OKX to list OKSOL — new Solana liquid staking token
To meet users' needs for both efficient asset utilization and staking rewards, OKX will launch the SOL liquid staking token OKSOL on December 11, 2024. Spot trading pairs OKSOL/SOL and OKSOL/USDT will be available, and OKSOL can also be used as collateral. New campaigns will be coming soon.
About OKSOL and advantages
OKSOL is a Solana liquid staking token developed by OKX, representing the SOL staked by users on OKX. By staking SOL, you'll receive OKSOL at a 1:1 ratio. Holding OKSOL allows users to enjoy native staking and MEV rewards while maintaining liquidity. OKSOL can be used as collateral or for trading, while the original SOL remains staked. This provides a flexible solution for users who want to participate in staking without losing liquidity.
Stability and security: OKSOL is designed with asset security as the top priority. It's used as a Solana liquid staking token on OKX with no potential smart contract risks.
Flexible redemption options:
Standard redemption: approximately 3-5 days
Spot trading: real-time
OKX will also introduce a fast redemption feature for OKSOL in the future
Maximize capital efficiency: In lending and collateral scenarios, OKSOL serves as an efficient tool to help you optimize capital utilization. OKSOL will also be launched in structured products in the future.
How to get OKSOL?
There are 2 ways to get OKSOL:
Go to Grow > On-chain Earn, then choose SOL Staking.
Get OKSOL through spot trading.
About the OKSOL spot trading pairs
Launch time
OKSOL/USDT:
Call auction will take place from 7:00 am to 8:00 am UTC on December 11, 2024.
Spot trading will open at 8:00 am UTC on December 11, 2024.
OKSOL/SOL:
Call auction will take place from 7:30 am to 8:30 am UTC on December 11, 2024.
Spot trading will open at 8:30 am UTC on December 11, 2024.
Rules for spot trading opening
In order to protect users from price volatility at the opening of spot trading, OKX will impose the following restrictions on orders during the first 5 minutes of trading:
No market orders allowed.
Each limit order must not exceed 10,000 USD in value.
These restrictions will be lifted after the first 5 minutes of trading.
About Call Auctions
Call auction mechanism will be used for spot listing of OKSOL/USDT and OKSOL/SOL. The call auction period will last for 1 hour.
OKX operates a call auction mechanism that allows you to submit buy and sell orders at your desired prices according to certain trading parameters before a new trading pair officially begins trading. The trading system processes all submissions according to call auction rules and calculates an indicative opening price based on these submissions.
In order to provide more trading information, following the end of the call auction, OKX will display the project team's opening price at the commencement of continuous trading as the initial price of the trading chart. The project team's opening price is provided by the token project team usually based on the valuation of the project. This project team's opening price is displayed for information purpose only, and is not determined by the call auction mechanism, and will not impact the prices where you will execute the orders.
About OKSOL as collateral
OKSOL will be eligible as collateral starting at 9:30 am UTC on December 11, 2024. Your OKSOL in cross margin positions of the multi-currency margin mode and portfolio margin mode can be used as margin based on their USD value, as calculated by crypto's discount rate.
Please refer to this link for the discount rate design after launch: https://www.okx.com/zh-hans/trade-market/discountrate
About OKX Staked SOL (OKSOL)
OKX Staked SOL (OKSOL) will go live on December 11, 2024. You can stake SOL and receive the liquid staking token OKSOL at a 1 to 1 reserve ratio. This allows you to earn SOL staking rewards while unlocking liquidity.
About OKSOL earn campaign
OKX will soon launch OKSOL-related incentive campaigns, aiming to provide users with a better earning experience.
Details of the campaign will be announced separately. Stay tuned!
Disclaimer
This product could result in a complete loss of your digital assets. No investment advice is provided. Not an offer to purchase, sell, or hold digital assets. Historical returns do not guarantee actual performance. By accessing a third party staking or DeFi protocol (the "Protocol"), your use of and any information or assets you provide to the Protocol will also be governed by their terms. OKX is not associated with the Protocol, makes no warranties or representations of their offerings, and is not responsible for any loss arising from your use of the same.
OKX team
December 11, 2024