exSOL

Last updated: 8 October 2026.

SOL-denominated yield-bearing token.

exSOL represents a growing claim on SOL. When you deposit SOL, you receive exSOL at the current exchange rate. As the engine generates yield, the exchange rate increases, so each exSOL is redeemable for more SOL over time.

Key Facts

How Yield Is Generated

The exSOL vault deploys SOL across multiple strategies including LST leveraged lending, JLP delta-neutral, perp funding arbitrage, and direct lending across Kamino and JupLend.

Exchange Rate Mechanics

The exSOL exchange rate is set on-chain weekly:

1. The operations team measures the SOL vault’s net asset value change over the week
2. The yield is expressed as an APY and set as the on-chain rate
3. The exchange rate compounds every 8 hours based on the set APY

The current rate is 6.5% APY, with a further 8.5% paid in FXT points, 15% in total. The rate is variable and is adjusted based on realized performance.

Withdrawal Process

1. Request window: Withdrawal requests can be placed at any time from 26 October 2026. Each window closes on Monday at 12:00 UTC; a request can be cancelled until its window closes.
2. Claim: Claims open on Thursday at 12:00 UTC, three days after the close, and remain claimable for 30 days.
3. Fee: 0.2% redemption fee

Requests placed after the 1st fall into the next month’s cycle.

pikSOL Holders

pikSOL is the legacy SOL token, frozen since the Drift exploit of April 2026. It can be converted into exSOL at 50% of its SOL value on the app’s /migrate  page, after a wallet-signed confirmation. The conversion is available until 7 April 2027. The exSOL you receive can be held or redeemed through the withdrawal process above.

Risks