New Liquid Staking Token (LST) on Solana Chain, elSOL Released
New Liquid Staking Token (LST) on Solana Chain, elSOL Released
ELSOUL LABO B.V. (Headquarters: Amsterdam, Netherlands, CEO: Fumitake Kawasaki) and Epics DAO, a Web3 NFT card game supporting open-source software development established by the company, are promoting blockchain technology innovation and sustainable development through the development and operation of the open-source tool "solv" for Solana blockchain validators. This tool has proven its performance and reliability through approximately one year of operation and is now widely used by many users on the Solana blockchain's mainnet and testnet.
We are pleased to announce the release of the new Liquid Staking Token (LST) "elSOL" on the Solana chain.
What is elSOL?
elSOL is a tokenized representation of a staking account based on a high-quality validator pool managed by the solv development team. This pool is composed of multiple experienced and high-quality validators, ensuring high validator scores and stability by performing software updates with no downtime. These validators operate with a user fee of 0%, providing an efficient and cost-effective staking solution.
elSOL - SOLscan: https://solscan.io/token/ELSoL1owwMWQ9foMsutweCsMKbTPVBD9pFqxQGidTaMC
elSOL utilizes the official Solana Stake Pool program, increasing the value of the underlying staking accounts after each epoch, which in turn increases the amount of SOL each elSOL represents.
Solana Stake Pool Program: https://spl.solana.com/stake-pool
Why elSOL?
The main advantage of elSOL is its composability. Tokenized staking accounts can be used by any program that operates on tokens. This allows elSOL to integrate with other Solana DeFi protocols like Jupiter, providing various financial services.
Jupiter: https://jup.ag/swap/SOL-ELSoL1owwMWQ9foMsutweCsMKbTPVBD9pFqxQGidTaMC
elSOL is also listed in liquidity pools on Orca, where you can stake SOL into elSOL and supply it to liquidity pools to maximize your rewards.
Orca elSOL Liquidity Pool (LP): https://www.orca.so/pools?tokens=ELSoL1owwMWQ9foMsutweCsMKbTPVBD9pFqxQGidTaMC
By holding elSOL, you can retain an asset that increases in value relative to SOL while using almost any Solana program. This opens up new opportunities to leverage staked assets.
Benefits of Holding elSOL
- Ensured Immediate Liquidity: With elSOL, you can ensure immediate liquidity without waiting for the end of an epoch. For example, if you need 5 SOL to purchase an NFT, you can instantly swap elSOL for SOL, while the remaining elSOL continues to earn rewards.
- Automatic MEV Reward Collection and Compounding: elSOL automatically collects MEV rewards and compounds them, increasing its value relative to SOL. This is more efficient than manually collecting and reinvesting MEV rewards.
Currently, elSOL can be staked easily with just one command using the solv CLI. An elSOL application will soon be released, allowing staking via UI.
solv: https://solv.epics.dev/en/
New Feature: About solv MEV Mode
MEV stands for Maximum Extractable Value, referring to the pursuit of extracting as much profit as possible. solv features an MEV mode, allowing validators to easily configure settings to maximize their earnings.
Using the new MEV mode in solv, you can automate and manage rewards frequently, maximizing your earnings.
The epoch timer checks the state of epochs, which are revenue cycles, and executes appropriate tasks at the right times.
These tasks include collecting and redistributing rewards required for each epoch. MEV mode allows you to always convert the appropriate amount of SOL to elSOL and send it to a specified account, enabling you to automatically compound staking rewards effortlessly.
For more details, please refer to the release notes below.
solv v4.2.8 - Release Notes（GitHub）: https://github.com/EpicsDAO/solv/releases/tag/%40epics-dao%2Fsolv%404.2.8
ELSOUL LABO and Epics DAO
ELSOUL LABO and Epics DAO's core teams are actively involved in open-source software development.
They operate two open-source software projects, "solv" and "Skeet."
"solv" is an open-source tool simplifying the setup and operation of Solana validators and RPC nodes. To earn rewards as a blockchain validator, machine resources of proper specifications are needed, and validator software installation and setup should be completed per documentation, followed by several updates each week.
With "solv," Solana validators can be easily launched with just three commands. Updates require only one command, utilizing the open-source nature so that a single person worldwide can manage the update, and others can download it. solv documentation: https://solv.epics.dev/
"Skeet" is an open-source, serverless app development tool using TypeScript, offering a modern application framework for infrastructure management, rapid app development, AI support, and dApp/Web3 development.
Skeet documentation: https://skeet.dev/
The Skeet development team's paper, "Skeet: Towards a Lightweight Serverless Framework Supporting Modern AI-Driven App Development," was presented at ENASE 2024, an international software engineering conference held in Angers, France, on April 28-29, 2024. Dr. James represented the team and received high acclaim for his presentation.
ENASE 2024: https://enase.scitevents.org/
This study proposes a lightweight serverless framework for modern AI-driven application development. The research was published in the conference proceedings and indexed in Google Scholar, Scopus, and other major databases, making it widely accessible to the research community.
「Skeet: Towards a Lightweight Serverless Framework Supporting Modern AI-Driven App Development」 - SciTePress: https://www.scitepress.org/PublicationsDetail.aspx?ID=Rza3TGE30Xw=&t=1
We will continue promoting innovation, engaging in open-source software development, and supporting the overall development environment of open-source projects.
Company Overview
- Name: ELSOUL LABO B.V.
- CEOs: Fumitake Kawasaki, Shota Kishi
- Business: Software research and development (AI, cloud, blockchain)
- Founded: September 2020
- Location: Weteringschans 165, 1017XD Amsterdam, Netherlands
- Accreditations: WBSO (Advanced R&D) from the Dutch government, Google Cloud Build partner, ENASE2024 paper selection
- URL: https://labo.elsoul.nl
- Discord: https://discord.gg/H2HeqRq54J
- Press Kit: https://labo.elsoul.nl/en/press-kits
DAO Overview
- DAO Name: Epics DAO
- Founders: Fumitake Kawasaki, Shota Kishi
- Business: Research, development, and operation of blockchain games for social impact
- Founded: June 2022
- Award: 5th place, Solana Summer Camp Hackathon 2022
- URL: https://epics.dev
- Twitter: https://twitter.com/EpicsDAO2
- Discord: https://discord.gg/GmHYfyRamx
※ This article is not intended for investment advice. The information contained in this article is based on the situation at the time of writing. Please check for the most current information. Always NFA/DYOR.
