The amount of liquid staking tokens within Solana’s network has seen a substantial increase, causing their total market value to soar up to approximately $7.5 billion, as per the latest on-chain information.
On January 10th, it was observed that the combined market value of liquid staking tokens on Solana exceeded $7.5 billion, according to data from Dune. This surge in value can be attributed to significant growth experienced by major liquid staking solutions like Jito staked SOL, Binance staked SOL, and Marinade staked SOL over the past week.
Out of all options, it’s currently jitoSOL that dominates with a 37.6% share, resulting in a market capitalization exceeding $2.8 billion as we speak.
As a crypto investor, I’ve noticed that the bnSOL and mSOL liquid staking tokens collectively hold a significant portion of Solana’s LST market, accounting for approximately 20.2% and 14.1%, respectively. The impressive market values of these tokens stand at $1.5 billion for bnSOL and $1.05 billion for mSOL, demonstrating their substantial impact within the Solana ecosystem.
Among other Solana-based tokens with substantial market values, you’ll find Jupiter’s jupSOL, Solayer’s sSOL, Bybit’s BB-SOL, and Laine’s LAINE-SOL.
The data from Dune indicates that the combined market value of staked Solana (SOL) is approximately $82.66 billion. This, in turn, implies that the $7.5 billion worth of liquid staking tokens makes up about 9.07% of the total staked SOL.
Even though the market cap overall increased, the amount of money locked within Jito and Marinade decreased by 19% for Jito and 15% for Marinade over the past month. On the other hand, data from DeFiLlama indicates that the value locked in Binance staked SOL surged more than 29% during the same period. It’s worth mentioning that Binance introduced bnSOL in August of 2024.
In the world of decentralized finance (DeFi), liquid staking protocols and their connected tokens are becoming more significant. These protocols give users the ability to utilize staking services, while LSTs (Liquid Staking Tokens) offer tokenized versions of assets that have been staked – in this instance, the native Solana token, SOL.
For instance, users can lock up SOL tokens to acquire LST tokens like jitoSOL or bnSOL. Once obtained, these tokens can be traded or employed on various DeFi platforms, granting holders the chance to earn extra rewards as their original assets continue to stay locked up.
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2025-01-10 19:12