Mysten Labs' Layer 1 blockchain Sui Network's latest network upgrade has added support for liquid staking of its native token.
Liquid staking is where stakers are given derivative tokens in proportion to the tokens they have staked. The derivative tokens typically reflect the value of the staked tokens, perhaps with a slight deviance, and allow stakers to access the value that would be otherwise locked up.
“The upgrade will enable developers to offer services allowing token holders to receive derivative tokens proportional to the value of their staked Sui tokens,” the platform said in a statement. “Sui developers will now be able to offer fully non-custodial liquid staking solutions.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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