As the market rebounds, Solana (SOL) has risen to become the sixth-largest cryptocurrency and ranks second among all Proof-of-Stake (PoS) blockchains in terms of staked asset value, trailing only Ethereum. Despite its market position, Solana's decentralized finance (DeFi) ecosystem exhibits relatively low capital concentration, with a Total Value Locked (TVL) of $1.137 billion—just 11.3% of its all-time high.
Liquid staking protocols play a pivotal role in Solana's TVL recovery. Marinade and Jito lead this segment with the highest TVL, underscoring the significance of liquid staking. This article explores key players in Solana's liquid staking landscape and compares their strategies and performance.
Staking and Liquid Staking Overview
According to Staking Rewards, as of December 12:
- SOL Market Cap: $30.53 billion
- Staked Value: $27.62 billion
- Staking Ratio: 69.18%
- Inflation Rate: 6.75%
- Reward Rate: 6.87%
Solana ranks second in staked value among PoS chains and boasts a high staking ratio. Marinade reports 1,986 validators on Solana, with top validators offering ~8% APY (no commission).
Solana Foundation's "Staking Pool Program" enables users to stake SOL and receive Liquid Staking Tokens (LSTs), representing their pool share. Data from Solana Compass shows:
- Total Pooled SOL: 16.82 million (4.3% of total staked SOL)
- Average APY: 6.68%
The top four liquid staking protocols are:
- Marinade
- Jito
- BlazeStake
- Lido
Marinade Finance
- Launch: August 2021
- Key Feature: Offers native staking (no LSTs).
Stats:
- Staked SOL: 7.058 million
- TVL: $777 million
- APY: 6.543%
- 30-day Growth: +31.22%
Governance Token (MNDE):
- Circulating Market Cap: $85.99 million
- 7-day Performance: +22.2%
👉 Explore Marinade's staking options
Jito
- Differentiator: MEV infrastructure (higher yields via JitoSOL).
Stats:
- Staked SOL: 6.38 million
- TVL: $455 million
- APY: 6.892%
- 30-day Growth: +17.77%
Governance Token (JTO):
- Circulating Market Cap: $342 million
- 7-day Performance: +46.6%
BlazeStake
- Recent Surge: Governance token (BLZE) rallied 60x, now 3rd-largest.
Stats:
- Staked SOL: 1.52 million
- TVL: $108 million
- APY: 6.232%
- 30-day Growth: +177%
Governance Token (BLZE):
- Market Cap: $38.84 million
- 7-day Performance: +66.5%
Lido
- Status: Discontinued new Solana staking in October 2023.
Stats:
- Staked SOL: 887,000
- TVL: $63.4 million
- APY: 6.717%
- 30-day Decline: -41.43%
Governance Token (LDO):
- Circulating Market Cap: $2.095 billion
- 7-day Performance: -6.7%
LST Adoption in DeFi
- Lending Protocols (marginfi, Solend): Accept mSOL, JitoSOL, bSOL as collateral (stSOL deprecated).
DEXs (Orca):
- mSOL/SOL & bSOL/SOL pools exceed $10M liquidity.
- JitoSOL/SOL and stSOL/SOL pools are smaller.
Incentives Matter:
- BlazeStake offers 15.37% APR in BLZE rewards.
- Marinade provides 1.98% APR in MNDE.
- Jito and Lido lag in token incentives.
👉 Compare Solana staking yields
Key Takeaways
- Diverse Solutions: Marinade (native staking), Jito (MEV rewards), BlazeStake (validator-specific staking), Lido (multi-chain).
- Low LST Penetration: Only 4.3% of staked SOL uses liquid staking.
- Incentives Drive Growth: BlazeStake’s high rewards fueled 177% growth.
- Lido’s Exit: Highlights the challenge of sustaining incentives without token reserves.
FAQs
Q1: Which Solana liquid staking protocol offers the highest APY?
A1: Jito provides the highest APY (6.89%) due to MEV rewards.
Q2: Why did Lido exit Solana?
A2: Depleted token reserves left it unable to compete with incentivized rivals.
Q3: Can I stake SOL without receiving an LST?
A3: Yes—Marinade’s native staking bypasses LSTs.
Q4: How does BlazeStake achieve rapid growth?
A4: Aggressive BLZE token rewards (15.37% APR).
Q5: Are LSTs interchangeable in DeFi?
A5: Partially—DEX liquidity varies (e.g., mSOL trades easily; stSOL is deprecated).
For real-time staking analytics, visit Solana Compass.