Socean is a noncustodial stake pool for the Solana blockchain based on the Solana stake pool reference implementation. Users deposit $SOL, Socean stakes it for them, and give them a derivative token called $SOCN that can be redeemed for $SOL at any time. The $SOCN token can then be used in several different use-cases, like lending/borrowing, liquidity provision, trading, etc.
The $scnSOL token, representing ownership of staked $SOL in the Socean pool, will allow holders to participate and profit in the DeFi ecosystem while earning full staking rewards. The project team aims to replace the use of $SOL by $scnSOL in many DeFi use-cases, including market making, margin trading, lending, yield farming, and further DeFi innovations in the Solana ecosystem.