However, the cryptocurrency’s Liquid Staking ratio has remained significantly low compared to Ethereum’s.Only 6.5% of Solana is staked through liquid staking, marking just one-third of Ethereum’s LSTs. In a recent report, Bybit disclosed that while Liquid Staking Tokens (LST) on the Solana blockchain did not experience immediate growth right off the bat, they are now starting to show signs of expansion and dominance in the DeFi landscape. Currently, half of the top 10 largest DeFi protocols by Total Value Locked (TVL) on Solana are now Liquid Staking providers, suggesting a rapid growth in the LST market.
To help drive massive adoption in Solana’s LST market and DeFi ecosystem, Bybit has announced its plans to launch its own liquid staking token on the Solana blockchain. Key Players To Gain From Solana’s Liquid Staking Growth Notably, the growth of Solana’s Liquid Staking could greatly influence the price dynamics of both SOL, Solana’s native token and JTO, the native token of Jito.
Driven by strong investor demand, if Solana’s liquid staking were to reach $18 billion, it could significantly benefit Solana (SOL) and Jito (JTO), a liquid staking token on the Solana blockchain, potentially fueling positive momentum and a rise in the value of both altcoins. Related Reading: Get Ready For Take-Off!
The story "Solana Liquid Staking Could Touch $18 Billion – Will It Benefit These Altcoins?" has 504 words across 63 sentences, which will take approximately 3 - 5 minutes for the average person to read.
Which news outlet covered this story?
The story "Solana Liquid Staking Could Touch $18 Billion – Will It Benefit These Altcoins?" was covered 16 hours ago by NewsBTC, a news publisher based in United Kingdom.
How trustworthy is 'NewsBTC' news outlet?
NewsBTC is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United Kingdom and publishes an average of 4 news stories per day.
It's most recent story was published 18 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
