TechFlow news: 21.co strategy analyst Tom Wan posted on X, citing Dune data to highlight significant growth in Solana's liquid staking market in June. Key points are as follows:
- The liquid staking ratio rose to 6.58%, with a quarterly-on-quarter increase of 1.76% in Q2. The number of liquid staking tokens (LSTs) doubled, and the market structure became more diversified. The combined market share of the top three providers dropped from 93% to 68.7%.
- The launch of Sanctum served as a key catalyst, particularly boosted by Jito Labs' airdrop campaign, which brought widespread attention to liquid staking. The introduction of Sanctum Router and Sanctum Reserve lowered entry barriers, laying the foundation for explosive growth in the liquid staking sector.
- The number of LSTs on Solana has reached 53, nearly double that of the previous quarter. Sanctum Router and Reserve have provided ample liquidity, enabling users to easily experiment with new LSTs.
- The market landscape has become more diversified, with a notable decline in the market share of leading LSTs, indicating a healthier and more balanced ecosystem. Currently, the top three LSTs hold only 68% of the market (top five account for 84%).
- jupSOL from Jupiter Exchange has entered the top three LSTs by market cap, surpassing bSOL with a valuation of $329 million. It grew 22% over the past 30 days and has become the most popular LST on Kamino Finance, with deposits reaching $220 million (59% share), and offers the highest annualized yield (21%) among Multiply products.
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