How to buy Lido Staked SOL (STSOL) in Australia
Learn how to buy Lido Staked SOL (STSOL) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
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How to buy Lido Staked SOL
1. Compare crypto exchanges
The easiest way to buy Lido Staked SOL is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
2. Create an account
To create an account on an exchange you will need to verify your email address and identity. Have some photo ID and your phone ready.
3. Make a deposit
Once verified, you can deposit $ using the payment method that best suits you – credit card, wire transfer, silvergate exchange network (sen) and signature signet payments are widely accepted.
4. Buy Lido Staked SOL
You can now exchange your funds for Lido Staked SOL. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking buy. If you like you can now withdraw your Lido Staked SOL to your personal wallet.
Where to buy Lido Staked SOL in Australia
Find an exchange to buy, sell and trade STSOL by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Steps on how to buy Lido Staked SOL
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Lido Staked SOL.
- Compare cryptocurrency exchanges that support STSOL.
Cryptocurrency exchanges differ by fees, security and payment methods, so you'll need to research which is the right fit for you. As a beginner, you don't need a big range of features, and you can always change exchanges later.
- Create an account on an exchange.
You can sign up for an account by selecting the Go to site button. This will take you to the account creation page, where you can fill in your details, starting with your name and email address..
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Lido Staked SOL.
- Buy Lido Staked SOL.
Complete your Lido Staked SOL purchase and then find the best wallet to store STSOL.
What to consider when buying Lido Staked SOL
Cryptocurrencies are highly speculative assets that come with a range of risks. Those that are considering stSOL as an investment should consider the following factors:
- Governance: The Lido protocol is governed by the Lido DAO, which dictates which validators Lido pool funds are delegated to. While funds are spread across several validators and are backed by a multi-signature mechanism to reduce custody risk, ultimately, all funds are still the responsibility of the Lido DAO. The Lido DAO is composed of Lido DAO token, or LDO, token holders - the native governance token of Lido.
- Security: The smart contracts implemented on the Lido application have been audited by security firms including Neodyme and Bramah. While an audit does not guarantee complete security, the completion of two security audits could be a comfort for potential investors.
- Lido fee:The Lido protocol charges a 10% fee for all staking rewards collected. This is distributed between node operators, Lido and Solana developers, and the Lido treasury.
- Slashing risk: Slashing is an inherent risk when staking SOL coins within the Solana blockchain. Slashing occurs when validators no longer support the security and integrity of the blockchain. While the Lido DAO carefully manages and diversifies funds among several Solana validators, the risk of the SOL pool being reduced due to slashing is still present.
- Liquidity mining incentive: stSOL tokens allow users to amplify staking rewards. Instead of locking SOL coins into the Solana blockchain to earn rewards, users of Lido can enjoy rewards from staking SOL, while also enjoying rewards from liquidity mining on decentralised exchanges (DEXs). Lido also offers rewards in the form of wLDO tokens, Lido’s wrapped governance token that has been transferred from the Ethereum blockchain to Solana. wLDO is often distributed to stSOL liquidity providers.
- stSOL to SOL ratio: As a liquidity provider token, 1 stSOL token should always hold a value that is equal to the price of 1 SOL coin. stSOL tokens then accrue rewards which are finally used to recover the original stake. However, when unstaking SOL tokens there is often a short delay. For those that need to sell SOL tokens quickly, this may lead some users to sell stSOL tokens below the true underlying value.
How to sell Lido Staked SOL
You can cash out your STSOL with the same exchange you bought it through:
- Sign in to the exchange you have STSOL on.
If you store your Lido Staked SOL in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of STSOL you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Lido Staked SOL.
Disclaimer: Cryptocurrencies, including Lido Staked SOL, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of STSOL is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Lido Staked SOL or any other cryptocurrency discussed.
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