exSOL

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 — meaning 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. A 15% performance fee is deducted
3. The remaining yield is expressed as an APY and set as the on-chain rate
4. The exchange rate compounds every 8 hours based on the set APY

Withdrawal Process

1. Request — Submit a withdrawal request anytime before midnight UTC
2. Lock-in — At midnight UTC, the request becomes irrevocable
3. Delivery — Funds are delivered within 24 hours after lock-in
4. Fee — 0.20% withdrawal fee

Total time from request to receipt: 24 hours (minimum) to 48 hours (maximum).

Risks