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Utilize your staked SUI tokens across DeFI with afSUI
Staking SUI tokens on the Sui network is a novel approach compared to other Delegated Proof of Stake networks. When staking on Sui, you may delegate to the validator of your choice, and your SUI tokens remain locked in your wallet rather than in a smart contract.
While you retain custody of your SUI tokens, you can not use them for any other purpose while they are staked. In order to allow staked SUI tokens to be utilized in DeFi while simultaneously earning yield, Aftermath developed afSUI.
At the onset it was not possible to build a fully decentralized liquid staking derivative on Sui. In order to build an LSD with no compromises nor centralized components, Aftermath authored SIP-6, an update to the Sui framework which was enacted by the community.
We strive to preserve the core tenants of decentralization wherever possible, so when staking SUI with Aftermath, users still can choose whichever validator they want to delegate their tokens to. Aftermath does not rely upon an algorithm to choose validators to delegate to, nor do we delegate to our own validator. The yield earned by afSUI is a function of all SUI tokens staked for afSUI across all validators, ensuring every afSUI token is fungible.
The Sui network runs in Epochs of 24 hours. When a user stakes SUI tokens for afSUI, they will receive afSUI at its current exchange rate with SUI for that Epoch. With each passing Epoch, the exchange rate of afSUI for SUI increases as staking rewards are compounded. This ensures that upon unstaking, users will receive the principle amount of SUI they initially staked, plus the staking rewards they earned for the duration they were staked for. There is no further action required by the user other than unstaking to receive their rewards.
Aftermath designed afSUI to be as fungible and composable as the SUI token itself, while simultaneously earning yield from staking rewards. This means afSUI can be used as collateral, deposited into liquidity pools, swapped for other tokens, and bridged to other blockchains.