The new “Super Stake” feature on DriftProtocol is a hit among traders trying to get extra yield on their staked $SOL tokens realDannyNelson reports
, an on-chain crypto trading project for Solana, released a new service Tuesday known as “Super staking,” which packages this entire re-leveraging cycle into a one-click service – in the hopes of catering to a broader appeal.
“Definitely a huge success overnight,” Leow said in a Telegram message. “It shows that people are extremely keen on passive/leveraged yields.” Drift’s Super Stake packages up a yield loop that savvy mSOL holders previously did manually: borrowing SOL against their mSOL collateral and swapping that borrowed SOL for more mSOL – on repeat. Each levered loop-de-loop increases depositors' exposure to the yield accrued by their mSOL tokens; Super Stake maxes out at three times around.
Those risks were on full display during FTX’s collapse last November when Solana’s top on-chain lending venue Solend – the most popular venue for borrowing against mSOL – nearly imploded from an mSOL depegging.
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