Fragmetric: Revolutionizing Liquid Restaking on Solana

Fragmetric is pioneering liquid restaking on Solana through innovative token technology and reward distribution mechanisms. The protocol enables users to earn staking yields plus additional rewards from Node Consensus Networks (NCNs) while maintaining liquidity through their fragSOL and fragJTO tokens. Their Normalized Token Program supports various Liquid Staking Tokens (LSTs) and leverages Solana's unique token extensions for precise reward tracking. The protocol has secured audits from Certora and Quantstamp, with over $50M in Total Value Locked (TVL) secured across their staking products.

What Makes Fragmetric Special?

Fragmetric stands out through its sophisticated implementation of Solana's native capabilities, particularly token extensions and transfer hooks. This technical foundation enables precise tracking and distribution of rewards across multiple protocols - a feature that's only possible on Solana. The protocol's Normalized Token Program creates a unified system for managing various LSTs, allowing users to combine different staking derivatives into a single, efficient liquidity pool.

Another unique aspect is Fragmetric's community-centric approach through the SANG (Solana Network Guard) concept. SANG members, who are users staking through the protocol, actively contribute to Solana's security and decentralization while earning enhanced rewards. This alignment of incentives helps create a more robust and engaged staking community.

The protocol's integration with Jito's restaking infrastructure demonstrates their commitment to maximizing yields while maintaining security. By leveraging Jito's Vault Receipt Token (VRT) system, Fragmetric can offer users exposure to multiple revenue streams including standard staking rewards, MEV rewards, and additional yields from NCN participation.

Fragmetric Core Products

fragSOL - The Foundation of Liquid Restaking

fragSOL represents the cornerstone of Fragmetric's ecosystem. When users deposit SOL or supported LSTs like JitoSOL, mSOL, or bSOL, they receive fragSOL tokens in return. These tokens automatically accrue staking and MEV rewards through an auto-rebase system, while separately tracking NCN and AVS rewards that can be claimed individually.

The protocol maintains precise conversion ratios between deposited assets and minted fragSOL through the Normalized Token Program, ensuring fair value representation across different types of staked assets. This sophisticated system allows users to maintain exposure to Solana staking while gaining additional yield opportunities through restaking.

fragJTO - Expanding the Restaking Ecosystem

Building on the success of fragSOL, Fragmetric introduced fragJTO as their first non-SOL Liquid Restaking Token. This innovative token allows JTO holders to participate in securing the TipRouter infrastructure while earning MEV rewards and additional restaking revenue through Jito's restaking protocol.

fragJTO implements the same sophisticated reward tracking mechanisms as fragSOL, enabling precise distribution of various reward types while maintaining full liquidity for holders. The token demonstrates Fragmetric's ability to extend their liquid restaking model beyond just SOL, opening possibilities for other assets in the future.

How to Use Fragmetric

Getting Started with Deposits

To begin using Fragmetric, users need to:

1. Visit app.fragmetric.xyz and connect a Solana wallet
2. Navigate to the deposit section and select an asset (SOL, LSTs, or JTO)
3. Enter the desired deposit amount
4. Approve the transaction to receive fragSOL or fragJTO tokens

The protocol automatically calculates the appropriate amount of tokens to mint based on current exchange rates and the Normalized Token Program's conversion ratios. Users can deposit multiple different assets, with everything being normalized into a single, efficient position.

Managing Rewards and Withdrawals

Fragmetric implements a dual reward system. Staking and MEV rewards are automatically compounded through the token's rebase mechanism, requiring no user action. Additional rewards from NCNs and AVS protocols can be claimed manually through the protocol's interface.

For withdrawals, users can request to unstake their positions at any time. The protocol processes withdrawal requests on a periodic schedule, typically completing within one epoch (2-3 days) for SOL and supported LSTs.

Strategies and Opportunities

Maximizing Yield Through Multiple Revenue Streams

Fragmetric enables users to stack multiple yield sources simultaneously. The primary revenue streams include base staking rewards from Solana validation, MEV rewards through Jito integration, and additional yields from NCN/AVS participation. Users can further optimize their returns through strategic timing of deposits and withdrawals, as well as participating in various protocol incentives.

The protocol's F Points system provides an additional layer of rewards, with points accruing based on holding duration and participation in various protocol activities. These points can be boosted through partner integrations like Backpack wallet, which offers a 1.3x multiplier.

DeFi Integration Opportunities

Fragmetric's liquid restaking tokens can be utilized across the Solana DeFi ecosystem in several ways. Users can deploy their fragSOL or fragJTO as collateral in lending protocols, provide liquidity in DEX pools, or trade directly on decentralized exchanges. The protocol's integration with various DeFi platforms creates opportunities for yield stacking and portfolio optimization.

The Team Behind Fragmetric

Fragmetric is led by co-founder Sang, who brings significant experience in AI and blockchain development. Prior to Fragmetric, Sang contributed to Solana dApp development while pursuing a Master's degree in AI. He currently serves as the president of Decipher, a blockchain club at Seoul National University.

The team has grown to 14 members, combining expertise in blockchain development, security, and protocol design. Their background in both traditional technology and blockchain infrastructure has enabled them to create innovative solutions for complex technical challenges.

Security and Audits

Fragmetric maintains a strong focus on security, evidenced by comprehensive audits from leading firms:

Certora Audit (October 2024):

• Conducted formal verification of smart contracts
• Verified correctness of reward distribution mechanisms
• Validated token extension implementations
• Found no critical vulnerabilities

Quantstamp Audit (November 2024):

• Comprehensive review of protocol architecture
• Analysis of economic security models
• Validation of reward calculation mechanisms
• All identified issues addressed before mainnet launch

Technical Infrastructure

Normalized Token Program

The Normalized Token Program represents one of Fragmetric's key innovations, maintaining precise conversion ratios between different assets and enabling efficient management of multiple LSTs within a single pool. This system ensures accurate pricing and fair distribution of rewards across different asset types.

Transfer Hooks and Token Extensions

Leveraging Solana's Token-2022 program, Fragmetric implements sophisticated transfer hooks to track reward eligibility and distribution. This enables precise accounting of user positions and rewards across different protocols, creating a more efficient and transparent staking ecosystem.

Roadmap and Future Development

Fragmetric's development roadmap focuses on expanding protocol capabilities and integrations:

Phase 1 (Completed):

• Launch of fragSOL with basic deposit functionality
• Implementation of reward tracking system
• Integration with Jito restaking

Phase 2 (In Progress):

• Enhanced withdrawal mechanisms
• Additional LST support
• Expanded DeFi integrations
• Advanced reward distribution features

Future Plans:

• Additional asset support beyond SOL and JTO
• Enhanced governance mechanisms
• Cross-chain integrations
• Advanced yield optimization strategies