MoonPay is rolling out a new liquid staking program for Solana holders, offering competitive yields.
Features of the Liquid Staking Program
The new feature is available starting today in most regions except New York and the European Economic Area. Users can stake as little as $1 worth of SOL and receive a token called mpSOL that accrues rewards approximately every two days and can be swapped back for unstaked SOL at any time.
MoonPay's Position in the Market
According to MoonPay CEO Ivan Soto-Wright, the new feature aims to simplify access to on-chain rewards. 'We’ve built something that looks and feels like a traditional savings account, but with blockchain earnings behind it,' he mentioned.
The Solana Staking Market
Currently, Solana staking is gaining attention across both crypto and traditional investment circles. In April, Solana briefly overtook Ethereum in total value staked, achieving $53.9 billion compared to Ethereum’s $53.7 billion. Staking rewards in Solana currently average around 8.3%, compared to 3.2% in Ethereum.
The launch of MoonPay’s liquid staking program adds another option to a rapidly growing Solana staking market, contributing to increasing interest in this cryptocurrency.
