Wrapped Solana is a tokenized representation of the native SOL cryptocurrency. It is designed to enable SOL to be used within decentralized finance (DeFi) applications and smart contracts, both on the Solana blockchain and on other non-native networks, while maintaining a 1:1 value peg with the underlying SOL asset. ^{[1] [2]}

Overview

Wrapped Solana (often abbreviated as wSOL) serves as a crucial bridge for the native SOL coin, which itself is not compliant with token standards like Solana's own SPL (Solana Program Library). To interact with most DeFi protocols, SOL must be "wrapped," converting it into a compliant token. This process allows SOL's value and liquidity to be integrated into a wider range of applications. ^[3]

There are two primary forms of Wrapped Solana. The first is an SPL-compliant token on the Solana network, which allows native SOL to be used in Solana-based dApps such as decentralized exchanges (DEXs) and lending protocols. The second form is a cross-chain asset, where native SOL is locked in a smart contract or with a custodian to mint an equivalent amount of wSOL on a different blockchain, such as Ethereum, BNB Smart Chain, or Avalanche. This cross-chain functionality allows the value of SOL to be utilized within other major DeFi ecosystems. In both cases, the native SOL coin remains the asset used to pay for transaction fees and network rent on the Solana blockchain. ^{[1] [2]}

The ticker symbol for Wrapped Solana can cause confusion, as it is often listed as "SOL," the same as the native coin. However, within the DeFi community and on block explorers, it is commonly referred to as "wSOL" to distinguish it from the underlying asset. The wrapping and unwrapping process is designed to be seamless, ensuring that wSOL can always be redeemed for an equivalent amount of native SOL, thereby maintaining its price peg. ^[3]

History

While a specific launch date for the Wrapped Solana token is not documented, its creation is a direct consequence of the development and growth of the Solana ecosystem. The Solana mainnet was officially launched in March 2020 by the Solana Foundation. As DeFi and NFT ecosystems began to flourish on the high-performance blockchain, the need arose for a standardized way to incorporate the network's native asset, SOL, into smart contracts that required SPL-compliant tokens. This led to the development of the on-chain wrapping mechanism governed by the Solana Token Program. Subsequently, as the demand for cross-chain interoperability grew, protocols were developed to bridge SOL's value to other blockchains. ^[4]

Technology

The technology behind Wrapped Solana varies depending on whether it is being used on its native blockchain or as a cross-chain asset. The security of all wSOL versions is fundamentally dependent on the security of the underlying Solana network. ^[1]

Wrapping on the Solana Blockchain

On its native network, Wrapped Solana is an SPL token governed by the Solana Token Program. This process does not involve a separate blockchain but is a conversion of the native SOL coin into a tokenized format that is compatible with smart contracts on the Solana network.

• Token Standard: SPL (Solana Program Library)
• Contract Address: So11111111111111111111111111111111111111112

This on-chain version is the most common form used within Solana's own DeFi ecosystem. ^{[1] [3]}

Cross-Chain Wrapping (Bridging)

To use SOL's value on other blockchains, a cross-chain wrapping process is employed. This mechanism typically involves a custodian or a decentralized bridge protocol.

1. Minting (Wrapping): A user deposits a certain amount of native SOL into a secure protocol. This SOL is then locked. The protocol subsequently mints an equivalent amount of wSOL tokens on the target blockchain (e.g., an ERC-20 token on Ethereum or a BEP-20 token on BNB Smart Chain).
2. Burning (Unwrapping): To reclaim the native SOL, the user sends the wSOL token back to the protocol. The protocol verifies the transaction, burns the wSOL token, and releases the corresponding amount of locked native SOL back to the user's Solana wallet.

This process allows for the transfer of value and liquidity between otherwise isolated blockchain ecosystems. Bridged contract addresses for wSOL exist on various chains, including:

• BNB Smart Chain (BSC): 0x570a5d26f7765ecb712c0924e4de545b89fd43df
• Avalanche C-Chain: 0xFE6B...6D2478F (shortened address from source)

The minting and burning mechanism ensures that the circulating supply of wSOL on a given chain is always backed 1:1 by native SOL. ^{[2] [3]}

Security

The security of Wrapped Solana is intrinsically linked to the Solana blockchain's consensus mechanism, which is a hybrid model combining Proof of Stake (PoS) with a unique protocol called Proof of History (PoH). PoH creates a verifiable, chronological record of events, allowing the network to process transactions at high speeds—reportedly up to 65,000 transactions per second—while maintaining security. As an SPL token, wSOL also inherits the security features of the Solana Token Program. For users, security is further enhanced through support for hardware wallets like Ledger, which keep private keys offline. ^{[1] [4]}

Tokenomics

The tokenomics of Wrapped Solana are directly tied to its underlying asset, native SOL. The supply of wSOL is not fixed and fluctuates based on the total amount of native SOL that users have chosen to wrap at any given time. As more SOL is deposited into wrapping protocols, more wSOL is minted, and as it is unwrapped, wSOL is burned. Consequently, there is no fixed maximum supply for wSOL. ^[3]

Circulating supply figures for wSOL can vary significantly depending on the source and which version of the token is being measured (e.g., on Solana, Avalanche, or across all chains). For instance, as of November 2025, different sources reported circulating supplies ranging from approximately 1.88 million to over 12.9 million. One report specified a circulating supply of 1,889,311 wSOL for the version on the Avalanche C-Chain alone. This variability highlights that the supply is dynamic and distributed across multiple blockchain environments. ^{[1] [3] [2]}

Use Cases

Wrapped Solana's primary function is to unlock the utility of the SOL coin across the decentralized web. Its use cases span both the native Solana ecosystem and other major DeFi networks.

• DeFi Participation on Solana: wSOL is essential for interacting with Solana's DeFi ecosystem. SOL holders can wrap their tokens to provide liquidity to automated market makers (AMMs) like Raydium, lend their assets on platforms like Solend, or engage in yield farming strategies across various dApps. ^{[1] [4]}
• Cross-Chain Interoperability: By bridging SOL's value to other blockchains like Ethereum and BNB Smart Chain, wSOL allows users to access a broader range of DeFi opportunities. This includes participating in liquidity pools, yield farms, and lending protocols that are not available on Solana. ^[2]
• Enhanced Liquidity: The ability to bridge SOL to other networks increases the overall liquidity available to DeFi protocols on those chains. It allows the substantial market capitalization of SOL to be integrated into other ecosystems, benefiting both Solana holders and the host chains. ^[2]
• Arbitrage Trading: The existence of wSOL on multiple blockchains and exchanges creates opportunities for arbitrage. Traders can capitalize on small price discrepancies between native SOL on one exchange and wSOL on another. ^[2]
• Smart Contract Integration: As a standardized token, wSOL simplifies the process for developers to integrate SOL's value into their applications. Smart contracts designed to interact with SPL or ERC-20 tokens can seamlessly support wSOL without needing custom integrations for the native SOL coin. ^[1]

Ecosystem and Trading

Wrapped Solana is supported by a wide range of wallets, exchanges, and blockchain explorers across multiple ecosystems.

• Supported Wallets: Users can store and manage wSOL in various wallets, including Trust Wallet, MetaMask (for EVM-compatible chains), Solflare, and Backpack. ^[1]
• Trading Venues: wSOL is traded on numerous decentralized and centralized exchanges.
  • Decentralized Exchanges (DEXs): Major trading venues include Orca, Raydium, and Meteora on the Solana network, as well as PancakeSwap on the BNB Smart Chain. The most active trading pair is often wSOL/USDC on Orca. ^[3]
  • Centralized Exchanges (CEXs): Some centralized platforms that list wSOL include Bitget, Gate.io, and MEXC. ^[1]
• Blockchain Explorers: Transactions involving wSOL can be tracked on various explorers depending on the chain.
  • Solana: Solscan, Arkham
  • BNB Smart Chain: Bscscan
  • These explorers allow users to verify transactions and view contract details. ^[3]
• Community and Resources: The community and resources for wSOL are largely the same as for the broader Solana ecosystem.