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LST-NFTs (liquid staking token-NFTs) are NFTs minted with an LST in place of SOL. By minting with an LST, the funds stored within the NFT are automatically staked and produce yield. This yield is then directed to a project’s treasury, allowing them to earn whilst offering complete protection of minters’ funds - an ‘unruggable’ mechanism.

pathSOL is the liquid staking token (LST) designed by Project Pathfinders and Sanctum to facilitate LST-NFTs. The price of pathSOL is pegged to the price of SOL, as its staking yield is directed to Lilypad projects instead of stakers. This enables Lilypad’s unique proposition, where stakers can sacrifice their yield to mint ‘unruggable’ LST-NFT projects.

A key mechanic of LST-NFTs is that they can be instantly dissolved. Think of it as a refund mechanic: holders can exchange their LST-NFT in return for the funds used to mint it, which are locked in a stake account attached to the NFT. Please note: the dissolving process is hosted on Lilypad here - simply burning your LST-NFT will not achieve the same result.

LST-NFTs can be traded in exactly the same way as other NFT standards, and Lilypad has partnered with Tensor to facilitate the best possible secondary trading experience for its projects. Furthermore, the ‘dissolving’ process is accessed by the owner of an LST-NFT, so mint funds are redeemable for new owners who have purchased an LST-NFT on secondary markets.

If you are a project or creator looking to launch an LST-NFT, regardless of whether you’ve launched one prior, please fill out the following form to express your interest: Fill Out Form