Exploring SolBlaze On-Chain: A Deep Dive with SolanaFM

This week, we uncover the actions taking place on-chain when interacting with SolBlaze and the bSOL token.

Contents

1. Introduction

2. What is SolBlaze?

3. The bSOL Token

4. BlazeStake Pool Program

5. SolBlaze Accounts

6. Exploring SolBlaze Transactions

7. Bottom Line

Introduction

Solana’s DeFi ecosystem continues to see a surge in activity, with protocols like SolBlaze providing users opportunities to stake their SOL.

When staking SOL with SolBlaze, it is important to understand the actions taking place within the program and how to verify the details on-chain to stake efficiently.

This deep dive will cover the basic details of the BlazeStake Program and how to verify your staking/unstaking transactions on SolanaFM Explorer.

What is SolBlaze?

SolBlaze is a liquid staking protocol that automatically delegates SOL across various Solana validators to strengthen decentralization on the Solana blockchain.

With a current TVL of over $5 million, SolBlaze allows users to stake their liquid SOL tokens in exchange for their Liquid Staking Token (LST), bSOL. This provides access to liquidity while the user’s SOL is being staked.

The bSOL Token

On solana.fm, you can enter the bSOL token page to view the latest transactions involving bSOL. Let’s go through each tab in more detail:

• “Transactions” shows you the latest transactions involving bSOL.

• “Transfers” shows the latest movement of bSOL from one wallet to another.

• “Instructions” shows the latest transactions including the programs called in each transaction.

• “Distribution” shows the top 20 holders of the bSOL token.

Here you can track the bSOL whales, monitor any large movements or find out what strategies people are deploying with their bSOL to make even more profits.

Let’s dive deeper into how users interact with SolBlaze and the bSOL token on-chain.

BlazeStake Pool Program

The BlazeStake Pool Program is the smart contract called when users interact with SolBlaze. Their program page on solana.fm shows you an overview of the latest SolBlaze activity.

SolBlaze On-Chain Accounts

There are various accounts involved in SolBlaze transactions, namely the following:

• Accounts involved in user fund movements:

  1. bSOL Token (bSo13r4TkiE4KumL71LsHTPpL2euBYLFx6h9HP3piy1)

  2. BlazeStake Pool Program (SPoo1Ku8WFXoNDMHPsrGSTSG1Y47rzgn41SLUNakuHy)

  3. SolBlaze SDK Account (7f18MLpvAp48ifA1B8q8FBdrGQhyt9u5Lku2VBYejzJL)

  4. BlazeStake Reserve (rsrxDvYUXjH1RQj2Ke36LNZEVqGztATxFkqNukERqFT)

  5. SolBlaze Deployer Account (b1azeTfpBiKN6AhEGVd1iPBsX3vmZqnFmS7Kqau7a2w)

• Writable/Read-Only accounts:

  1. BlazeStake Pool (stk9ApL5HeVAwPLr3TLhDXdZS8ptVu7zp6ov8HFDuMi)

  2. BlazeStake Updater (upd7dui9VYY9JbYLgpFy4rh9WAMjcm8YxiUBnENy69j)

  3. BlazeStake Authority (6WecYymEARvjG5ZyqkrVQ6YkhPfujNzWpSPwNKXHCbV2)

  4. BlazeStake Fee Depot (Dpo148tVGewDPyh2FkGV18gouWctbdX2fHJopJGe9xv1)

  5. BlazeStake Validator List (1istpXjy8BM7Vd5vPfA485frrV7SRJhgq5vs3sskWmc)

---

Need more information on how these accounts work? Check out our guide on how to use SolanaFM Explorer.

How to use SolanaFM Explorer: A Starter's Guide

---

Reading SolBlaze Transactions

Users typically interact with SolBlaze via the following actions:

1. Stake

2. Unstake (Instant)

3. Unstake (Delayed)

Stake

Link to Transaction:

https://solana.fm/tx/3Ax8rwckMZVtUeno7V6YJkDvr3obWbk5FG2wedg6Y4tfemtJKu4a4JDFzKAiB62qUgvxruWkLZY9MzksCS6TJWNH?cluster=mainnet-qn1&lineNum=6

In this transaction, the user stakes 20 SOL to receive 18.65 bSOL.

When a user stakes their SOL, the BlazeStake Pool Program calls the ‘DepositSol’ instruction and transfers the SOL into the BlazeStake Reserve account.

The BlazeStake Pool Program also calls a CPI (Cross-Program Invocation) on the Token Program’s ‘MintTo’ instruction to mint bSOL tokens in the user’s wallet.

Unstake (Instant)

Link to Transaction:

https://solana.fm/tx/3ADxpZAvXChtgK7oPNq5XHtcBSL69W4GHf4SZ5hKEfFFny1HsAEzWNs8DV8R9k5az9zXR31ToP22vi1bAhQRFBmR?cluster=mainnet-solanafmbeta

In this transaction, the user unstakes 55.8 bSOL via instant unstaking.

The user pays a 0.3% instant withdrawal fee (0.168 bSOL) to the SolBlaze Deployer/Fee Depot account and a negligible fee (0.000005 SOL) to the SolBlaze SDK (BlazeStake crank) in order to receive their SOL instantly.

The BlazeStake Pool Program calls the “WithdrawSOL” instruction and calls a CPI to the Token Program and the Stake Program.

The Token Program calls the “Burn” instruction to burn the unstaked bSOL, while the Stake Program calls the “Withdraw Stake” instruction to transfer 59.86 SOL from the BlazeStake Reserve pool to the user’s address.

Unstake (Delayed)

Link to Transaction:

https://solana.fm/tx/5K34DY6TMH4fWnaySg3XfTYxY2VFNMN1Cina5eFrt7H8kvVnrvdWAQ6szqVQnx2wMZGkyVdnnrcst1NC4EbwWBCt?cluster=mainnet-qn1

In this transaction, a user unstakes 0.5 bSOL via delayed unstaking.

The user pays a 0.1% delayed withdrawal fee (0.0005 bSOL) to the SolBlaze Deployer/Fee Depot account and a negligible fee (0.000005 SOL) to the SolBlaze SDK (BlazeStake crank) in order to receive a stake account containing their SOL.

The BlazeStake Pool Program calls the “WithdrawStake” instruction and calls a CPI to the Token Program and the Stake Program.

The Token Program calls the “Burn” instruction to burn the unstaked bSOL, while the Stake Program calls the “Split Stake” & “Authorize” instruction to transfer 0.53 SOL to the stake account assigned to the user.

Bottom Line

As the DeFi landscape continues to evolve, understanding how protocols like SolBlaze work on-chain enables us to navigate around the data, monitor movements on-chain and explore different strategies with bSOL and other LSTs.