be available:
- OKSOL/USDT
- Call Auction: 7:00–8:00 a.m. UTC, December 11, 2024.
- Spot Trading Opens: 8:00 a.m. UTC.
- OKSOL/SOL
- Call Auction: 7:30–8:30 a.m. UTC, December 11, 2024.
- Spot Trading Opens: 8:30 a.m. UTC.
Opening Trading Restrictions
To protect users from volatility during launch:
- No Market Orders: Allowed during the first 5 minutes of trading.
- Limit Order Cap: Orders must not exceed $10,000 in value during this period.
This launch positions OKX to meet the growing demand for liquid staking solutions while providing a secure, flexible, and efficient experience for Solana users.
