Everything you need to know about $mSOL

Current price: $ fetching data...

Contract Address: mSoLzYCxHdYgdzU16g5QSh3i5K3z3KZK7ytfqcJm7So

Ticker: $mSOL

Blockchain Network: Solana

Apr 11, 2024

What is $MSOL?

Marinade Staked SOL (mSOL) is a groundbreaking liquid staking token that has revolutionized the way Solana users interact with their staked SOL assets. By staking SOL tokens with Marinade, users receive mSOL tokens in return, which represent their staked SOL and accrue value as the protocol earns staking rewards. This innovative approach allows users to utilize mSOL in the world of decentralized finance (DeFi) while their staked SOL continues to grow in value.

The mSOL token is designed to be a true price token, with its value calculated based on the total staked amount and the staking rewards earned by the Marinade Stake Pool. This ensures that mSOL holders benefit from the compounding effect of staking rewards, allowing their staked SOL to grow in value over time. The mSOL token is governed by a 13-party community multisig, which requires six signers to make changes, providing a robust and decentralized governance structure.

With mSOL, users can unlock a wide range of opportunities in the Solana DeFi ecosystem. They can use mSOL as collateral for borrowing and lending, provide liquidity to various DeFi protocols, or participate in single-asset staking to earn additional rewards. mSOL can also be traded on centralized and decentralized exchanges, providing users with the flexibility to exit their staked positions at any time. Overall, mSOL offers a powerful and versatile solution for Solana users looking to maximize the potential of their staked SOL assets.

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

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

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 $MSOL to trade.

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

Select $MSOL.

*Token prices in the screenshots below are outdated*

Step 4: Buy $MSOL.

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

*Token prices in the screenshots below are outdated*

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

Whenever you're ready to sell, you can sell $MSOL 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 $MSOL as a crypto beginner, you can follow these steps:

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

2. Purchase Solana (SOL): $MSOL is a token on the Solana blockchain. You'll need to buy some SOL to cover transaction fees and to swap for $MSOL. 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 $MSOL. 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 $MSOL: Once your wallet is connected, you can swap your SOL for $MSOL. Enter the amount of SOL you want to trade, and the DEX will calculate how much $MSOL 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 $MSOL tokens in your wallet.

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