Liquid staking lets you earn on your SOL while keeping it liquid. Stake your SOL and you receive Phantom Staked SOL (PSOL) in return. PSOL automatically earns staking rewards, MEV rewards, and priority fees. Your PSOL balance doesn't change, but each token becomes worth more SOL over time. Redeem PSOL for your SOL plus rewards anytime, or use it in DeFi apps that support it.
Before you start
Liquid staking is generally safe. A few things to know first:
- Smart contract risk. PSOL runs on the audited Solana stake pool program. As with any smart contract, a small residual risk remains.
- Exit fee. A 0.1% fee applies each time you unstake or swap out of PSOL. Hold PSOL for a few days and your rewards cover it.
- Reserve liquidity. Instant unstaking draws on reserve SOL. If reserves run low, your unstake falls back to a native stake account, which takes 2-3 days.
Stake SOL for PSOL
- Select SOL in your portfolio.
- Under Your Stake, select Start Earning.
- Review the amount to stake. Phantom suggests an amount based on your SOL balance, but you can enter your own.
- Select Next and review the details.
- Select Stake to confirm.
Your PSOL appears in your wallet once staking completes.
Convert your native SOL stake to PSOL
If you already stake SOL with a validator, you can convert that native stake account to PSOL. Phantom deactivates the account first, then completes the conversion.
- Select SOL in your portfolio.
- Under Your Stake, select Other.
- Select the stake account you want to convert.
- Select Convert to PSOL.
Phantom tells you when the account is ready to convert. Once it's done, PSOL appears in your wallet.
Swap to PSOL
You can get PSOL by swapping any Solana token for it. Swaps into PSOL are free of swap fees.
- Access the swap screen: on mobile, open the Trade tab or tap the + button, then tap Trade; on the extension, open the Swap tab.
- In You Pay, select the token to swap out of.
- In You Receive, select PSOL.
- Enter the amount.
- Review the quote.
- Confirm.
After the swap completes, PSOL appears in your portfolio.
Use PSOL in DeFi
You can lend and borrow against your PSOL on Kamino Finance.
- Select PSOL in your portfolio.
- Select More → Deposit with Kamino.
- Connect your Phantom wallet to Kamino (on mobile, use Phantom's in-app browser).
- Continue on Kamino's website.
Unstake your SOL
When you unstake, you get back more SOL than you put in. Your PSOL grew in value relative to SOL while you held it.
- Select PSOL in your portfolio.
- Select More → Unstake.
- Enter the amount of PSOL to unstake, then select Next.
- Review the fees and select Unstake.
Phantom converts your PSOL to SOL instantly using reserve liquidity.
If the reserve runs short, your PSOL moves to a native stake account that you withdraw from manually:
- Select Open Your Stake to view your native stake account.
- Select Unstake to start deactivating the account, then select Close.
- Wait for the account to become inactive (2 to 3 days).
- Open the inactive account, then select Withdraw Stake to move your SOL back to your wallet.
Swap out of PSOL
Instead of unstaking, you can swap PSOL for SOL or other tokens.
- Access the swap screen: on mobile, open the Trade tab or tap the + button, then tap Trade; on the extension, open the Swap tab.
- In You Pay, select PSOL.
- In You Receive, select the token to swap into.
- Enter the amount.
- Review the quote.
- Confirm.
After the swap completes, the token appears in your portfolio.
Track your PSOL rewards
PSOL earns rewards automatically, so your balance won't grow in token count. Instead, each PSOL becomes worth more SOL over time. You see rewards as a rise in value, not as extra tokens.
To track your rewards, open PSOL in your portfolio and scroll to Your Stake. You'll see your current APY and a card showing your recent profit and loss (PnL).
How PSOL rewards are calculated
Unlike native SOL staking, where rewards arrive as extra tokens, the PnL card reflects how the PSOL-to-SOL rate has moved since you staked.
Example:
- You stake 1 SOL and receive 0.980 PSOL. Each PSOL is already worth more than 1 SOL because it reflects the rewards the pool has earned so far.
- After one full epoch, the PSOL rate rises from 1.000 SOL to 1.003 SOL. Your 0.980 PSOL is now worth 1.003 SOL. The PnL card shows "You've earned 0.003 SOL."
- In the next epoch, the rate moves from 1.003 SOL to 1.001 SOL. Your 0.980 PSOL is now worth 1.001 SOL. The PnL card shows "You've earned 0.001 SOL."
Reward updates usually appear at the start of a new Solana epoch, which lasts about 2 to 3 days.
Rewards not showing yet
If the reward card says "You haven't earned SOL yet," you might still be earning. A couple of reasons:
- Epoch timing. Rewards only update at the start of each Solana epoch. If you just minted PSOL, none appear until the first update.
- Exit fee. Each unstake or swap out of PSOL charges a 0.1% fee in PSOL. At about 7% APY, holding PSOL for 5 to 6 days earns it back. Frequent unstaking can keep your rewards flat until enough time passes.
Once your first epoch completes and you've held PSOL long enough to offset the exit fee, your rewards appear.
Fees
| Fee | Rate | Applies to |
|---|---|---|
| Protocol fee | 4% | Staking rewards |
| Exit fee | 0.1% | PSOL on unstake or swap |
Common issues
Unstaked but funds haven't arrived
Unstaking doesn't always return SOL right away. If the reserves are low, Phantom moves your SOL to a native stake account instead. Your funds are safe. They're available to withdraw once the account becomes inactive, about 2 to 3 days.
- Select SOL in your portfolio.
- Under Your Stake, select Other.
- Select the inactive stake account you want to withdraw from.
- Select Withdraw Stake.
If the account is still deactivating, wait for it to become inactive.
FAQ
What can I do with PSOL?
Hold PSOL to keep earning rewards, or use it in DeFi apps like Kamino.
Is PSOL safe to use?
PSOL is built on the audited Solana stake pool program, which has undergone nine audits. Phantom never has custody of your tokens.
Why did I receive fewer PSOL than the amount of SOL I staked?
Because PSOL grows in value over time, each token is worth more than 1 SOL. So the same amount of SOL mints fewer tokens.
Can I still use native staking?
Yes. Native staking remains available in Phantom as a separate option.
Can I convert to PSOL from JitoSOL?
You can't convert JitoSOL to PSOL directly. Unstake your JitoSOL first (through Jito), withdraw your SOL, then convert that SOL to PSOL.
Is PSOL non-custodial?
Yes. Your tokens are always in your control.