Liquid Staking Token

sLYX is Stakingverse's transferable representation of LYX staked in its LUKSO vault. It uses the LSP7 digital asset standard. Minting is optional: you can stake and withdraw through the vault without using sLYX.

How sLYX Works

To mint sLYX, vault stake moves from your account to the token contract. The token supply represents the stake held by that contract. Burning tokens reverses this conversion and credits staked LYX to the token holder in the vault. A separate vault withdrawal is needed to receive spendable LYX.

sLYX is non-rebasing. Staking rewards change the amount of accounted vault stake represented by each token rather than increasing your token count. The exchange rate reflects the underlying accounting and is not a guaranteed return or a guaranteed sale price.

Transferring sLYX gives the recipient the tokenized interest in that stake. You no longer hold that interest after a sale or transfer. If only part of your stake is converted, the remainder stays as a direct vault position.

Using sLYX

1. Follow the LYX deposit checklist.
2. Convert the portion of your staked balance you want to hold as sLYX in the app. Review the amount and exchange-rate preview before signing.
3. Confirm the transaction and check both balances: direct vault stake and sLYX. They are separate positions, so do not count the same backing twice.
4. Before transferring or using sLYX, verify the recipient, LSP7 compatibility, approvals and any protocol-specific risks.
5. To exit, retrieve any tokens committed to another protocol, burn the required sLYX into vault stake, then withdraw and claim LYX.

A lending market or exchange must explicitly support sLYX. Collateral use and liquidity provision are possible integration patterns, not a list of currently available integrations. A market sale may involve slippage, fees and a price different from the vault exchange rate. External protocols add smart contract, liquidation and liquidity risks.

For Developers

The following describes the documented source revision. Confirm the deployed ABI, token's linked vault and current restrictions before integration. LSP7 uses different transfer and operator interfaces from ERC-20; an ERC-20-only integration is not automatically compatible.

Minting sLYX tokens

Call the vault's transferStake(address,uint256,bytes), with:

• to: the linked sLYX token contract address.
• amount: the amount of staked LYX to convert, in native-token base units.
• data: optional notification data.

The vault transfers the stake and calls the token's onVaultStakeReceived hook, which mints sLYX for the original sender. Only the linked vault may call this hook. It is not a public mint function for users to invoke directly.

The vault also supports deposit(address) with the sLYX contract as beneficiary, which triggers the same hook. For a newly deployed vault, the token source requires an initial deposit to another beneficiary first to avoid incorrect initial share calculations. Integrators should review that initialization requirement rather than copying a production flow into a fresh deployment.

Conversion uses integer arithmetic. Use the deployed read functions and transaction simulation rather than assuming a permanent one-to-one ratio. The vault and token pause states, deposit capacity and restricted-mode rules may prevent conversion.

Burning sLYX tokens

Call the token's burn(address,uint256,bytes):

• from: the token holder whose balance is burned and who receives the returned vault stake.
• amount: the sLYX amount in token base units.
• data: optional notification data.

The caller must satisfy the inherited LSP7 holder/operator authorization rules. The burn transfers the corresponding staked LYX from the token contract's vault position to from. It does not perform a native LYX transfer or create a withdrawal request.

The holder can then call the vault's withdraw. Any unpaid portion belongs to that withdrawal's beneficiary and must later be claimed when funded. A paused token, paused vault or a restricted vault that does not allow the recipient can prevent burning even when sLYX transfers were possible.

Conversion functions

• getNativeTokenValue(uint256): staked LYX represented by an sLYX amount.
• getSLYXTokenValue(uint256): quoted sLYX amount for a staked-LYX amount.
• getExchangeRate(): staked LYX backing one sLYX, in wei.

These are on-chain accounting quotes, not exchange prices or promises of immediately withdrawable LYX. Rounding and state changes can affect execution. Read vault, supply and balance data at a consistent block when reconciling positions.

Events and recipient handling

Monitor the token's LSP7 Transfer events for minting, burning and transfers, and the vault's deposit, stake-transfer, withdrawal-request and claim events for each separate stage. A successful token burn is not evidence that a native withdrawal completed.

Universal Profiles and other smart-contract recipients may execute notification hooks. Review LSP1 receiver behavior, permissions and gas needs. Never send sLYX to the token contract or linked vault as a substitute for a burn; the documented token rejects these transfer recipients.

Risks and Verification

Read the LUKSO security guide for contract, oracle, validator, administrative and withdrawal risks. Check token and vault addresses through the contract reference, and confirm current implementation and configuration on-chain. Audits cover specified code and assumptions, not every integration or future upgrade.