Fragmetric is a Liquid Restaking Tokens (LRTs) builder who is revolutionizing restaking with the help of Solana's Token Extensions.
Fragmetric is committed to being more than just a leverage product; it strives to be a Liquid Retaking Protocol that contributes to the security of the Solana ecosystem.
Fragmetric
What is Fragmetric?
Fragmetric is on a mission to revolutionize how Liquid Restaking Tokens (LRTs) are used on the blockchain by leveraging Solana and it's Token Extensions.
Restaking Protocols
These protocols allow for Liquid Restaking Tokens (LRT), which can be used to secure different decentralized applications (dApps) running on Solana.
Securing the HyperGrid Network
As part of their collaboration with Sonic, Fragmetric operates dedicated nodes within Solana’s HyperGrid Shared State Network (HSSN). This system prevents state collisions and allows seamless atomic swaps between different Solana Virtual Machines (SVMs), which is critical for gaming and other decentralized applications with high-frequency interactions.
Public SDK for Developers
Fragmetric is also building a developer toolkit that will make it easier for dApp developers to integrate restaking and data security protocols into their projects.
Fragmetric will restake and secure Sonic's HyperGrid by operating a dedicated node on it through restaking protocols with the aim of helping to secure the HSSN—the HyperGrid Shared State Network—and the HyperGrid Bridge.
Fragmetric
They recently announced their $fragSOL token, the first Solana native Liquid Restaking Token (LRT) based on Jito Restaking VRT. $fragSOL was built using the transfer hook feature, a Token Extension that is typically used to programmatically enforce NFT royalties.
Fragmetric uses transfer hooks to "precisely track balances over time, ensuring that NCN rewards are distributed accurately based on how long each user has held their LRTs."
When a $fragSOL transfer hook is activated then a user balance is updated in Fragmetric's vault and user is able to claim their rewards. Using transfer hooks, Fragmetric is able to issue rewards with a variety of tokens. This is managed via what Fragmetric calls 'Normalized Token Program'.
When a user deposits an LST such as $jitoSOL, the number of $fragSOL tokens issued is determined by the number and value of tokens in the pool. The corresponding amount of $nSOL is minted and restaked to the Fragmetric Vault of Jito Restaking.
Fragmetric
Read the full "Introducing $fragSOL: The New Standard of Liquid Restaking" blog on Fragmetric here.
What are Liquid Restaking Tokens (LRTs)?
Liquid Restaking Tokens (LRTs) are tokens a user receives after depositing crypto to a staking platform. This enables a user to retain ownership and staking yields while also being able to use the LRTs on other DeFi platforms.
Restaking is a process where tokens are staked on a blockchain such as Solana however the the staked tokens remain 'liquid' which means they can be transferred, traded and used in supported DeFi apps.
Some LRT platforms offer additional crypto services where the tokens can be used, others have partnered with DeFi builders to use in their applications.
LRTs helps users maximize the utility of their staked assets. Restaking allows users to stake tokens across multiple layers of decentralized applications without compromising on security or performance.
How will Fragmetric and $fragSOL be used?
There are countless applications for the Fragmetric LRT technology and their first token, $fragSOL.
Currently $fragSOL will be used to:
Staked funds are used to help support Sonic's HyperGrid network
Mantis will begin accepting $fragSOL deposits onto their platform where it will be used for pre-funding user accounts
Jito will accept $fragSOL deposits and will be used in swaps and other DeFi features of the platform
When tokens are deposited to the Normalized Token Pool, a corresponding amount of FragSOL and nSOL are minted. FragSOL is the liquid receipt token which can then be used productively in DeFi, while nSOL is restaked to the FragMetric Vault on Jito's platform.
