unstake.it provides a way to instantly unstake your SOL.
Let's say you had staked your SOL to a validator but you realized that you need the SOL now. In order for you to reclaim the staked SOL, you need to first deactivate your stake account and then wait until the next epoch comes. This can take up to 3 days!
unstake.it is a new type of liquidity pool that solves this problem. With unstake.it you can "exchange" your Solana native stake account to liquid SOL instantly.
Why would you unstake.it?
Unstaking in Solana takes one epoch (2-3 days), and a lot can happen in that time.
You might have urgent liquidity needs and want to sell your SOL right away.
You might want to move your stake from one validator to another without having to wait an entire epoch.
Our goal is to free staked SOL. We aim to provide deep, cheap liquidity for all stake accounts: our promise to always give you the best unstaking experience in all of DeFi.
When you select a stake account and click the 'Unstake it' button, our program transfers the selected stake account from you to our SOL pool and transfers the same amount of SOL, minus the displayed fee, from our SOL pool to you in return.
Liquidity providers (LPs) provide a single pool of liquid SOL. When you use unstake.it, we give you the liquid SOL in exchange for your stake account. We then unstake your stake account to replenish the pool, and take a small fee to compensate the LPs.
The on-chain program has been peer-reviewed multiple times, and a formal audit is in the works.
The program is located at this address. You can look through its past transactions to see examples of successful unstakes (such as this one) to verify that it works as expected.
You should also check that your wallet's transaction preview gives the correct amount of SOL before signing the transaction.
It is the amount of liquid SOL currently left in the pool to service unstakes. You can only unstake stake accounts with balance lower than or equal to that number + the displayed fee.