BlazeStake: In this article, we cover a detailed review of BlazeStake. How does BlazeStake Crypto work & Are important features?
About BlazeStake?
BlazeStake is a fully non-custodial Solana stake pool protocol that is supported by the Solana Foundation. By staking SOL through BlazeStake, you will receive BlazeStake Staked SOL (bSOL) tokens that can be used in DeFi applications. The automatically delegates SOL across many Solana validators to strengthen the decentralization of Solana. bSOL is designed to increase in value compared to SOL every epoch relative to the staking APY, as bSOL is always backed by an amount of SOL which increases as staking rewards compound.
You can always withdraw your SOL from the stake pool at any time either through our instant unstake feature or through delayed unstaking. The instant unstake feature has a higher fee as it pulls SOL from the stake pool reserves, while the delayed unstaking has a much lower fee and allows you to turn your bSOL into a traditional staking account.
BlazeStake Point Table
| Coin Basic | Information |
|---|---|
| Coin Name | BlazeStake |
| Short Name | Sol |
| Total supply | 0 BSOL |
| Max Supply | 0 BSOL |
| Official Project Website | Click Here To Visit Project Website |
How It Works
Staking
First, stake your SOL to receive staked tokens (bSOL), which appreciate in value over time relative to staking rewards. The protocol automatically stakes your SOL across many validators according to delegation strategy in order to help further decentralize Solana.
DeFi
Then, use your staked tokens (bSOL) in decentralized finance applications to increase your rewards. For instance, use your bSOL to provide liquidity on a decentralized exchange. Whenever someone swaps for bSOL on a DEX, you receive a share of the swap fees.
Treasury & Airdrops (Soon)
Finally, use your staked tokens to vote for Solana ecosystem proposals and receive airdrops (holding more bSOL gives you more airdropped tokens). A portion of staking rewards go towards the BlazeStake Treasury, supporting the Solana ecosystem.
Why should you use BlazeStake?
When you stake your Solana, you are locking your tokens to vote for a validator who verifies transactions on the Solana blockchain, and in exchange, both you and the validator get rewarded for helping to keep the network secure. However, when you stake your Solana the normal way, each stake account is specific to only a single validator out of the 1800+ validators.
This system leads to a few popular validators having a disproportionally large number of SOL staked to them (more than 33% of staked SOL is used to vote for just 32 of the 1800+ validators). When you stake with BlazeStake, the stake pool spreads your stake across hundreds (and in the future, thousands) of both high performing validators and smaller validators, which greatly increases the security of the Solana blockchain while optimizing your rewards.
Why is BlazeStake unique compared to other pools?
It has the largest validator set of any Solana stake pool (200+ validators) in order to maximize decentralization
They uses the official stake-pool smart contracts from Solana Labs (other major pools use 3rd-party smart contracts), the official contracts are more heavily audited
It has an open referral program to help grow stake to the pool and increase decentralization
The pioneered the Custom Liquid Staking protocol, which allows you to liquid stake to specific validators or groups of validators
It has upcoming airdrops of Solana ecosystem tokens, as well as the SolBlaze governance/utility token. New Solana projects can increase awareness about their projects by airdropping their token through the airdrops system. All token airdrops are opt-in for you to avoid spam. You can claim a portion of the airdrop relative to your stake amount. The airdrops system can further increase your staking rewards!
In the longer term, a portion of stake pool fees will go towards an ecosystem treasury where the community can vote to support various projects on Solana
Features
Simple Liquid Staking
When you stake at the click of a button, you receive staked tokens (bSOL) that appreciate in value over time relative to staking rewards. Unstake instantly without the standard 2-3 day delay period by swapping bSOL back to SOL on the instant unstake page.
DAO Treasury & Airdrops
Your staked bSOL tokens also represent your voting power, which can be used either to vote on treasury proposals (for supporting Solana ecosystem projects) to or unlock exclusive airdrops (where holding more bSOL gives you more airdropped tokens).
Secure & Non-custodial
The non-custodial liquid stake pool protocol was built partly by Solana Labs and has been audited by three separate organizations, so you don’t need to worry about your funds getting stolen. Funds are always in your control.
Conclusion
BlazeStake stands out as an innovative and non-custodial Solana stake pool protocol backed by the Solana Foundation, offering multiple ways for users to stake SOL. Not only can it facilitate this activity but users also earn The Staked SOL (bSOL) tokens – adding versatility and utility – with integration into DeFi applications offering users various avenues for increasing the value of their assets.
The innovative design of bSOL, linked to staked SOL and subject to compounding rewards, makes it an attractive asset for users. BlazeStake’s commitment to increasing bSOL relative to SOL as evidenced in its annual percentage yield (APY), offers users incentive to actively participate in its ecosystem.
This is an exciting platform that not only facilitates Solana staking but also actively contributes to decentralizing networks and growing DeFi ecosystems. Through its user empowerment features and innovative features, The demonstrates how blockchain protocols have advanced towards greater efficiency, inclusivity, and value creation within decentralized finance landscape.
FAQ
What is BlazeStake?
This is a fully non-custodial Solana stake pool protocol supported by the Solana Foundation. It allows users to stake SOL and receive BlazeStake Staked SOL (bSOL) tokens in return.
How does BlazeStake work?
By staking SOL through they, users automatically delegate their SOL across various Solana validators, contributing to the decentralization of the Solana network. In return, users receive bSOL tokens, which can be utilized in various decentralized finance (DeFi) applications.
What is bSOL?
The Staked SOL (bSOL) is a token issued to users who stake SOL through BlazeStake. It is designed to increase in value compared to SOL every epoch relative to the staking Annual Percentage Yield (APY). bSOL is always backed by a growing amount of SOL, thanks to the compounding effect of staking rewards.
How does bSOL increase in value?
The value of bSOL is designed to increase every epoch relative to the staking APY. This increase is attributed to the fact that bSOL is backed by a certain amount of SOL, and as staking rewards compound, the backing SOL amount increases, enhancing the value of bSOL.
Can I use bSOL in DeFi applications?
Yes, the Staked SOL (bSOL) tokens can be used in various decentralized finance applications within the Solana ecosystem. This adds an extra layer of utility to the staked assets.
Is BlazeStake custodial?
No, this is fully non-custodial, meaning users have complete control over their assets. Users retain ownership of their staked SOL and can withdraw it at any time.
