Solana’s Liquid staking ecosystem flourishes amidst bncreased adoption

Solana, currently the fifth-largest cryptocurrency by market cap, has experienced a notable jump in its liquid staking ratio, rising by 1.76% quarter-over-quarter.The number of Liquid Staking Tokens (LSTs) on Solana has doubled, and the market is becoming more diversified. Meanwhile, the dominance of the top three liquid staking providers has dropped from 93% to 68.7%, indicating a broader range of participants and options. Solana boasts a higher staking ratio compared to Ethereum, with around 60% of SOL staked, but only 6% of this is involved in liquid staking. This suggests significant untapped potential and growth opportunities in Solana’s liquid staking market.

Tom Wan, a researcher and analyst, provided insights into the driving forces behind these trends. Wan noted that the airdrop from Jito Labs marked a turning point, increasing the liquid staking ratio by 2% from Q4 2023 to Q1 2024. The number of Liquid Staking Tokens (LSTs) has grown to 53, nearly doubling from the previous quarter.

#SolanaStrong #SolanaUSTD #solanAnalysis #US_Inflation_Easing_Alert #Megadrop