Sanctum Infinity (INF)
Socean is a noncustodial stake pool designed for the Solana blockchain. It is based on the Solana stake pool reference implementation and provides users with a platform to stake their SOL tokens. In return, users receive a derivative token known as SOCN, which can be redeemed for SOL at any time. The SOCN token facilitates various use cases, enhancing the utility and flexibility of staked assets on the Solana network.
The Solana blockchain
Solana is a high-performance blockchain known for its fast transaction speeds and low costs. It is designed to scale without relying on complex layer-2 solutions or sharding. Solana's architecture enables it to support a high throughput of transactions, making it an ideal platform for decentralized applications (dApps) and cryptocurrency projects that require efficient processing. The network's consensus mechanism, Proof of History (PoH), works in conjunction with Proof of Stake (PoS) to secure the blockchain while maintaining high performance.
| Ticker | INF |
| Category | Solana Ecosystem |
| Website | https://sanctum.so |
| @sanctumso | |
| Telegram | sanctumso |
| Contract Addresses | |
|---|---|
| solana | 5o...Jm Copied! |
How Socean works
Noncustodial staking
Socean operates as a noncustodial stake pool, meaning that users retain control over their assets while participating in staking. When users deposit their SOL tokens into the Socean stake pool, they entrust their tokens to the pool for staking purposes without relinquishing ownership. This approach ensures that users maintain the security and ownership of their assets while benefiting from the rewards generated by staking.
SOCN token
Upon depositing SOL into Socean, users receive SOCN tokens. These derivative tokens represent the user's share in the stake pool and can be redeemed for SOL at any time. The SOCN token provides users with the flexibility to engage in various financial activities while their SOL is staked. This novel approach to staking enhances the utility of staked assets, allowing users to maximize their participation in the Solana ecosystem.
Use cases for SOCN
The SOCN token is versatile and can be utilized in several use cases within the broader cryptocurrency ecosystem:
- Lending and borrowing: SOCN can be used as collateral for lending and borrowing activities on decentralized finance (DeFi) platforms. This allows users to leverage their staked assets for additional financial opportunities without having to unstake their SOL.
- Liquidity provision: SOCN can be provided as liquidity in decentralized exchanges (DEXs) and other liquidity pools. This enables users to earn additional rewards through transaction fees and liquidity incentives while their SOL remains staked.
- Trading: SOCN can be traded on various cryptocurrency exchanges, offering users the ability to capitalize on market opportunities without needing to unstake their SOL.
Benefits of using Socean
Socean offers several advantages to users who wish to stake their SOL tokens while maintaining flexibility in their asset management:
- Maintained control: As a noncustodial platform, Socean ensures that users retain control over their assets, reducing the risk of loss or mishandling by third parties.
- Enhanced liquidity: The SOCN token provides users with liquidity options for their staked assets, allowing them to participate in DeFi activities, trade, or provide liquidity in exchanges.
- Flexible use cases: By offering various use cases for the SOCN token, Socean enhances the utility of staked SOL, enabling users to maximize their participation in the Solana ecosystem.
For more information about Socean, visit their official website.