What is spSEI?

spSEI is minted by Splashing's protocol when users stake SEI. It acts as a tradable receipt representing the user's staked SEI plus accrued rewards within Splashing's pool. The value of spSEI continuously appreciates against SEI due to an automatic compounding mechanism of staking rewards. At the same time, spSEI maintains full utility as liquid collateral or a trading asset throughout the SEI DeFi ecosystem.