Author: Nancy, PANews

Liquidity staking is a popular topic in Ethereum and has once presented a monopolistic oligopoly. However, the recent momentum of Solana's liquidity staking track is strong, especially with Jito staging a comeback. This article from PANews analyzes the current development of Solana in the liquidity staking track from a data perspective (all data in this article is up to July 30).

Liquidity staking becomes the main driving force for TVL growth, with the top three LST token market value accounting for over 72%

Recently, Solana has attracted attention due to several data reaching new highs. In addition to the MEME craze, liquidity staking is also becoming a strong narrative for Solana. According to DeFiLlama data, in the past month, Solana's TVL has surged from $48.4 billion to $54.5 billion, an increase of over 12.6%. The top three contributors, Jito, Marinade, and Kamino, all come from the liquidity staking track.

Currently, the market structure of Solana's liquidity staking tokens has undergone a transformation. According to Dune data, in the early stages of development, the market was mainly dominated by Marinade's mSOL, Lido's stSOL, and Sanctum's scnSOL. Now, Solana's liquidity staking track has 27 related protocols, with the top three, Jito, Marinade, and Jupiter, accounting for nearly 72.1% of the market share.

Among them, Jito's LST token jitoSOL has a market value of up to $22 billion, accounting for 46% of the total, ranking first. The official website shows that jitoSOL's APR is 7.68%, with over 105,000 stakers and 218 validators.

Jito's other data also show remarkable performance. DeFiLlama data shows that Jito's TVL exceeds $21.7 billion, with a growth of over 36.6% in the past 30 days, making it the only protocol on Solana with a total locked value exceeding $20 billion. In terms of fee income, Jito's transaction fees reached $32.12 million, with revenue of $12.8 million, ranking second only to Raydium. Jito's daily fee income even surpassed Lido at one point, ranking third among all protocols, surpassing Uniswap, Ethereum, and others. According to Artemis data, in terms of trading activity, Jito's total number of transactions exceeds 54.78 million, ranking fourth among all Solana DeFi protocols, but Jito's daily active addresses are only 1,347, far from Solana's overall 2.4 million daily active addresses.

In the past few months, Jito has been active in the market, including the announcement of the Jito Foundation to launch a new infrastructure platform, Jito Restaking, supporting mixed staking, restaking, LRT modules, and Active Validation Services (AVS). The Jito DAO's new proposal plans to use 7.5 million JTO tokens for liquidity mining, accounting for 3.1% of the JTO treasury of 240 million JTO tokens, and 0.75% of the total supply of JTO, etc.

Following closely, Marinade's LST token mSOL has a market value of over $8 billion, with a market share of 17.2%. The official data shows that mSOL's APR is 7.33%, with over 147,000 stakers. Meanwhile, DeFiLlama data shows that Marinade's TVL has reached $14.5 billion, with an increase of about 26.2% in the past month. Artemis data shows that Marinade's total number of transactions exceeds 2.544 million, with fees of $329,000, and 12,573 daily active addresses. In recent months, Marinade has taken multiple measures to enhance its token liquidity, including proposing to allocate 50 million MNDE to Marinade Earn Season 3 to increase profits for mSOL pools and other SOL LST, launching an equity auction market to increase yields and promote Solana decentralization, and proposing to provide 26 million MNDE tokens to three market makers to increase MNDE liquidity on CEX, etc.

Jupiter's jupSOL, launched in April this year, has a market value of nearly $4.5 billion, accounting for 9.39% of the market share. This LST token allows stakers to earn staking rewards and 100% MEV kickbacks from Jupiter validators, and the Jupiter team has also commissioned 100,000 SOL to provide high returns. DeFiLlama data shows that Jupiter's TVL has reached $5 billion, with a 40.4% increase in the past month. Artemis data shows that Jupiter has a high number of daily active users, reaching 195,000, with a total of over 110 million transactions, ranking first among DeFi protocols, and gas revenue of $7.38 million.

Ethereum dominates over 80% of the staking market share, while Solana's market structure is more diversified

Looking at Ethereum's development history, staking is one of the important driving forces for the on-chain economy. From multiple data perspectives, Ethereum currently has a stronger leading advantage in the scale of liquidity staking and ecosystem richness compared to Solana. However, Solana is showing significant growth potential due to the increasingly perfect related infrastructure and more flexible and lower participation thresholds. Both show significant head effects.

As the foundation of the liquidity staking track, first looking at the liquidity staking TVL, DeFiLlama data shows that the total TVL of liquidity staking across the network exceeds $528.1 billion, with Ethereum accounting for nearly 84.8% at $447.8 billion, followed closely by Solana at $45.1 billion, accounting for only 8.5%. In terms of growth rate, since the beginning of this year, Ethereum has grown by 55.1%, while Solana has grown significantly by nearly 159.2%.

At the same time, looking at the number of liquidity staking tokens, Solana has about 27 LST tokens, while Ethereum has over 80. Among them, Dune data shows that the top three LST token market share on Solana reaches 72.6%, and the top five reach 86.4%; while Ethereum's top 3 LST token ratio reaches 80.9%, with STETH alone accounting for 73% of the overall market. From this perspective, although both Ethereum and Solana show a significant head effect, the latter is relatively more diversified.

The number of LST staking and staking rates are also important indicators reflecting market growth. This year, Solana's LST staking quantity has increased from the initial 126,000 to the current 807,000, a total increase of over 6.4 times. According to Dune data, the current staked quantity of SOL tokens exceeds 390 million, with a current value of over $72.85 billion and a staking rate of over 68.1%. The staked quantity of ETH exceeds 33.881 million, with a current value of over $112.89 billion and a staking rate of nearly 28%, which may be related to the lower staking threshold compared to Solana. Although Solana has a higher staking rate, in terms of liquidity staking rate, Solana is only 6.7%, while Ethereum's rate is as high as 32.7%.

Overall, Solana's liquidity staking ecosystem has seen good development, but it mainly relies on head projects and still has a significant gap compared to Ethereum. In the future, only more innovative products and more competitive returns can attract more users to participate.

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