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

Author: Nancy, PANews

Liquidity staking is a popular topic in Ethereum, and it once showed an oligopoly pattern. However, Solana’s liquidity staking track has been gaining momentum recently, especially with Jito’s comeback. 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 driver of TVL growth, with the top three LST tokens accounting for over 72% of the market value

Recently, Solana has 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 $4.84 billion to $5.45 billion in the past month, an increase of more than 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 staking tokens has changed. Dune data shows that in the early stages of development, 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” and collectively hold nearly 72.1% of the market share.

Among them, Jito’s LST token jitoSOL has a market value of US$2.2 billion, accounting for 46% of the total, ranking first. According to the official website, jitoSOL’s APR reaches 7.68%, the number of pledgers exceeds 105,000, and the number of validators 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 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 is closely followed 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 $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 the Marinade DAO 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 launched an equity auction market to increase yields and promote the decentralization of Solana, Marinade increased MNDE liquidity on CEX through a proposal of "providing 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 rewards and 100% MEV rebates from Jupiter validators, and the Jupiter team has also delegated 100,000 SOL to provide high yields. DeFiLlama data shows that Jupiter’s TVL reaches $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, with gas revenue of 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.

作為流動性質押賽道的基礎，首先從流動性質押TVL 來看，DeFiLlama 數據顯示，目前全網流動性質押TVL 超528.1 億美元，其中以太坊以447.8 億美元佔據近84.8% 的市場份額， Solana 以45.1 億美元緊隨其後，佔比僅8.5%。從成長速度來看，今年年初至今，以太坊的成長率為 55.1%，相較之下 Solana 顯著成長了近 159.2%。

同時，從流動性質押代幣數量來看，Solana 的 LST 代幣約為 27 個，以太坊則超 80 個。其中，Dune 數據顯示，Solana 上排名前三的LST 代幣市佔率共達72.6%，前五則為86.4%；而以太坊Top3 的LST 代幣佔比達80.9%，其中僅STETH 就佔據整體市場的73%。由此來看，雖然以太坊和 Solana 均呈現出較明顯的頭部效應，但後者卻相對較為多元化。

LST 質押數量和質押率也是反映市場成長的重要指標。其中，Solana 今年LST 質押數量從最初的12.6 萬個增長至如今的80.7 萬個，即總量翻了超6.4 倍；而據Dune 數據顯示，當前代幣SOL 的質押數量超3.9 億枚，當前價值超728.5 億美元，質押率超68.1%。 ETH 的質押數量超3388.1 萬枚，當前價值超1128.9 億美元，且質押率近28.3%，這背後或與Solana 相比更低的質押門檻有著一定關係；雖然Solana 擁有較高的質押率，但從流動性質押率表現來看，Solana 僅為6.7%，反觀以太坊則高達32.7%

總的來說，Solana 的流動性質押生態迎來了不錯的發展，但主要依靠頭部項目，且與以太坊仍存在明顯差距，未來只有更多創新產品和更有競爭力的收益等才能吸引更多用戶參與。

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