Solana liquid staking tokens reach $8.37 Billion market cap record
jitoSOL leads Solana liquid staking market
According to SolanaFloor, the market capitalization of Solana's liquid staking tokens (LSTs) reached a record $8.37 billion at the end of this week.
Currently, the combined value of LST protocols accounts for over 9% of Solana’s total market capitalization. These products are increasingly popular among investors as they offer higher rewards while maintaining liquidity.
jitoSOL leads Solana liquid staking market
jitoSOL is the leading Solana liquid staking protocol, representing $3.37 billion or 39.2% of the total LST market value. It is followed by mSOL ($1.27 billion, 14.8%) and bnSOL ($1.23 billion, 14.3%).
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The success of jitoSOL is attributed to its use of Maximal Extractable Value (MEV) technology, enabling users to earn additional income from staked Solana tokens and receive jitoSOL liquid tokens.
MEV is achieved through the Block Engine tool, which reorders transactions within blocks using arbitrage and frontrunning mechanisms.
This efficient system, developed by Jito Labs and its founder Lucas Bruder, has earned recognition from Solana's founders, who invested in the development of Block Engine, helping Jito surpass its competitors.
Moreover, the rising market cap of LSTs signifies increasing liquidity inflows into the broader Solana ecosystem and growing investor confidence in its long-term viability within the cryptocurrency market.
Solana (SOL) remains in a rising trend channel in the medium to long term, reflecting growing investor optimism and sustained upward momentum.
The recent breakout from a rectangle formation, surpassing resistance at $184, has triggered a strong bullish signal. This technical pattern suggests the potential for further price appreciation, with projections pointing to a target of $284 or higher.
