Owning SDL: Uses, Supply and Risks

SDL is the governance and fee-related token for stake.link, a liquid-staking service for LINK. The project describes three intended uses: SDL holders can vote on platform decisions, staking SDL is intended to return a share of platform fees, and SDL stakers may receive priority when depositing LINK. The fee share is described as scaling with the amount of LINK and rewards in the protocol, but no fixed return follows from that description.

Holding SDL does not itself mean you have staked LINK, and SDL is not LINK. Before staking SDL, check the current rules for eligibility, lockups, how fee distributions are calculated, and whether you can unstake at any time. Those terms can affect whether the token’s stated uses are practical for you. Governance rights also do not guarantee that a proposal will pass or that the platform will make a particular change.

SDL is issued on Ethereum, and the project’s stated chain information lists no native SDL token on another network. To hold it yourself, use a wallet that supports Ethereum assets. Before sending SDL, verify that the receiving wallet is set to Ethereum and that you have the correct token contract; a token with the same symbol on another network may not be SDL.

An exchange may custody SDL for you, while a self-custody wallet gives you control of the keys. With self-custody, back up your recovery phrase offline and never share it with anyone claiming to provide support. Check network and withdrawal details before moving tokens from an exchange, because sending on the wrong network can make recovery difficult or impossible. Do not rely on a wallet display name alone to identify the token.

SDL has a maximum supply of 100 million tokens. As of 2026-11-08, about 37.8 million were circulating, while total supply was 100 million. The difference between circulating and total supply matters: tokens not counted as circulating may enter circulation later, which can change the balance between available tokens and demand.

These figures describe token supply, not how many SDL you personally can access or whether tokens are locked. The project’s facts do not give a release schedule, so do not assume that the remaining supply will enter circulation on a particular timetable. If supply changes matter to your decision, check current token information and any published vesting or distribution terms before relying on an older figure.

SDL carries both market risk and protocol risk. Its value can move sharply, and a stated fee-sharing use does not guarantee a return: fee amounts depend on platform activity, while the applicable distribution rules may change. Governance participation also gives you a say, not control over the outcome. The token’s circulating supply is below its maximum, so future changes in circulating supply are another factor to consider.

If you stake SDL or use stake.link to stake LINK, you also take on risks beyond simply holding a token. Smart-contract flaws, operational problems, or changes to the service could affect access to funds or their value. Liquid staking can involve separate withdrawal conditions or delays, and the value of a liquid-staking token may not always match the underlying asset. Check stake.link’s current fees, withdrawal terms, and security disclosures before depositing. Use only funds you can afford to lose, and keep a record of which assets and networks you use.