- Solana’s liquid staking experienced significant expansion.
- The market was made more diverse by Sanctum.
- At the moment, Jupiter Exchange’s jupSOL has the highest APY.
Solana liquid staking increased by 1.76% per quarter and the market became more diverse. Sanctum’s efforts and the growth of jupSOL were very important.
According to analyst Tom Wan, Solana’s liquid staking experienced phenomenal growth, as evidenced by important metrics like a doubling of liquid staking tokens and a quarterly improvement in the liquid staking ratio of 1.76%.
Additionally, there will be more diversification later on as the top three providers’ market share will drop from 93% to 68.7%.
Solana Liquid Staking Shows Incredible Increase
Sanctum, one of the main participants in this field, has made a significant contribution to that change. Jito Labs’ airdrop on Solana highlighted the potential of liquid staking, which led to the phenomenon whereby the ratio of liquid staking increased by 2% between Q4 2023 and Q1 2024.
Low entry hurdles and favorable conditions were produced by the initiatives started by Sanctum, INF, Sanctum Router, and Sanctum Reserve, which allowed Solana’s liquid staking to grow.
There are currently 53 LSTs listed on Solana, nearly twice as many as there were in the preceding quarter. Sanctum Router and Reserve allow users to experiment with new LSTs without worrying about having enough money. Newer LSTs such as vSOL, edgeSOL, or jupSOL may spread as a result.
JupSOL from Jupiter Exchange is a standout performer in the market
Lido is the sole player controlling 70% of the Liquid Staking Sector, according to Tom Wan. But with Sanctum’s help, excellent initiatives like Drift Protocol, Jupiter Exchange, Helius Labs, and Solana Compass can effectively disrupt the status quo and build their own LSTs. With only 68% of the market share held by the top three LSTs, the market is more diverse and well-balanced.
With a Total Value of $329M, Jupiter Exchange’s jupSOL has surpassed bSOL and shot up into the top three LST rankings. Within the last 30 days, jupSOL has grown by 22% thanks to the connection with Kamino Finance.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
