Solana LSTs market cap hits $7.5b

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

Dune Data showed that the total market capitalization of liquid staking tokens on Solana (GROUND) exceeded $7.5 billion on January 10. This growth came as major LSTs – including Jito staked SOL, Binance staked SOL, and Marinade staked SOL – saw notable increases over the past week.

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

Liquid staking tokens bnSOL and mSOL represent 20.2% and 14.1% of Solana’s LST market share, with market values ​​of $1.5 billion and $1.05 billion, respectively.

Other Solana LSTs with large market capitalizations include Jupiter’s jupSOL, Solayer’s sSOL, Bybit’s bbSOL, and Laine’s laineSOL.

Dune data also shows that the total market capitalization of staked SOL currently stands at $82.66 billion, meaning the $7.5 billion value of liquid staking tokens yields an LST ratio of 9 .07%.

However, despite the overall market cap growth, the total value locked (TVL) of Jito and Marinade decreased by 19% and 15%, respectively, over the past month. On the other hand, DeFiLlama data showed that the total value locked in Binance staked SOL jumped over 29% during the same period. Binance announced the launch of bnSOL in August 2024.

In the decentralized financial market, liquid staking protocols and their associated tokens are playing an increasingly important role. These protocols allow users to access staking services, while LSTs offer tokenized representations of the assets being staked – in this case, Solana’s native token, SOL.

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