Sanctum Protocol Launches lifSOL, a Solana Liquidity Staking Token for Lifinity

IconCryptoNewsTerminal Staff12 Jun, 2024

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Sanctum Protocol Launches lifSOL, a Solana Liquidity Staking Token for Lifinity

Sanctum, a liquidity restaking token (LRT) protocol built on Solana, recently announced the launch of a new liquidity staking token (LST) named lifSOL. This token represents Solana staked on the Solana-based decentralized exchange (DEX) Lifinity, enabling stakers to earn staking rewards while simultaneously utilizing their liquidity on other platforms. lifSOL bridges the gap between staking and liquidity, allowing users to maximize their earnings while maintaining access to their assets. Stakers can deposit their SOL tokens into Lifinity's staking pool and receive lifSOL in return. This lifSOL can then be used for lending, trading, or other DeFi activities. Sanctum previously secured $6.1 million in a seed funding round led by Dragonfly Capital. The funds raised will be utilized to further develop the protocol and expand its ecosystem. The launch of lifSOL marks a significant milestone for Sanctum as it expands its offerings and caters to the growing demand for innovative DeFi solutions.

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