Solana LSTs market cap hits $7.5b

According to on-chain data, Solana’s ecosystem has experienced a significant increase in the supply of liquid staking tokens, with the total market cap reaching $7.5 billion.

Data from Dune showed that the total market cap of liquid staking tokens on Solana (SOL) reached over $7.5 billion on January 10. This growth comes as prominent LSTs are notable, including Jito-owned SOL, Binance-owned SOL, and Marinade-owned SOL. increased compared to last week.

Among these, jitoSOL continues to lead with a market share of 37.6%, bringing its total market value to over $2.8 billion at the time of writing.

BnSOL and mSOL liquid staking tokens account for 20.2% and 14.1% of Solana’s LST market share, with market caps of $1.5 billion and $1.05 billion, respectively.

Other Solana LSTs with significant market values ​​include Jupiter’s jupSOL, Solayer’s sSOL, Bybit’s bbSOL, and Laine’s laineSOL.

Dune data also shows that the total market cap of staked SOL is currently $82.66 billion; This means that $7.5 billion worth of liquid staking tokens yields an LST rate of 9.07%.

However, despite the overall growth in market capitalization, the total value locked (TVL) on Jito and Marinade decreased by 19% and 15% respectively last month. In contrast, DeFiLlama data showed that the total value locked in Binance staked SOL increased by more than 29% during the same period. Binance announced the launch of bnSOL in August 2024.

In the decentralized finance market, liquid staking protocols and their associated tokens are playing an increasingly important role. While these protocols provide users with access to staking services, LSTs offer tokenized representations of staked assets (in this case, Solana’s native token SOL).

For example, users can stake SOL to receive an LST such as jitoSOL or bnSOL. These tokens can then be traded or used on other DeFi platforms; This allows holders to earn additional rewards while their underlying assets are staked.

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