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Additional rewards for using $stSOL as collateral

May 31, 2022

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Yesterday, we announced that stSOL is our new collateral.
Now, to encourage you to use this token, together with Lido, we decided to introduce an additional rewards system for using this token 🎁

How does it work?

To become a participant you need to deposit stSOL as collateral in our app and mint debt.
The higher the debt and the amount of stSOL, the higher the reward. Each Monday we will distribute LIDO as a reward 💰
We will also automatically send it to your wallet - there will be no need to claim it yourself.
Remember, to receive these rewards you have to be a debt pool participant

How do we calculate it?

Distribution will be conducted on a credit basis, which is calculated based on two values:

  • Debt share - share of the total debt
  • stSOL balance - the amount of your deposited stSOL

Thanks to this feature, it will be possible to get a double reward 🎁🎁
First in SNY, for participating in the debt and the second one in LIDO for using stSOL as collateral.

About stSOL and Lido

Lido is a DAO that provides its users with more liquidity. The platform lets you use your staked assets to gain yield on top of yield. Users earn rewards for their staked SOL. Moreover, they can sell their staked tokens or use them as collateral on DeFi platforms. The whole process is approved by the validators chosen through the Lido DAO.

If you'd like to know more about Lido, check out their Twitter and Website.

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