Stakers
What Stakers Can Do on Pye
Pye is building DeFi products for Solana Staking granting you more utility over your stake.
The first product launched is Speedstake, which lets you sell your future staking rewards today and receive SOL immediately, without unstaking or waiting for a cooldown period. If you have SOL that's already staked with a validator, you can sell your future rewards directly, your SOL stays staked, your validator relationship stays intact, and you get paid now for committing the stake to pre-defined lockup durations.
What is staked SOL? When you delegate SOL to a validator on Solana, it becomes "staked SOL" the next epoch: earning rewards each epoch but otherwise inaccessible. Pye lets you access the value of those future rewards without waiting or unstaking.
How to Sell Your Future Rewards with Speedstake
Go to the app
Connect your wallet
Choose your deposit amount and choose a validator that you staked SOL to
Select a maturity date and the amount you want to lock up
Review the discount rate and estimated SOL you'll receive
Sign the transaction
Once the transaction executes, you'll receive SOL immediately. You'll also receive a Principal Token (PT) token in your wallet, which is a receipt that represents your principal and can be redeemed 1:1 for SOL at maturity or sold on Pye's orderbook for an earlier exit.
Understanding the Discount Rate
When you sell your future rewards on Pye through Speedstake, you receive SOL at a discount to the full value you would have earned by waiting.
The discount rate is the difference between what you receive today and what you would have earned at maturity.
A lower discount rate means you give up less: you're closer to full value.
A higher discount rate means you give up more in exchange for receiving SOL sooner.
The price is set by what available buyers are willing to take based on the discount and lockup period.
Before you sign, Speedstake will show you how much liquidity is available on Pye's orderbook to fill your order at your chosen size and rate. If liquidity is thin, you may receive a warning that your order could sit unfilled.
Traders with early access can also set limit orders directly on the Pye orderbook if they want more control over the rate they accept.
Deposits
Existing stake accounts: If you're already staked with a whitelisted validator, Pye tokenizes your stake account into two SPL tokens that are redeemable at maturity:
Principal Tokens redeem 1:1 for SOL.
Reward Tokens receive all staking rewards: inflation, MEV, and any priority fees shared by the validator — that accrued from the deposit date to maturity.
Whoever holds those tokens has the right to redeem them. Your SOL stays staked. Speedstake automatically sells your RTs at the time of deposit allowing on the Pye orderbook giving you SOL today.
FAQ
How will I know the maturity date?
Tokens are labelled with maturity dates in the metadata. Apps like Speedstake also show how much longer you need to wait to redeem PTs.
Do I need to unstake to use Pye?
No. Existing stake accounts from whitelisted validators can be used directly. Your SOL stays staked.
What happens to my staked SOL after I transact?
Pye tokenizes your staked position into two SPL tokens, a PT and an RT. Your SOL stays staked with the validator. Whoever holds those tokens has the right to redeem them at maturity.
What is the PT I received and what do I do with it?
1 PT = 1 SOL at maturity. You can hold it and redeem it on Pye when the maturity date arrives, or trade it on the Pye orderbook (if you are part of early access)
Can I exit my position before maturity?
Yes. PT and RT tokens can be sold on the Pye Exchange at any time before maturity. Speedstake allows you to request an OTC to exit early.
What if there isn't enough liquidity to fill my order on Speedstake?
Speedstake will alert you before you sign. You can reduce your order size or wait for liquidity to improve.
Do I pay fees?
The protocol collects nominal fees when engaging with different Pye products such as Speedstake. Minting fees are set to zero for now, this is subject to change in the future.
What if my validator goes offline before maturity?
Your PT is always safe, Solana does not have slashing. If a validator goes offline, your PT remains redeemable for 1 SOL at maturity. Any RT rewards that accrued before the validator went offline are also safe. RT rewards will stop generating if the validator ceases operations. Do your own research before choosing a validator or buying their rewards.
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