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scnSOL is a liquidity provider token associated with the Socean protocol; a decentralised finance (DeFi) application developed on the Solana blockchain. The aim of Socean was to provide SOL token holders with a platform to earn staking rewards without needing to lock away coins for a set period. The system is based on the Solana stake pool reference implementation (SPRI).
According to the official project website, Socean can be described as a decentralised, algorithmic staking pool that allows users to harness the power of quality validator nodes to not only secure the Solana blockchain network but also earn quality staking and DeFi rewards within the Solana ecosystem. All SOL coins that are deposited within Socean are pooled together and then delegated to a group of validators within the blockchain. In return for depositing SOL coins, users receive scnSOL tokens in return. scnSOL tokens represent a user’s share of the SOL staking pool and are where rewards are accrued. In addition to accruing SOL staking rewards, scnSOL tokens can be utilised within the wider Solana ecosystem, therefore, amplifying the liquidity of standard SOL coins. Staking SOL through Socean reduces the need to delegate coins to specific validators and helps to keep the blockchain more decentralised as SOL coins are distributed across a larger number of validators within the network. It is the intention of Socean developers to make the platform completely autonomous in the future.
Socean Staked Sol (SCNSOL) is the 726th largest cryptocurrency in the world by market cap, valued at $18,706,934. The current price of Socean Staked Sol is $72.4881, which is -0.386% lower than yesterday. Prices have ranged between $74.4903 and $70.3026 over the past 24 hours. All prices are listed in Australian dollars (unless otherwise noted) and accurate as of May 25, 2022 08:05 UTC.
| Coin symbol | SCNSOL |
|---|---|
| Coin Marketcap | AUD$18,706,934 |
| Total SCNSOL supply | 668,264 |
| Circulating SCNSOL | 364,476 |
| Current price | AUD$72.4881 |
| All time high | AUD$497.0673 |
| All time high date | November 09, 2021 |
Historical prices compared with the price of $72.4881.
| 1 hour | -0.79% |
|---|---|
| 24 hours | -0.39% |
| 7 days | -14.07% |
| 14 days | -25.64% |
| 30 days | -50.00% |
|---|---|
| 60 days | -49.37% |
| 200 days | -71.83% |
| 1 year | N/A |
Disclaimer: Cryptocurrencies, including Socean 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 SCNSOL 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 Socean Staked Sol or any other cryptocurrency discussed.
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