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Stake Pool Program

A program for pooling together SOL to be staked by an off-chain agent running a Delegation bot which redistributes the stakes across the network and tries to maximize censorship resistance and rewards.

Overview

SOL token holders can earn rewards and help secure the network by staking tokens to one or more validators. Rewards for staked tokens are based on the current inflation rate, total number of SOL staked on the network, and an individual validator’s uptime and commission (fee).

Stake pools are an alternative method of earning staking rewards. This on-chain program pools together SOL to be staked by a manager, allowing SOL holders to stake and earn rewards without managing stakes.

Additional information regarding staking and stake programming is available at:

Motivation

This document is intended for stake pool managers who want to create or manage stake pools, and users who want to provide staked SOL into an existing stake pool.

In its current iteration, the stake pool only processes totally active stakes. Deposits must come from fully active stakes, and withdrawals return a fully active stake account.

This means that stake pool managers and users must be comfortable with creating and delegating stakes, which are more advanced operations than sending and receiving SPL tokens and SOL. Additional information on stake operations are available at:

To reach a wider audience of users, stake pool managers are encouraged to provide a market for their pool's staking derivatives, through an AMM like Token Swap.

Operation

A stake pool manager creates a stake pool and includes validators that will receive delegations from the pool by creating "validator stake accounts" and activating a delegation on them. Once a validator stake account's delegation is active, the stake pool manager adds it to the stake pool.

At this point, users can participate with deposits. They must delegate a stake account to the one of the validators in the stake pool. Once it's active, the user can deposit their stake into the pool in exchange for SPL staking derivatives representing their fractional ownership in pool. A percentage of the user's deposit goes to the pool manager as a fee.

Over time, as the stake pool accrues staking rewards, the user's fractional ownership will be worth more than their initial deposit. Whenever the user chooses, they can withdraw their SPL staking derivatives in exchange for an activated stake.

The stake pool manager can add and remove validators, or rebalance the pool by withdrawing stakes from the pool, deactivating them, reactivating them on another validator, then depositing back into the pool.

These manager operations require SPL staking derivatives and staked SOL, so the stake pool manager will need liquidity on hand to properly manage the pool.

Background

Solana's programming model and the definitions of the Solana terms used in this document are available at:

Source

The Stake Pool Program's source is available on github.

Command-line Utility

The following explains the instructions available in the Stake Pool Program along with examples using the command-line utility.

The spl-stake-pool command-line utility can be used to experiment with SPL tokens. Once you have Rust installed, run:

$ cargo install spl-stake-pool-cli

Run spl-stake-pool --help for a full description of available commands.

Configuration

The spl-stake-pool configuration is shared with the solana command-line tool.

Current Configuration

solana config get
Config File: ${HOME}/.config/solana/cli/config.yml
RPC URL: https://api.mainnet-beta.solana.com
WebSocket URL: wss://api.mainnet-beta.solana.com/ (computed)
Keypair Path: ${HOME}/.config/solana/id.json

Cluster RPC URL

See Solana clusters for cluster-specific RPC URLs

solana config set --url https://devnet.solana.com

Default Keypair

See Keypair conventions for information on how to setup a keypair if you don't already have one.

Keypair File

solana config set --keypair ${HOME}/new-keypair.json

Hardware Wallet URL (See URL spec)

solana config set --keypair usb://ledger/

Stake Pool Administrator Examples

Create a stake pool

The pool administrator manages the stake accounts in a stake pool, and in exchange receives a fee in the form of SPL token staking derivatives. The administrator sets the fee on creation. Let's create a pool with a 3% fee:

$ spl-stake-pool create-pool --fee-numerator 3 --fee-denominator 100
Creating mint Gmk71cM7j2RMorRsQrsyysM4HsByQx5PuDGtDdqGLWCS
Creating pool fee collection account 3xvXPfQi2SaTkqPV9A7BQwh4GyTe2ZPasfoaCBCnTAJ5
Creating stake pool 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC
Signature: 5HdDoPssqwyLjt2QvhRbnSATZqFLGKha92zMuJiBUpKeKYKGURRV41N5ydCQxqnFjCud3xv85Z6ghErppNJzaYM8

The unique stake pool identifier is 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC.

The identifier for the SPL token for staking derivatives is Gmk71cM7j2RMorRsQrsyysM4HsByQx5PuDGtDdqGLWCS. The stake pool has full control over the mint.

The pool creator's fee account identifier is 3xvXPfQi2SaTkqPV9A7BQwh4GyTe2ZPasfoaCBCnTAJ5. When users deposit warmed up stake accounts into the stake pool, the program will transfer 3% of their contribution into this account in the form of SPL token staking derivatives.

Create a validator stake account

In order to accommodate large numbers of user deposits into the stake pool, the stake pool only manages one stake account per validator. To add a new validator to the stake pool, we first create a validator-associated stake account.

Looking at validators.app or other Solana validator lists, we choose some validators at random and start with identity 8SQEcP4FaYQySktNQeyxF3w8pvArx3oMEh7fPrzkN9pu on vote account 2HUKQz7W2nXZSwrdX5RkfS2rLU4j1QZLjdGCHcoUKFh3. Let's create a validator stake account delegated to that vote account.

$ spl-stake-pool create-validator-stake 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC 2HUKQz7W2nXZSwrdX5RkfS2rLU4j1QZLjdGCHcoUKFh3
Creating stake account FYQB64aEzSmECvnG8RVvdAXBxRnzrLvcA3R22aGH2hUN
Signature: 4pA2WKT6d2wkXEtSpiQswv22WyoFad2KX6FdPEzwBiEquvaUBEtzenys5Jh1ABPCh7yc4w8kzqMRRCwDj6ZSUV1K

In order to maximize censorship resistance, we want to distribute our SOL to as many validators as possible, so let's add a few more.

$ spl-stake-pool create-validator-stake 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC HJiC8iJ4Sj846SswQuauFJK93UvV6zp3c2T6jzGqzhhz
Creating stake account E5KBATUd21Dnjnh5sGFw5ngp9kdVXCcAAYMRe2WsVXie
Signature: 4pyRZzjsWG7jP3GRZeZCo2Eb2TPjHM4kAYRFMivimme6HAee1nhzoNJBe3VSt2sv7acp5fwT7J8omBM8o3niY8gu
$ spl-stake-pool create-validator-stake 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC AUCzCaGAGjL3uyjFBtJs7KuJcgQWvNZu1Z2S9G3pw77G
Creating stake account CrStLEWfme37kDc3nubK9HsmWR5dsuVUuqEKqTR4Mc5E
Signature: 4ZUdZzUARgUCPuY8nVsJbN6vRDbVX8sYAQGYYXj2YVvjoJ2oevq2H8uzrhYApe419uoP7QYukqNstiti5p5DDukN
$ spl-stake-pool create-validator-stake 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC 8r1f8mwrUiYdg2Rx9sxTh4M3UAUcCBBrmRA3nxk3Z6Lm
Creating stake account FhFft7ArhZZkh6q4ir1JZMYFgXdH6wkT5M5nmDDb1Q13
Signature: yQqXCbuA66wQsHtkziNg3XadfZF5aCmvjfentwbZJnSPeEjJwPka3M1QY5GmR1efprptqaePn71BTMSLscX8DLr

NOTE: These stake accounts have not been added to the stake pool yet. Stake pools only accept deposits from fully delegated (warmed-up) stake accounts, so we must first delegate these stakes.

We can see the status of stake account using the Solana command-line utility.

$ solana stake-account FYQB64aEzSmECvnG8RVvdAXBxRnzrLvcA3R22aGH2hUN
Balance: 1.002282880 SOL
Rent Exempt Reserve: 0.00228288 SOL
Stake account is undelegated
Stake Authority: 4SnSuUtJGKvk2GYpBwmEsWG53zTurVM8yXGsoiZQyMJn
Withdraw Authority: 4SnSuUtJGKvk2GYpBwmEsWG53zTurVM8yXGsoiZQyMJn

The stake pool creates these special staking accounts with 1 SOL as a minimum delegation. The stake and withdraw authorities are the keypair configured with the --config flag, using the Solana CLI default key. More information about the Solana CLI can be found on the Solana Docs.

We must delegate these stake accounts to the vote account specified on creation.

$ solana delegate-stake FYQB64aEzSmECvnG8RVvdAXBxRnzrLvcA3R22aGH2hUN 2HUKQz7W2nXZSwrdX5RkfS2rLU4j1QZLjdGCHcoUKFh3
Signature: 2H9oiPJQ2fRihPqvjc62pHwBi8VcK1LQFJTLvdJR2pAhGWQcLXQpMoHiDgCLPE78Kxy9JPbvihsGeC8yCZHCdpWG
$ solana delegate-stake E5KBATUd21Dnjnh5sGFw5ngp9kdVXCcAAYMRe2WsVXie HJiC8iJ4Sj846SswQuauFJK93UvV6zp3c2T6jzGqzhhz
Signature: 3NZfYFMheSVZJxuLMvW9QsqdVJxsBj5Aa8huGfCTzojQeP2nCuGGYGn81pPiumpKefcjKRSz2LSsnzJQN3aCUG77
$ solana delegate-stake CrStLEWfme37kDc3nubK9HsmWR5dsuVUuqEKqTR4Mc5E AUCzCaGAGjL3uyjFBtJs7KuJcgQWvNZu1Z2S9G3pw77G
Signature: Jhj5wgbn6rvmkZRdfNS2uEwRyAnZS3LUpANyCvFXgeVigw3L5gumZTyvpPvE6nyN7MfPLqnX9yfYcAFN8i8NJmT
$ solana delegate-stake FhFft7ArhZZkh6q4ir1JZMYFgXdH6wkT5M5nmDDb1Q13 8r1f8mwrUiYdg2Rx9sxTh4M3UAUcCBBrmRA3nxk3Z6Lm
Signature: 5Xg7d5v2bjgVc4o1T8dU9JBHTssb8CR9J4XW1oXxuAPJ72F7ANFcxuB81r9ky7GbyKwUPJbbF7Gvpgch6623wjFA

Now that we have delegated the stakes, we need to wait an epoch for the delegation to activate.

Add validator stake account

As mentioned in the last step, the stake pool only manages one stake account per validator. Also, the stake pool only processes fully activated stake accounts. We created new validator stake accounts in the last step and staked them. Once the stake activates, we can add them to the stake pool.

$ spl-stake-pool add-validator 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC FYQB64aEzSmECvnG8RVvdAXBxRnzrLvcA3R22aGH2hUN
Creating account to receive tokens Gu8xqzYFg2sPHWHhUivKNBeF9uikiauihLs9hLzziKu7
Signature: 3N1K89rGV9gWueTTrPGTDBwKAp8BikQhKHMFoREw98Q1piXFeZSSxqfnRQexrfAZQfrpYH9qwsaPWRruwkVeBivV

Users can start depositing their activated stakes into the stake pool, as long as they are delegated to the same vote account, which was FhFft7ArhZZkh6q4ir1JZMYFgXdH6wkT5M5nmDDb1Q13 in this example. You can also double-check that at any time using the Solana command-line utility.

$ solana stake-account FYQB64aEzSmECvnG8RVvdAXBxRnzrLvcA3R22aGH2hUN
Balance: 0.002282881 SOL
Rent Exempt Reserve: 0.00228288 SOL
Delegated Stake: 0.000000001 SOL
Active Stake: 0.000000001 SOL
Activating Stake: 0 SOL
Stake activates starting from epoch: 161
Delegated Vote Account Address: 2HUKQz7W2nXZSwrdX5RkfS2rLU4j1QZLjdGCHcoUKFh3
Stake Authority: 4SnSuUtJGKvk2GYpBwmEsWG53zTurVM8yXGsoiZQyMJn
Withdraw Authority: 4SnSuUtJGKvk2GYpBwmEsWG53zTurVM8yXGsoiZQyMJn

Remove validator stake account

If the stake pool manager wants to stop delegating to a vote account, they can totally remove the validator stake account from the stake pool by providing staking derivatives, just like withdraw.

$ spl-stake-pool remove-validator 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC CrStLEWfme37kDc3nubK9HsmWR5dsuVUuqEKqTR4Mc5E --withdraw-from 34XMHa3JUPv46ftU4dGHvemZ9oKVjnciRePYMcX3rjEF
Signature: 5rrQ3xhDWyiPkUTAQkNAeq31n6sMf1xsg2x9hVY8Vj1NonwBnhxuTv87nADLkwC8Xzc4CGTNCTX2Vph9esWnXk2d

The difference with withdraw is that the validator stake account is totally removed from the stake pool and now belongs to the administrator.

We can check the removed stake account:

$ solana stake-account CrStLEWfme37kDc3nubK9HsmWR5dsuVUuqEKqTR4Mc5E
Balance: 1.002282881 SOL
Rent Exempt Reserve: 0.00228288 SOL
Delegated Stake: 1.000000001 SOL
Active Stake: 1.000000001 SOL
Delegated Vote Account Address: AUCzCaGAGjL3uyjFBtJs7KuJcgQWvNZu1Z2S9G3pw77G
Stake Authority: 4SnSuUtJGKvk2GYpBwmEsWG53zTurVM8yXGsoiZQyMJn
Withdraw Authority: 4SnSuUtJGKvk2GYpBwmEsWG53zTurVM8yXGsoiZQyMJn

The administrator's SPL token account has been debited to accommodate the removal of staked SOL from the pool.

We can also double-check that the stake pool no longer shows the stake account:

$ spl-stake-pool list 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC
Pubkey: FhFft7ArhZZkh6q4ir1JZMYFgXdH6wkT5M5nmDDb1Q13    Vote: 8r1f8mwrUiYdg2Rx9sxTh4M3UAUcCBBrmRA3nxk3Z6Lm ◎1.002282881
Pubkey: FYQB64aEzSmECvnG8RVvdAXBxRnzrLvcA3R22aGH2hUN    Vote: 2HUKQz7W2nXZSwrdX5RkfS2rLU4j1QZLjdGCHcoUKFh3 ◎3.410872673
Pubkey: E5KBATUd21Dnjnh5sGFw5ngp9kdVXCcAAYMRe2WsVXie    Vote: HJiC8iJ4Sj846SswQuauFJK93UvV6zp3c2T6jzGqzhhz ◎11.436803652
Total: ◎15.849959206

Rebalance the stake pool

As time goes on, deposits and withdrawals will happen to all of the stake accounts managed by the pool, and the stake pool manager may want to rebalance the stakes.

For example, let's say the manager wants the same delegation to every validator in the pool. When they look at the state of the pool, they see:

$ spl-stake-pool list 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC
Pubkey: FhFft7ArhZZkh6q4ir1JZMYFgXdH6wkT5M5nmDDb1Q13    Vote: 8r1f8mwrUiYdg2Rx9sxTh4M3UAUcCBBrmRA3nxk3Z6Lm ◎1.002282881
Pubkey: FYQB64aEzSmECvnG8RVvdAXBxRnzrLvcA3R22aGH2hUN    Vote: 2HUKQz7W2nXZSwrdX5RkfS2rLU4j1QZLjdGCHcoUKFh3 ◎3.410872673
Pubkey: E5KBATUd21Dnjnh5sGFw5ngp9kdVXCcAAYMRe2WsVXie    Vote: HJiC8iJ4Sj846SswQuauFJK93UvV6zp3c2T6jzGqzhhz ◎11.436803652
Total: ◎15.849959206

This isn't great! The last stake account, E5KBATUd21Dnjnh5sGFw5ngp9kdVXCcAAYMRe2WsVXie has too much allocated. For their strategy, the manager wants the 15.849959206 SOL to be distributed evenly, meaning around 5.283319735 in each account. They need to move 4.281036854 to FhFft7ArhZZkh6q4ir1JZMYFgXdH6wkT5M5nmDDb1Q13 and 1.872447062 to FYQB64aEzSmECvnG8RVvdAXBxRnzrLvcA3R22aGH2hUN.

First, they need to withdraw a total of 6.153483916 from E5KBATUd21Dnjnh5sGFw5ngp9kdVXCcAAYMRe2WsVXie. Using the spl-token utility, let's check the total supply of pool tokens:

$ spl-token supply Gmk71cM7j2RMorRsQrsyysM4HsByQx5PuDGtDdqGLWCS
0.034692168

Given a total pool token supply of 0.034692168 and total staked SOL amount of 15.849959206, let's calculate how many pool tokens to withdraw from the pool:

sol_to_withdraw * total_pool_tokens / total_sol_staked = pool_tokens_to_withdraw
6.153483916 * 0.034692168 / 15.849959206 ~ 0.013468659

They withdraw that amount of pool tokens:

$ spl-stake-pool withdraw 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC --amount 0.013468659 --withdraw-from 34XMHa3JUPv46ftU4dGHvemZ9oKVjnciRePYMcX3rjEF
Withdrawing from account E5KBATUd21Dnjnh5sGFw5ngp9kdVXCcAAYMRe2WsVXie, amount ◎6.153483855, 0.013468659 pool tokens
Creating account to receive stake 8ykyY7maA9HUfUphZHBkhsnydY5gFfyHFSfxCA7imqrk
Signature: z8a5ZRfWdj8Fcsr3ttCJ731wFKyhZNcqoKEdV1RBCkzr3tHGQNCC56qvRVJ6oxyCVDqWZ3KL1Bkyn3sDpjYPDku

Because of rounding in the calculation a few lines above, it looks like we receive less than we should. If we play that back the other way, we'll see that all is well:

pool_tokens_to_withdraw * total_sol_staked / total_pool_tokens = sol_to_withdraw
0.013468659 * 15.849959206 / 0.034692168 ~ 6.153483855

Next, they deactivate the new received stake:

$ solana deactivate-stake 8ykyY7maA9HUfUphZHBkhsnydY5gFfyHFSfxCA7imqrk
Signature: 4SuwZK5JvYkYVkM5yfu2x8x6iou6558teMwzphGECLmstMVoWbSvngUH48Ra24PrxtgUDyVDA8SXYS1qMyx3fjMj

Once the stake is deactivated during the next epoch, they split the stake and activate it on the other two validator vote accounts. For brevity, those commands are omitted.

Eventually, we are left with stake account 4zppED2kFodUS2hBf8Fzeepu6yZ6QuyeNPBXCT9VU6fK with 4.281036854 delegated to 8r1f8mwrUiYdg2Rx9sxTh4M3UAUcCBBrmRA3nxk3Z6Lm and stake account GCJnuFGCDzaToPwJtG5GiK4g3DJBfuhQy6388NyGcfwf with 1.872447062 delegated to 2HUKQz7W2nXZSwrdX5RkfS2rLU4j1QZLjdGCHcoUKFh3.

Once the new stakes are ready, the manager deposits them back into the stake pool:

$ spl-stake-pool deposit 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC GCJnuFGCDzaToPwJtG5GiK4g3DJBfuhQy6388NyGcfwf --token-receiver 34XMHa3JUPv46ftU4dGHvemZ9oKVjnciRePYMcX3rjEF
Depositing into stake account FYQB64aEzSmECvnG8RVvdAXBxRnzrLvcA3R22aGH2hUN
Signature: jKsdEr3zxF2zZs78rmrP3PmQiTwE7v15ieEuxp4db1VQe9owXVGM8nM3dJqVRHXPsS4frQW4gJ6xBfTTk2HvKDX
$ spl-stake-pool deposit 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC 4zppED2kFodUS2hBf8Fzeepu6yZ6QuyeNPBXCT9VU6fK --token-receiver 34XMHa3JUPv46ftU4dGHvemZ9oKVjnciRePYMcX3rjEF
Depositing into stake account FhFft7ArhZZkh6q4ir1JZMYFgXdH6wkT5M5nmDDb1Q13
Signature: 3JXvTvea6F4Epd2krSxnTRZPB4gLZ8GqisFE58Z4ocV92fDN1HRMVPoPhJtYcfuF12vyQZUueKwVmkvL6Wgf2evc

Leaving them with a rebalanced stake pool!

$ spl-stake-pool list 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC
Pubkey: FhFft7ArhZZkh6q4ir1JZMYFgXdH6wkT5M5nmDDb1Q13    Vote: 8r1f8mwrUiYdg2Rx9sxTh4M3UAUcCBBrmRA3nxk3Z6Lm ◎5.283340235
Pubkey: FYQB64aEzSmECvnG8RVvdAXBxRnzrLvcA3R22aGH2hUN    Vote: 2HUKQz7W2nXZSwrdX5RkfS2rLU4j1QZLjdGCHcoUKFh3 ◎5.283612231
Pubkey: E5KBATUd21Dnjnh5sGFw5ngp9kdVXCcAAYMRe2WsVXie    Vote: HJiC8iJ4Sj846SswQuauFJK93UvV6zp3c2T6jzGqzhhz ◎5.284317422
Total: ◎15.851269888

Due to staking rewards that accrued during the rebalancing process, the pool is not prefectly balanced. This is completely normal.

Set staking authority

In order to manage the stake accounts more directly, the stake pool owner can set the stake authority of the stake pool's managed accounts.

$ spl-stake-pool set-staking-auth 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC --stake-account FYQB64aEzSmECvnG8RVvdAXBxRnzrLvcA3R22aGH2hUN --new-staker 4SnSuUtJGKvk2GYpBwmEsWG53zTurVM8yXGsoiZQyMJn
Signature: 39N5gkaqXuWm6JPEUWfenKXeG4nSa71p7iHb9zurvdZcsWmbjdmSXwLVYfhAVHWucTY77sJ8SkUNpVpVAhe4eZ53

Now, the new staking authority can perform any normal staking operations, including deactivating or re-staking.

Important security note: the stake pool program only gives staking authority to the pool owner and always retains withdraw authority. Therefore, a malicious stake pool manager cannot steal funds from the stake pool.

Set owner

The stake pool owner may pass their administrator privileges to another account.

$ spl-stake-pool 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC --new-owner 4SnSuUtJGKvk2GYpBwmEsWG53zTurVM8yXGsoiZQyMJn
Signature: 39N5gkaqXuWm6JPEUWfenKXeG4nSa71p7iHb9zurvdZcsWmbjdmSXwLVYfhAVHWucTY77sJ8SkUNpVpVAhe4eZ53

User Examples

List validator stake accounts

In order to deposit into the stake pool, a user must first delegate some stake to one of the validator stake accounts associated with the stake pool. The command-line utility has a special instruction for finding out which vote accounts are already associated with the stake pool.

$ spl-stake-pool list 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC
CrStLEWfme37kDc3nubK9HsmWR5dsuVUuqEKqTR4Mc5E    1.002282880 SOL
E5KBATUd21Dnjnh5sGFw5ngp9kdVXCcAAYMRe2WsVXie    1.002282880 SOL
FYQB64aEzSmECvnG8RVvdAXBxRnzrLvcA3R22aGH2hUN    1.002282880 SOL
FhFft7ArhZZkh6q4ir1JZMYFgXdH6wkT5M5nmDDb1Q13    1.002282880 SOL
Total: 4.009131520 SOL

If the manager has recently created the stake pool, and there are no stake accounts present yet, the command-line utility will inform us.

$ spl-stake-pool list 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC
No accounts found.

Deposit stake

Stake pools only accept deposits from fully staked accounts, so we must first create stake accounts and delegate them to one of the validators managed by the stake pool. Using the list command from the previous section, we see that 2HUKQz7W2nXZSwrdX5RkfS2rLU4j1QZLjdGCHcoUKFh3 is a valid vote account, so let's create a stake account and delegate our stake there.

$ solana-keygen new --no-passphrase -o stake-account.json
Generating a new keypair
Wrote new keypair to stake-account.json
============================================================================
pubkey: 4F4AYKZbNtDnu7uQey2Vkz9VgkVtLE6XWLezYjc9yxZa
============================================================================
Save this seed phrase to recover your new keypair:
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
============================================================================
$ solana create-stake-account stake-account.json 10
Signature: 5Y9r6MNoqJzVX8TWryAJbdp8i2DvintfxbYWoY6VcLEPgphK2tdydhtJTd3o3dF7QdM2Pg8sBFDZuyNcMag3nPvj
$ solana delegate-stake 4F4AYKZbNtDnu7uQey2Vkz9VgkVtLE6XWLezYjc9yxZa 2HUKQz7W2nXZSwrdX5RkfS2rLU4j1QZLjdGCHcoUKFh3
Signature: 2cDjHXSHjuadGQf1NQpPi43A8R19aCifsY16yTcictKPHcSAXN5TvXZ58nDJwkYs12tuZfTh5WVgAMSvptfrKdPP

Two epochs later, when the stake is fully active and has received one epoch of rewards, we can deposit the stake into the stake pool.

$ spl-stake-pool deposit 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC 4F4AYKZbNtDnu7uQey2Vkz9VgkVtLE6XWLezYjc9yxZa
Depositing into stake account FYQB64aEzSmECvnG8RVvdAXBxRnzrLvcA3R22aGH2hUN
Creating account to receive tokens 34XMHa3JUPv46ftU4dGHvemZ9oKVjnciRePYMcX3rjEF
Signature: 4AESGZzqBVfj5xQnMiPWAwzJnAtQDRFK1Ha6jqKKTs46Zm5fw3LqgU1mRAT6CKTywVfFMHZCLm1hcQNScSMwVvjQ

Alternatively, you can create an SPL token account yourself and pass it as the token-receiver for the command.

$ spl-stake-pool deposit 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC 4F4AYKZbNtDnu7uQey2Vkz9VgkVtLE6XWLezYjc9yxZa --token-receiver 34XMHa3JUPv46ftU4dGHvemZ9oKVjnciRePYMcX3rjEF
Depositing into stake account FYQB64aEzSmECvnG8RVvdAXBxRnzrLvcA3R22aGH2hUN
Signature: 4AESGZzqBVfj5xQnMiPWAwzJnAtQDRFK1Ha6jqKKTs46Zm5fw3LqgU1mRAT6CKTywVfFMHZCLm1hcQNScSMwVvjQ

In return, the stake pool has sent us staking derivatives in the form of SPL tokens. We can double-check our stake pool account using the SPL token command-line utility.

$ spl-token balance 34XMHa3JUPv46ftU4dGHvemZ9oKVjnciRePYMcX3rjEF
0.024058966

Update

Every epoch, the network pays out rewards to stake accounts managed by the stake pool, increasing the value of staking derivative SPL tokens minted on deposit. In order to calculate the proper value of these stake pool tokens, we must update the total value managed by the stake pool every epoch.

$ spl-stake-pool update 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC
Signature: 3Yx1RH3Afqj5ckX8YvPCRt1DudVP4HuRPkh1dBPvTM9GqGxcB9ZXHGZPADVSZiaqKi166fevMG232EWxrRWswPtt

If another user already updated the stake pool balance for the current epoch, we see a different output.

$ spl-stake-pool update 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC
Stake pool balances are up to date, no update required.

If no one updates the stake pool in the current epoch, the deposit and withdraw instructions will fail. The update instruction is permissionless, so any user can run it before depositing or withdrawing.

Withdraw stake

Whenever the user wants to recover SOL plus accrued rewards, they can provide their staking derivative SPL tokens in exchange for an activated stake account.

Let's withdraw 0.02 staking derivative tokens from the stake pool.

$ spl-stake-pool withdraw 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC --amount 0.02 --withdraw-from 34XMHa3JUPv46ftU4dGHvemZ9oKVjnciRePYMcX3rjEF
Withdrawing from account FYQB64aEzSmECvnG8RVvdAXBxRnzrLvcA3R22aGH2hUN, amount 8.867176377 SOL, 0.02 pool tokens
Creating account to receive stake CZF2z3JJoDmJRcVjtsrz1BKUUGNL3VPW5FPFqge1bzmQ
Signature: 2xBPVPJ749AE4hHNCNYdjuHv1EdMvxm9uvvraWfTA7Urrvecwh9w64URCyLLroLQ2RKDGE2QELM2ZHd8qRkjavJM

The stake pool took 0.02 pool tokens, and in exchange the user received a fully active stake account, delegated to 2HUKQz7W2nXZSwrdX5RkfS2rLU4j1QZLjdGCHcoUKFh3. Let's double-check the status of the stake account:

$ solana stake-account CZF2z3JJoDmJRcVjtsrz1BKUUGNL3VPW5FPFqge1bzmQ
Balance: 8.869459257 SOL
Rent Exempt Reserve: 0.00228288 SOL
Delegated Stake: 8.867176377 SOL
Active Stake: 8.867176377 SOL
Delegated Vote Account Address: 2HUKQz7W2nXZSwrdX5RkfS2rLU4j1QZLjdGCHcoUKFh3
Stake Authority: 4SnSuUtJGKvk2GYpBwmEsWG53zTurVM8yXGsoiZQyMJn
Withdraw Authority: 4SnSuUtJGKvk2GYpBwmEsWG53zTurVM8yXGsoiZQyMJn

Alternatively, the user can specify an existing stake account to receive their stake using the stake-receiver parameter.

$ spl-stake-pool withdraw 3CLwo9CntMi4D1enHEFBe3pRJQzGJBCAYe66xFuEbmhC  --amount 0.02 --withdraw-from 34XMHa3JUPv46ftU4dGHvemZ9oKVjnciRePYMcX3rjEF --stake-receiver CZF2z3JJoDmJRcVjtsrz1BKUUGNL3VPW5FPFqge1bzmQ
Withdrawing from account FYQB64aEzSmECvnG8RVvdAXBxRnzrLvcA3R22aGH2hUN, amount 8.867176377 SOL, 0.02 pool tokens
Signature: 2xBPVPJ749AE4hHNCNYdjuHv1EdMvxm9uvvraWfTA7Urrvecwh9w64URCyLLroLQ2RKDGE2QELM2ZHd8qRkjavJM

Appendix

Activated stakes

As mentioned earlier, the stake pool only processes active stakes. This feature maintains fungibility of stake pool tokens. Fully activated stakes are not equivalent to inactive, activating, or deactivating stakes due to the time cost of staking. Otherwise, malicious actors can deposit stake in one state and withdraw it in another state without waiting.

Staking Credits Observed on Deposit

A deposited stake account's "credits observed" must match the destination account's "credits observed". Typically, this means you must wait an additional epoch after activation for your stake account to match up with the stake pool's account.

Transaction sizes

The Solana transaction processor has two important limitations:

  • size of the overall transaction, limited to roughly 1 MTU / packet
  • computation budget per instruction

A stake pool may manage hundreds of staking accounts, so it is impossible to update the total value of the stake pool in one instruction. Thankfully, the command-line utility breaks up transactions to avoid this issue for large pools.