Everything you need to know about $LST

Current price: $ fetching data...

Contract Address: LSTxxxnJzKDFSLr4dUkPcmCf5VyryEqzPLz5j4bpxFp

Ticker: $LST

Blockchain Network: Solana

Apr 11, 2024

What is $LST?

Liquid Staking Token (LST) is a type of cryptocurrency token that represents a staked asset in a proof-of-stake blockchain network. It allows holders to participate in the network's consensus mechanism while retaining the liquidity of their tokens. This means that holders can use their LST tokens as collateral or trade them on secondary markets while still earning staking rewards from the underlying staked asset.

LSTs are created through a process called liquid staking, which involves depositing tokens into a pool managed by a third-party service provider. The service provider then stakes the tokens on behalf of the user and issues LSTs in return. These LSTs can be used in various decentralized finance (DeFi) applications, such as lending, borrowing, or providing liquidity, while still earning staking rewards.

One of the key benefits of LSTs is the ability to unlock the value of staked assets without having to wait for the typical lock-up period associated with traditional staking. This allows users to access liquidity and participate in DeFi opportunities while still earning staking rewards. However, it's important to note that LSTs also come with their own set of risks, such as smart contract vulnerabilities and potential losses due to slashing or validator misbehavior.

This chart visualizes the current price of $LST to the US dollar.

Here's a step by step guide on how you can buy $LST.

Option 1: Download Tori Wallet.

Tori is the simplest self custodial mobile wallet that allows you to access crypto opportunities. Instead of buying crypto on a centralized crypto exchange (like Kraken, Coinbase, or Crypto.com), setting up a self custody wallet (like Phantom, Metamask, or Coinbase Wallet), and the 5+ other steps with accessing the world of crypto, Tori simplifies the entire experience into one simple app.

Step 1: Setup Your Account

With Tori, you'll have to do the following:

  1. Create your account with passkeys.

  2. Upload your ID to authenticate your account.

  3. Connect your bank account.

Tori Wallet is currently available on IOS and Google Play Store, but only limited to U.S residents at the moment.

Step 2: Deposit money into your trading wallet.

Once you've connected your bank account, you're able to deposit up to $50,000 USD with no fees.

It takes approximately 1-3 days for your money to settle. From there you can start accessing the world of crypto!

Step 3: Select $LST to trade.

Once you have money in your trade balance, you can click trade.

Select $LST.

*Token prices in the screenshots below are outdated*

Step 4: Buy $LST.

Once you select $LST, you can now swipe to confirm your purchase.

*Token prices in the screenshots below are outdated*

Step 5 (Optional): Sell $LST whenever you want.

Whenever you're ready to sell, you can sell $LST and get USDC, which you can withdraw right into your bank account.

*Token prices in the screenshots below are outdated*

Option 2: Use a centralized exchange, self-custody wallet, and DEX's.

To buy $LST as a crypto beginner, you can follow these steps:

1. Get a Crypto Wallet: You'll need a digital wallet to store your $LST tokens. Popular options include Phantom, Solflare Wallet, or Coinbase Wallet. Download and set up your chosen wallet.

2. Purchase Solana (SOL): $LST is a token on the Solana blockchain. You'll need to buy some SOL to cover transaction fees and to swap for $LST. Use a reputable exchange like Coinbase, Binance, or Kraken to purchase SOL with your local currency.

3. Transfer SOL to Your Wallet: Withdraw your SOL from the exchange to your wallet. Make sure to double-check the wallet address before confirming the transfer.

4. Choose a Decentralized Exchange (DEX): You can use a DEX like Raydium, Orca, or Serum to swap your SOL for $LST. These platforms are like marketplaces where you can trade cryptocurrencies directly with other users.

5. Connect Your Wallet to the DEX: Follow the DEX's instructions to connect your wallet. This usually involves clicking a "Connect Wallet" button and selecting your wallet type.

6. Swap SOL for $LST: Once your wallet is connected, you can swap your SOL for $LST. Enter the amount of SOL you want to trade, and the DEX will calculate how much $LST you'll receive. Review the details and confirm the transaction.

7. Wait for the Transaction to Complete: The swap might take a few seconds to a few minutes to complete. Once it's done, you should see the $LST tokens in your wallet.

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