The Rise of Liquid Staking in the Solana Ecosystem
The value of assets staked into liquid staking protocols in the Solana ecosystem has seen a significant increase, rising by 91% year-to-date. This growth can be attributed to various factors, including the rise of liquid staking derivatives (LSDs) in the broader crypto space and the price appreciation of Solana’s native token, SOL.
Key points:
- Liquid staking protocols in the Solana ecosystem, such as Marinade Finance, Lido, Jito, JPool, and Socean, currently hold a total of $187 million in staked SOL tokens.
- These protocols make up 69% of the total value locked (TVL) within the Solana network, estimated to be around $270 million.
- The increase in inflows into LSDs in Solana may be influenced by the growth of liquid staking on Ethereum following the Shapella upgrade.
- About $31 million worth of SOL has been deposited into LSD protocols so far this year.
- Marinade Finance leads the liquid staking market in the Solana ecosystem, with a 62% market share and approximately $120 million TVL.
Hot Take: The rise of liquid staking in the Solana ecosystem demonstrates the growing interest in staking derivatives and the potential for significant value locked in these protocols. With the continued development and adoption of liquid staking projects, Solana may position itself as a key player in the staking market.
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