Interpretation of the development status of Solana liquidity staking: the top three LST protocols hold 72% of the market, Jito's rapid offensive data is eye-catching

Liquidity staking is a popular topic in Ethereum, and it once showed an oligopoly pattern. However, Solana's offensive momentum on the liquid staking track has been gaining momentum recently, especially with Jito's comeback performance. This article, PANews, analyzes the development status of Solana in the liquidity staking track from a data perspective (the data in this article are all intercepted as of July 30).

Liquidity staking has become the main growth force of TVL, with the top three LST tokens accounting for over 72% of the market value

Solana has recently attracted much attention due to a number of new data highs. In addition to the MEME craze, liquidity staking is also becoming its powerful narrative. DeFiLlama data shows that Solana’s TVL jumped from US$4.84 billion to US$5.45 billion in the past month, an increase of over 12.6%. Among them, the top three are Jito, Marinade and Kamino as the main contributors, and these protocols all come from the liquidity staking track.

Currently, the market structure of Solana’s liquid pledged tokens has changed. Dune data shows that in the early development stage, its market was dominated by Marinade's mSOL, Lido's stSOL and Sanctum's scnSOL. Today, Solana's liquidity staking track has 27 related protocols. The top three, Jito, Marinade and Jupiter, are "traffic responsible", with a total market share of nearly 72.1%.

Among them, Jito’s LST token jitoSOL has a market value of US$2.2 billion, accounting for 46% of the total, ranking first. The official website shows that jitoSOL’s APR reaches 7.68%, the number of pledgers exceeds 105,000, and the number of verifiers is 218.

Jito’s other data performance is also relatively eye-catching. DeFiLlama data shows that Jito’s TVL exceeds US$2.17 billion, with an increase of over 36.6% in the past 30 days. It is the only protocol on Solana with a total locked-up volume exceeding US$2 billion. In terms of fee income performance, Jito's transaction fees reached US$32.12 million and its revenue reached US$12.8 million, both ranking second only to Raydium; and Jito's daily fee income once surpassed Lido to rank first, ranking first among all protocols. Third, surpass Uniswap, Ethereum, etc. Artemis data shows that in terms of transaction activity, Jito’s total number of transactions exceeds 54.78 million, ranking fourth among all Solana DeFi protocols. However, Jito’s daily active addresses are only 1,347, compared with Solana’s overall daily active addresses of 2.4 million. The number of active addresses varies widely.

In the past few months, Jito has also made frequent market moves, including the Jito Foundation announcing the launch of a new infrastructure platform Jito Restaking, which supports hybrid staking, re-staking, LRT modules and active verification services (AVS); Jito DAO new proposal plan 7.5 million JTO tokens will be used for liquidity mining, these budgets account for 3.1% of the 240 million JTO held in the DAO JTO vault, accounting for 0.75% of the total JTO supply, etc.;

Marinade follows closely behind The market value of LST token mSOL exceeds US$800 million, with a market share of 17.2%. Official website data shows that mSOL’s APR is 7.33%, and the number of pledgers exceeds 147,000. At the same time, DeFiLlama data shows that Marinade’s TVL reached US$1.45 billion, an increase of approximately 26.2% in the past month. Artemis data shows that Marinade’s total number of transactions exceeds 2.544 million, the fee is US$329,000, and the number of daily active addresses is 12,573. In the past few months, Marinade has taken multiple measures to increase the liquidity of its tokens, including Marinade DAO’s proposal to allocate 50 million MNDE to Marinade Earn Season 3 to make the mSOL pool and other SOL LST more profitable, thereby deepening mSOL in DeFi. Liquidity, Marinade launches an equity auction market to increase yields and promote Solana decentralization, Marinade increases MNDE liquidity on CEX through a proposal to “provide a budget of 26 million MNDE tokens to three market makers”, etc.

Jupiter’s jupSOL was launched in April this year and has a market share of 9.39% with a market value of nearly US$450 million. The LST token allows earning staking benefits and 100% MEV rebates from Jupiter validators, and the Jupiter team also delegates 100,000 SOL to provide high returns. DeFiLlama data shows that Jupiter’s TVL reached US$500 million, with an increase of 40.4% in the past month. Artemis data shows that Jupiter has 195,000 daily active users and more than 110 million total transactions, ranking first among DeFi protocols. Its gas revenue is US$7.38 million.

Ethereum divides over 80% of the staking market share, and Soalna’s market structure becomes more diversified

Judging from the past development history of Ethereum, staking is one of the important driving forces for opening up the on-chain economy. Judging from multiple data, Ethereum currently has a stronger lead than Soalna in terms of liquidity staking scale and ecological richness. However, Solana is showing greater advantages due to the increasing improvement of relevant infrastructure and more flexible and lower participation thresholds. Big growth potential. And both show significant head effects.

As the basis of the liquidity staking track, first of all, from the perspective of liquidity staking TVL, DeFiLlama data shows that the current liquidity staking TVL of the entire network exceeds 52.81 billion US dollars, of which Ethereum accounts for nearly 84.8% of the market share with 44.78 billion US dollars. , Solana followed with $4.51 billion, accounting for only 8.5%. From the perspective of growth rate, since the beginning of this year, Ethereum’s growth rate is 55.1%, compared with Solana’s significant growth of nearly 159.2%.

At the same time, judging from the number of liquidity pledged tokens, Solana has approximately 27 LST tokens and Ethereum has over 80. Among them, Dune data shows that the top three LST tokens on Solana account for a total of 72.6%, and the top five account for 86.4%; while the top three LST tokens on Ethereum account for 80.9%, of which STETH alone accounts for the whole 73% of the market. From this point of view, although both Ethereum and Solana show a relatively obvious head effect, the latter is relatively more diversified.

LST pledge quantity and pledge rate are also important indicators reflecting market growth. Among them, the number of LST pledged by Solana this year has increased from the initial 126,000 to 807,000 today, that is, the total amount has increased more than 6.4 times; and according to Dune data, the current number of pledged tokens SOL exceeds 390 million, and the current value It exceeded US$72.85 billion, and the pledge rate exceeded 68.1%. The number of ETH pledged exceeds 33.881 million, the current value exceeds 112.89 billion US dollars, and the pledge rate is nearly 28.3%. This may have something to do with the lower pledge threshold compared to Solana; although Solana has a higher pledge rate, from Judging from the performance of liquidity staking rate, Solana is only 6.7%, while Ethereum is as high as 32.7%

In general, Solana’s liquidity staking ecology has ushered in good development, but it mainly relies on head projects and is incompatible with There is still a clear gap in Ethereum. In the future, only more innovative products and more competitive benefits can attract more users to participate.

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