The Solana ecosystem saw a significant increase in the value of assets invested in liquid staking protocols, marking a 91% year-to-date increase.
Locked Value of Solana's Staking Protocols Increased by 91%
As of the end of June, a combination of liquid staking protocols such as Marinade Finance, Lido, Jito, JPool and Socean has staked a total of $187 million in Solana (SOL) tokens.
This represents significant growth compared to the $98 million initial stake at the beginning of the year. Currently, these protocols account for 69% of the total value locked within the network, which is estimated at around $270 million.
Notably, the growth of liquid staking in Ethereum following the Shapella upgrade may have spurred a ripple effect that extends to Solana.
Approximately 1.66 million SOLs have been invested so far this year, equivalent to $31 million in LSD protocols; which suggests that increased inflows are partially responsible for the jump in liquid staking TVL.
Another important factor supporting this trend is that the price of Solana's native token SOL has increased by about 60%.
This price increase has contributed to the increase in the value of SOL deposits in liquid staking.
The increase in value locked in Solana's liquid staking protocols highlights the growing interest and demand for staking derivatives in the crypto industry.
*Not investment advice.