JitoSOL represents your staked Solana (SOL) in a tradable form. JitoSOL is a wrapped version of staked SOL. You can wrap staked SOL on Coinbase to convert it to jitoSOL, and unwrap jitoSOL to convert it to staked SOL.
JitoSOL provides flexibility to sell, transfer, or use as collateral on a loan.You can move it to a personal wallet and trade it outside the Coinbase platform.
What you need to know
Fees | • There are no fees for wrapping or unwrapping staked SOL. • You’ll be charged standard fees if you send or sell your JitoSOL. |
Balance | • The number of JitoSOL units you receive upon wrapping is based on the SOL to JitoSOL conversion rate. • JitoSOL balance is reflected on your JitoSOL asset detail page. |
Conversion rates | • The conversion rate will change over time due to rewards earned on the underlying staked SOL. • The ratio of staked SOL units underlying the total supply of JitoSOL. |
Price | • The price of JitoSOL reflects the price of the underlying staked SOL plus any accrued rewards. • The price of JitoSOL and staked SOL will likely differ because they trade on a wide range of crypto exchanges and their market prices can deviate. • The market may value JitoSOL less than the underlying staked SOL. |
Rewards | • Rewards are earned but not directly through Coinbase. |
Available transactions | • Buy JitoSOL directly on the Coinbase exchange. • Sell for local currency. • Convert into available crypto. • Send/receive off-platform to/from a self-custodied wallet. • Unwrap your JitoSOL for staked SOL. |
Sell or send | • You won't be able to unwrap and/or redeem your JitoSOL for staked SOL. • If sending, you transfer the ownership of the token and underlying staked SOL value to the recipient. |
Taxes | • At this time there is no official guidance from tax authorities available. In the reports we prepare for you, we carry the cost basis of your staked SOL forward and don't recognize a disposition. • Although wrapping and unwrapping staked SOL may not be considered a taxable event, selling JitoSOL (e.g. for cash) is viewed as a standard crypto sell which is a taxable event. • Consult a tax professional for compliance. |
Regional restrictions | • Generally available in all regions where JitoSOL is a supported asset. • Not available in New York. |
Related articles: