ICYMI: Mysten Labs’ Sui adds native liquid staking with network upgrade
Liquid staking is where stakers are given derivative tokens in proportion to the tokens they have staked. The derivative tokens typically reflect the value of the staked tokens, perhaps with a slight deviance, and allow stakers to access the value that would be otherwise locked up.
“The upgrade will enable developers to offer services allowing token holders to receive derivative tokens proportional to the value of their staked Sui tokens,” the platform said in a statement. “Sui developers will now be able to offer fully non-custodial liquid staking solutions.
Sui allows users to stake their original tokens with the validator of their choice, rather than"relinquishing this responsibility to the liquid staking protocol."Liquid staking has the benefit of promoting decentralization by offering greater utility for stakers and thus increasing the incentives to stake and secure blockchain networks," said Sui in its statement.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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