The value of assets staked in Solana’s liquid staking protocols has experienced a significant surge, with a 91% increase in the first half of the year. Various liquid staking protocols, including Marinade Finance, Lido, Jito, JPool, and Socean, collectively held $187 million in staked Solana (SOL) tokens by the end of June. This represents substantial growth from the initial $98 million staked at the beginning of the year. Currently, these protocols account for 69% of the total value locked (TVL) within the Solana network, estimated to be around $270 million.
According to Kevin Peng, a research analyst at The Block, the rise in inflows into Liquid Staking Derivatives (LSDs) within the Solana ecosystem may be attributed to the overall growth of this category in the broader crypto space. The growth of liquid staking on Ethereum following the Shapella upgrade likely played a role, creating a ripple effect that extended to Solana.
Increased inflows into LSD protocols have contributed to the rise in liquid staking TVL, with approximately 1.66 million SOL, equivalent to $31 million, deposited this year. Another contributing factor is the price appreciation of Solana’s native token, SOL, which has increased by approximately 60%. This price surge has further boosted the value of SOL deposits in liquid staking.
Marinade Finance remains the dominant liquid staking project within the Solana ecosystem, holding a 62% market share and hosting approximately $120 million in TVL. In comparison, Lido Finance, the largest liquid staking protocol in the Ethereum ecosystem, claims a 27% market share within Solana.
Jito Labs has also made significant progress in liquid staking on the Solana network, increasing its market share from 1.9% to 6.9% since the beginning of the year. The growth in value locked in Solana’s liquid staking protocols highlights the expanding interest and demand for staking-related products in the ecosystem.
