SOL Strategies has launched the STKESOL liquid staking token, The Block reported on Tuesday.

STKESOL allows users to use DeFi while receiving rewards.

STKESOL is expected to trade on major Solana DeFi platforms including Orca, Squads, Kamino and Loopscale. SOL Strategies plans to keep adding supported platforms.

Michael Hubbard (마이클 허버드), interim CEO of SOL Strategies, said, “STKESOL is an innovative technology that creates value for users and the Solana network.” He added, “It provides a new liquid staking option by leveraging our expertise in the Solana staking ecosystem.”

STKESOL uses an automated delegation strategy to distribute user deposits across multiple validators. It applies a Wiz Score that considers performance, reliability and network health to select validators. The Block reported that this differs from existing liquid staking that relies on a single validator and aims to decentralise the network and reduce concentration risk.

The company uses deposit fees and a portion of staking rewards as its revenue model.

SOL Strategies changed its name in September last year to strengthen its Solana-focused strategy. It currently holds 523,497 SOL, worth about $67 million.