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What is a Liquid Staking Token?
A Liquid Staking Token (LST) is a token that represents staked SOL. When you stake SOL through an LST, your SOL is delegated to validators who secure the Solana network. In return, you receive a token that:- Earns staking rewards automatically
- Can be traded, transferred, or used in DeFi
- Can be redeemed for the underlying SOL at any time
How JupSOL Accrues Value
JupSOL uses an exchange-rate model. The JupSOL/SOL ratio increases over time as staking rewards accrue to the pool.- The number of JupSOL in your wallet stays the same
- Each JupSOL becomes redeemable for more SOL over time
- You do not need to claim rewards manually
Because the exchange rate has moved since launch, 1 SOL deposited today returns less than 1 JupSOL. This is expected. Your JupSOL still represents the full value of your deposit plus future rewards.
How to Get JupSOL
There are two paths to acquire JupSOL.- Deposit via Jupiter Stake
- Swap via Jupiter
On the Jupiter Stake page, select the JupSOL tab. Deposit SOL directly into the pool and receive JupSOL in return.No deposit fee is charged on this path.
Exiting JupSOL
There are two ways to convert JupSOL back to SOL.- Instant swap
- Delayed Unstake
Swap JupSOL for SOL (or any other token) through Jupiter. This uses the aggregator and standard swap fees apply. If the route requires unwrapping JupSOL from the pool, a 0.1% withdrawal fee applies.
Rewards
JupSOL holders earn yield from three sources. All rewards accrue automatically to the pool, increasing the JupSOL/SOL exchange rate. There is no manual claim.| Source | Description |
|---|---|
| Staking rewards | Base rewards from the Solana network for securing the chain. Distributed every epoch (~2-3 days). |
| rewards | 100% of MEV kickbacks collected by the Jupiter validator are passed to the JupSOL pool. |
| Priority fees | 100% of transaction priority fees collected by the Jupiter validator are passed to the JupSOL pool. |
Fees
Pool Fees
| Fee | Amount | Notes |
|---|---|---|
| SOL deposit fee | 0% | No fee to deposit SOL into the pool |
| Withdrawal fee | 0.1% | Applied when withdrawing SOL or a stake account from the pool. Also applies on swaps if the route requires unwrapping JupSOL. |
| Management fee | 0% | |
| Validator commission | 0% |
Sanctum Epoch Fee
A 5% fee on base staking rewards is applied each epoch. This fee does not apply to MEV or priority fee rewards. The 5% is split equally:| Recipient | Share | Notes |
|---|---|---|
| Sanctum | 2.5% | Infrastructure provider |
| Jupiter DAO treasury | 2.5% | Not the Jupiter team |
Using JupSOL in DeFi
JupSOL is a standard SPL token and can be used across the Solana DeFi ecosystem. Here are the main integrations.Jupiter Lend
Jupiter Lend
You can supply JupSOL as collateral on Jupiter Lend. Staking rewards continue to accrue while your JupSOL is used as collateral, since the JupSOL/SOL exchange rate keeps increasing regardless of where the token is held.
Other protocols
Other protocols
JupSOL can be used in lending platforms, liquidity pools, and other DeFi protocols that support it. Jupiter does not endorse or guarantee any third-party protocol.
Security
SPL Stake Pool Program
JupSOL is built on Sanctum’s SPL Stake Pool Program (SanctumSplMulti deployment).- Audited 9 times by multiple security firms
- Has secured over $4B in staked SOL across the ecosystem without exploits
- Separate from the (Solana Foundation) used by Native Staked Vaults
Audit reports are available in Sanctum’s documentation.
Multisig Governance
The upgrade authority of the program is held by an 11-member multisig with a threshold of 6 (majority required). Multisig members: Jito, Jupiter, Laine, Mango, MRGN, Solblaze, SolanaFM, and Sanctum. The program address and multisig can be verified on Solscan.Management Authority
Day-to-day management of JupSOL (setting up the pool, delegating deposited SOL) is handled by Sanctum. Important constraints on the management authority:- It cannot steal funds, even if compromised
- Fee changes are capped and require advance warning, giving users time to withdraw before any change takes effect
Risks
Smart contract risk
Smart contract risk
JupSOL relies on the SPL Stake Pool Program. While audited 9 times and battle-tested with billions in value, no smart contract is guaranteed to be free of vulnerabilities.
Market price deviation
Market price deviation
The market price of JupSOL can temporarily fall below its redeemable value (the amount of SOL you would receive by withdrawing from the pool). This is not a loss of underlying SOL. It typically happens during large sell-offs and is usually resolved by arbitrage. However, if you are using JupSOL as collateral on a lending protocol, a temporary price deviation could trigger liquidation.
Liquidity risk
Liquidity risk
During periods of high market stress, available liquidity for swapping JupSOL back to SOL may be reduced, potentially increasing slippage or making instant swaps temporarily less favorable.
Variable rewards
Variable rewards
Staking rewards depend on validator performance and network conditions. They are not fixed and can fluctuate from epoch to epoch.
Regulatory uncertainty
Regulatory uncertainty
The regulatory environment for staking and liquid staking products continues to evolve and may change.
Resources
| Resource | Link |
|---|---|
| JupSOL token page | jup.ag |
| Jupiter validator (Solana Beach) | solanabeach.io |
| Jupiter validator (validators.app) | validators.app |
| JupSOL on Sanctum | app.sanctum.so |
| JupSOL/SOL oracle | Solscan |
| JupSOL/SOL Pyth feed | Solscan |
| SPL Stake Pool Program (multisig) | Solscan |
| Sanctum LST documentation | learn.sanctum.so |
| Sanctum audit reports | learn.sanctum.so |