Solana's ecosystem experiences a notable surge in the supply of liquid staking tokens, with a total market cap reaching $7.5 billion, according to blockchain analytics.
Growth in Token Market Cap
Data from Dune reveals that the total market cap of liquid staking tokens on Solana spiked above $7.5 billion as of January 10. This growth followed significant increases in leading LSTs like Jito staked SOL, Binance staked SOL, and Marinade staked SOL.
Solana's Liquid Staking Market
The jitoSOL token continues to lead with a 37.6% market share, elevating its total market cap to over $2.8 billion. Other tokens, such as bnSOL and mSOL, account for 20.2% and 14.1% of Solana’s LST market share, with market values of $1.5 billion and $1.05 billion, respectively. Also noteworthy on the market are tokens like Jupiter’s jupSOL, Solayer’s sSOL, Bybit’s bbSOL, and Laine’s laineSOL.
Trends and Prospects
Dune data also show that the total market cap of staked SOL currently stands at $82.66 billion, meaning the $7.5 billion value for liquid staking tokens gives an LST ratio of 9.07%. Despite overall market cap growth, the total value locked (TVL) in Jito and Marinade declined by 19% and 15%, respectively, over the past month, while TVL for Binance staked SOL increased by more than 29%. In the decentralized finance market, liquid staking protocols and their associated tokens are playing an increasingly critical role.
Liquid staking tokens are pivotal in broadening users' access to additional rewards, positioning SOL as a key player in the decentralized finance ecosystem.
