Restaking also on Solana.
Restaking, a revolutionary concept predominantly associated with Ethereum, is on the brink of integration into Solana's ecosystem, facilitated by Picasso's innovative Solana <> IBC connection.
TL;DR:
Restaking involves staking assets with blockchain validators via the Proof of Stake (PoS) mechanism, obtaining receipt tokens, and then restaking those tokens. This process magnifies potential yields and bolsters security.
Restaking: How it Works ( a quicky)
EigenLayer pioneered restaking on Ethereum, amplifying economic security. Despite its Ethereum roots, restaking's potential extends to chains like Solana, where a significant portion of assets are staked but receipt tokens remain underutilized.
Restaking on Picasso’s Solana <> IBC
Picasso will enable staking of SOL, mSOL, jitoSOL, and Orca LP tokens, enhancing security through its IBC <> Solana connection. Users will accrue proportional rewards, boosting both initial stake yields and restaking rewards.
Supported Assets:
SOL: Solana's native token, with a massive market cap and high staking ratio, presents substantial restaking opportunities.
mSOL: Marinade Finance's liquid staking token offers attractive yields and enhances Solana DeFi.
jitoSOL: Jito's liquid staking token integrates MEV rewards, providing additional incentives for stakers.
Orca LP Tokens: Orca's DEX liquidity pools offer weekly rewards, contributing to the vibrant Solana ecosystem.
bSOL: Solblaze's non-custodial liquid stake pool protocol provides voting power and airdrop opportunities.
Picasso's Solana <> IBC connection opens avenues for restaking, empowering users to maximize yields while bolstering Solana's security. Stay tuned for more updates on Picasso's evolving ecosystem.
PS. Bitcoin has Babylon, Near has Octopus 2.0