Speedstake: Staking Rewards at Solana Speed
Speedstake by Pye lets Solana stakers sell future staking rewards for upfront SOL today, while their principal stays delegated to their validator and remains fully redeemable at maturity. No unstaking, no waiting, access your rewards in under a minute.
Today, Solana staking earns you between 4.5% and 6.5% APY. Epoch by epoch, those rewards accrue. And epoch by epoch, they sit there, untouchable, until stakers withdraw their SOL.
Speedstake gets you staking rewards without the wait. Stakers can sell their future staking rewards for upfront SOL today. Your principal stays delegated to your validator and is fully redeemable at maturity.
Liquidity friction
Currently over 65% of SOL is locked in native stake on Solana. It's illiquid and sits there, earning rewards every epoch, but those rewards only become spendable as they accrue. A staker who needs liquidity sooner has one option: unstake. That option costs them two to three days of wind-down before the SOL is even available, and it costs their validator the delegation. Validators watch stake leave because no infrastructure existed to keep it locked in.
Stakers that sell their future rewards can utilize them in various strategies, from hedging into stablecoins if they predict downturns to using them in experimental and high-risk investments, among others.
How to use Speedstake
Stakers can go directly to speedstake, the app will automatically detect their existing stake with whitelisted validators, choose a duration into the future they want to sell for, and instantly receive the future staking rewards. The entire experience can be done in under one minute.
Validators and those interested also have the option to embed Pye directly into their website for a more streamlined experience.
Check out the demo today.
Under the hood
Speedstake runs on new Solana-exclusive mechanisms that don't exist on any L1.
When a staker locks their position, the rewards are split from the principal into two SPL tokens and programmable configurations:
- Principal Tokens (PTs), redeemable 1:1 for SOL at maturity
- Reward Tokens (RTs), redeemable for all staking rewards at maturity
- Timelocks enforce the duration. These currently default to quarterlies These SPLs interact with Pye's orderbook spanning multiple validator markets. Every RT that gets sold finds a buyer on the other side, with limit orders set up resulting in near-instant liquidity when a staker initiates a sell. These trades later pass back a percentage of trading fees to validators, which introduces fully new revenue streams while guaranteeing predictable long-term stake.
This design space is entirely new, and the Pye team is working on pioneering Validator DeFi with an ecosystem of new products.
About Pye
Pye makes Solana stake more rewarding. We are building an ecosystem of DeFi products starting at the validator that create entirely new markets and opportunities for them and their stakers alike.
Join the waitlist for upcoming products and follow us on Twitter/X.
FAQ
What is the discount for my future staking rewards?
We are currently purchasing SOL at approximately a ~16% annualized discount to what a staker would receive at maturity.
Where does the liquidity come from?
Pye works with market makers who purchase discounted SOL. The longer-term goal is to open the buy side to stakers directly.
How are staking rewards priced if every validator is different?
Most validators are relatively consistent once placed on a rewards curve. We buy the median staking reward.
How do you choose which validators are supported?
We look for validators with long-running operations and strong Stakewiz scores.
What if the validator goes offline?
Your principal is secure and can be withdrawn at the maturity date regardless. The buyer takes the risk on any staking rewards.
What if I have too much SOL?
For very large orders, please fill out this form and someone will reach out.
Why are there fixed maturities?
Fixed maturities make liquidity management and accounting simpler, for us and for buyers.
What if I need to sell my PT early?
We're working on a secondary market for Principal Tokens. Click here for more info.
How do I get my validator added?
Fill out the validator intake form linked on our site.
How do I get on the buy side?
Is Speedstake custodial? Can it access my stake?
Speedstake is non-custodial. When you use Speedstake, your SOL is held in a program that keeps your principal SOL delegated to your chosen validator and enforces the duration you selected. Neither Pye nor your validator can ever access your stake. What you're selling is the rewards that delegation will earn over the lockup duration you pick, not the staked SOL itself. The longer you lock up your stake, the more future rewards you can sell for SOL instantly. When the duration ends, your full principal SOL is yours to withdraw, restake, or do anything else you want with. Available durations are fixed quarterly maturities.
