Socean (SOCN)

Socean (SOCN) is a fully autonomous and transparent algorithmic stake pool on the Solana blockchain. It is dedicated to unlocking the value of staked SOL and enhancing staking returns for users while promoting decentralization within the Solana network. By staking their SOL with Socean, individuals can earn the best risk-free yields on Solana and access other DeFi services and products in the network through Socean’s native scnSOL token.

scnSOL is the native token of Socean’s stake pool, obtained by staking SOL with the pool. It represents users’ stakes in the pool and increases in value as the stake pool accrues staking rewards. scnSOL can be freely utilized across the Solana ecosystem, including liquidity pools, lending, and borrowing.

Socean prioritizes the safety of user funds by implementing the Solana Foundation’s reference program, which has undergone rigorous audits, feedback, and scrutiny. The protocol charges a one-time withdrawal fee of 0.03% for transactions and an ongoing management fee of approximately 2.0% of staking rewards, subject to possible changes. With an APY of 6.5%, it takes about one epoch to recover the 0.03% withdrawal fee. For quick and convenient access to staked SOL, Socean offers an “instant unstake” feature that automatically converts scnSOL to SOL, transferring it directly to users’ wallets.