Solana’s Liquid Staking Tokens Market Cap Surges to $7.5 Billion
Solana’s ecosystem has seen a remarkable increase in the supply of liquid staking tokens, with their total market cap reaching $7.5 billion, as per on-chain data.
Data from Dune revealed that the total market cap of liquid staking tokens on Solana (SOL) surpassed $7.5 billion on January 10. This surge in growth was driven by leading LSTs such as Jito staked SOL, Binance staked SOL, and Marinade staked SOL, which all experienced significant increases over the past week.
Among these tokens, jitoSOL remains at the forefront with a market share of 37.6%, pushing its total market cap to over $2.8 billion. Following closely are bnSOL and mSOL, accounting for 20.2% and 14.1% of Solana’s LST market share, with market values of $1.5 billion and $1.05 billion respectively.
Other notable Solana LSTs with substantial market caps include Jupiter’s jupSOL, Solayer’s sSOL, Bybit’s bbSOL, and Laine’s laineSOL.
According to Dune data, the total market cap of staked SOL currently stands at $82.66 billion, giving an LST ratio of 9.07% with the $7.5 billion value for liquid staking tokens.
However, despite the overall increase in market cap, the total value locked (TVL) in Jito and Marinade has seen a decline of 19% and 15% respectively over the past month. In contrast, DeFiLlama data indicated that the total value locked in Binance staked SOL has surged by more than 29% in the same period. Binance had introduced bnSOL in August 2024.
Liquid staking protocols and their associated tokens play a crucial role in the decentralized finance market. These protocols offer users access to staking services, while LSTs provide tokenized representations of staked assets, such as Solana’s native token, SOL.
For instance, users can stake SOL to receive LSTs like jitoSOL or bnSOL, which can then be traded or utilized on other DeFi platforms, enabling holders to earn additional rewards while their underlying assets remain staked.
The surge in Solana’s liquid staking tokens market cap highlights the growing importance and adoption of these tokens within the ecosystem, signaling a promising trend for the future of decentralized finance on Solana.