What Is sLYX?
sLYX is the liquid staking token of the Stakingverse vault on LUKSO. When you stake LYX, you can receive sLYX representing your staked position — including the rewards it keeps earning.
sLYX is a non-rebasing token: your sLYX balance stays the same, while the value of each sLYX increases over time as the vault accumulates staking rewards. The sLYX contract exposes the current sLYX/LYX exchange rate on-chain, so the value of your position is always verifiable.
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.
Instead of your stake being locked, sLYX makes it portable: you hold a token whose LYX value grows with the vault. Only you can withdraw your stake — Stakingverse never has access to your coins. 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. sLYX can be used as collateral in lending and borrowing protocols, or to provide liquidity on decentralized exchanges — all while the underlying LYX keeps earning staking rewards.
As the LUKSO DeFi ecosystem grows, sLYX is designed to plug into it: anywhere a token can be used, your staked LYX can come along.
Withdrawals — Converting sLYX Back to LYX
Converting back is straightforward: you burn your sLYX and receive the equivalent amount of LYX, including the rewards accumulated by the vault. The app handles this for you, and the exchange rate is read directly from the contract.
Small withdrawals can often be served immediately from LYX available in the pool. Larger withdrawals may pass through the validator exit queue — usually fast, but it can take longer when the queue is busy. See 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. The protocol's total value locked has since fallen to effectively zero.
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, transfer or use your staked position in DeFi while it keeps earning.
LYX is the native coin of the LUKSO network. sLYX is a token that represents LYX staked in the Stakingverse vault. One sLYX is not fixed at one LYX: because sLYX is non-rebasing, its LYX value increases over time as the vault earns staking rewards.
No — and that is by design. sLYX is a non-rebasing token, so your balance stays the same while the value of each sLYX increases as rewards accumulate in the vault. The sLYX contract exposes the current sLYX/LYX exchange rate on-chain.
You burn your sLYX through the app or directly via the sLYX token contract, and receive the equivalent amount of LYX including accumulated rewards. Small amounts can often be withdrawn immediately; larger withdrawals may pass through the validator exit queue.
Yes. sLYX is backed by LYX staked in a non-custodial, audited smart-contract vault. Stakingverse operates the validators but cannot access your staked LYX — only the holder can burn sLYX to withdraw.
More questions? Browse the full staking FAQ.
