What Is sLYX?
sLYX is the liquid staking token of the Stakingverse vault on LUKSO. After staking LYX, you can optionally convert part or all of your stake into sLYX at the current contract conversion rate.
sLYX is non-rebasing: rewards are reflected in its conversion rate instead of automatically increasing your token balance. The contract exposes that rate on-chain. It describes the underlying stake, not a guaranteed market sale price or return.
How Liquid Staking on LUKSO Works
You deposit LYX into the Stakingverse vault, a non-custodial smart contract that has been audited multiple times. Deposits are pooled to activate validators operated by Stakingverse, and the rewards those validators earn are automatically compounded back into the vault.
sLYX makes your position transferable. Sending or selling it transfers the stake it represents; you cannot also withdraw that same stake while someone else holds the tokens. Smart-contract, validator and administrative risks remain. Read more on our LUKSO staking page or compare options on the staking pools page.
Using sLYX in DeFi
Because sLYX is a transferable token, your staked position does not have to sit idle. Applications that explicitly support sLYX may allow it as collateral or in liquidity pools. Check support, liquidity, fees and the risks of each integration before using it.
LSP7 compatibility alone does not guarantee that an application accepts sLYX. Lending and liquidity provision introduce risks beyond staking, including liquidation and trading losses.
Withdrawals — Converting sLYX Back to LYX
Burning sLYX converts it into staked LYX in the vault at the current contract conversion rate. Burning does not itself send spendable LYX to your wallet. Withdraw the resulting stake as a separate step through the app.
Available vault liquidity may cover all or part of the withdrawal. Any remaining amount becomes pending and must be claimed when funds are available. Validator exits and protocol operations can affect the wait; no fixed time is guaranteed. See the complete sLYX conversion documentation and the staking FAQ for details.
The State of LUKSO Liquid Staking
LUKSO's first liquid staking protocol, LEEQUID, suffered a major setback in February 2024: validator keys were generated for the wrong network, leaving roughly 320,000 LYX inaccessible, as described in the team's own incident report.
For stakers looking for a working LUKSO liquid staking option today, Stakingverse operates an actively maintained, non-custodial and audited vault with sLYX as its liquid staking token. You can review the audit reports and security design on our security and audits page.
sLYX FAQs
sLYX is the liquid staking token of the Stakingverse vault on LUKSO. It represents staked LYX plus the staking rewards the vault accumulates, so you can hold or transfer the represented position. DeFi use requires explicit integration support and adds risks; staking returns are not guaranteed.
LYX is the native coin of LUKSO. sLYX represents LYX staked in the Stakingverse vault. Its conversion rate reflects the underlying position and is not fixed at one LYX. Its market price and available trading liquidity can differ from that conversion value.
Staking rewards do not automatically increase your sLYX token balance. They are reflected in the contract conversion rate. Returns are not guaranteed, and transfers, minting and burning still change your token balance.
Burning sLYX converts it into staked LYX in the vault, not spendable LYX in your wallet. Withdraw that stake separately. Available liquidity may pay all or part immediately; any pending amount must be claimed when funds become available. No fixed completion time is guaranteed.
sLYX represents stake held through smart contracts rather than an exchange account. The token can be transferred, so the current holder controls the represented position subject to token permissions and vault rules. Smart-contract, validator, oracle and privileged-control risks remain.
More questions? Browse the full staking FAQ.