Several liquid staking platforms on the Solana network have experienced significant growth in deposits in recent months. Marinade Finance, Jido, and Lido stand out in this scenario, each with their own niche and high growth rates.
Marinade Finance, the DeFi protocol with the highest Total Value Locked (TVL) on Solana, saw its staking grow by 22.91%. Jido, although with less locked funds on its platform, leads the percentage increase with an almost 69% growth.
Meanwhile, Lido, which shares TVL with Jido, recorded a growth of 14.38%. According to data from DeFi Llama, Marinade has accumulated $128 million in TVL, followed by Jido with $55.7 million and Lido with $55.5 million.
In addition to these platforms, other smaller protocols have also followed this growth in liquid staking on Solana. One example is JPool, with a TVL of $10 million and a 21% growth in its staking in the last month. BlazeStake, with a similar TVL, recorded a 35% increase in its liquid staking.
This significant increase is related to recent developments on the network. Solana introduced an open-source reference that facilitates the creation of synthetic asset solutions in DeFi platforms, which attracted more participants to the network.
In the context of DeFi protocols offering liquid staking services, users can deposit or delegate their cryptocurrencies to participate in block validation on the network while maintaining the flexibility to transfer or use these assets in other operations.
This is possible thanks to the issuance of tokens that represent their stakes, such as stETH (staking Ethereum on Lido), mSOL (staking Solana on Marinade), or JitoSOL (staking Solana on Jido).
This approach offers investors greater flexibility, allowing them to take advantage of investment opportunities and adapt to market changes without fully compromising their funds.
In Solana, staking grew from 395 million SOL to 398 million between September and October, with a peak of 401.5 million SOL at the end of September.
According to Staking Rewards website, 71% of eligible SOL for staking is deposited in this network resource. The market value of Solana staking has reached $9.25 billion, and over 745,000 wallets have locked their funds to be validators on the network. Currently, the annual reward for being a validator on Solana is 6.9%, although this value is variable.
In September, an announcement from the Ethereum Layer 2 network, Eclipse, boosted the price of the SOL cryptocurrency by 12%.