Solana / BONK! Swap for bonkSOL on Sanctum

Solana Liquid Staking

Liquid staking combines the benefits of staking with liquidity. Traditional staking requires you to lock SOL directly with a validator. Liquid staking addresses this liquidity issue by allowing staked assets to be used in various ways (trading, DeFi applications, transfers) while still participating in the staking process by staking your SOL to a smart contract or staking pool. In return for staking your tokens, you receive a different type of token (LST) that represents your staked SOL.

What is Sanctum

Sanctum allows for the creation of custom LSTs for projects and validators. Sanctum has built a router that allows anyone to buy, sell, and trade any Solana LST instantaneously and with limited slippage. By creating a unified liquidity layer for Solana LSTs and making the creation of Solana LSTs effortless, Sanctum is attracting more SOL to be stacked—ultimately propelling the decentralization of the entire Solana network forward. Sanctum is currently the fasting growing DeFi protocol on Solana and launched their Wonderland program to incentivize activity ahead of their token launch.

What is BONK

BONK was launched as a free airdrop to the Solana community on Christmas Day 2022, at a point where morale was at its lowest on Solana. BONK has established itself as Solana’s #1 community memecoin, with integrations all over the ecosystem. Beyond that, the BONK community has built out various tools and projects to benefit the Solana ecosystem. These include BONKBot, a telegram trading bot; BONKswap; the BONK Validator that is operated by Jito Labs.

What is bonkSOL

bonkSOL is an LST that delegates solely to the BONK Validator. It charges 0% deposit fee, 0% withdrawal fee, and a 0% management fee. You can deposit SOL or your validator stake account into the bonkSOL non-custodial pool. Your SOL is then staked with the BONK validator. In return, you'll receive the bonkSOL token, which accrues staking rewards. For example, if you deposit 100 SOL into bonkSOL, you’ll receive 99.99 bonkSOL. In a year, your 99.99 bonkSOL should be worth roughly 107 SOL (assuming a 7% staking APY). 100% of commissions and MEV earned from the BONK validator go towards rewarding the BONK community.

Acquiring bonkSOL

This quest will show you how to acquire bonkSOL on Sanctum. The process is so simple! All you need to do is go to https://app.sanctum.so/trade. Connect your wallet, and you’ll be able to directly deposit your SOL into bonkSOL by swapping your SOL. You now have bonkSOL! Do note that Sanctum does charge a one-time 0.1% deposit fee.

To qualify for the reward, you must swap at least 0.1 SOL for bonkSOL