So, it turns out Binance’s BNSOL is like that overachieving friend who shows up to the party six months late and still manages to steal the spotlight. 🎉 With a whopping $901 million in total value locked (TVL), it’s now the second most popular kid in Solana’s liquid staking playground. Who knew staking could be so… exciting?
According to the ever-reliable Dune analytics (because who doesn’t trust a website named after a desert?), BNSOL has snagged a 21.4% market share. That’s right, folks! Just behind Jito, which is hogging 42.7% of the market like it’s the last slice of pizza at a party. 🍕
BNSOL by @binance launched just over 6 months ago and has quickly grown its presence in @solana’s LST market—now holding a 21.4% share with 8.4M staked SOL, second only to @jito_sol (42.7%).
— Dune (@Dune) April 8, 2025
What’s the secret sauce behind this meteoric rise? Well, it’s all about that deep integration with the Binance ecosystem. It’s like having a VIP pass to the coolest club in town. Users can earn staking rewards while still being able to trade, lend, and collateralize their SOL without having to un-stake. Talk about multitasking! 💁♀️
Solana’s liquid staking ratio rises to 12.8% 📈
And let’s not forget the growing popularity of liquid staking on Solana, which has doubled to a delightful 12.8% from last year. Blockworks, the number crunchers of the crypto world, have slightly different stats, putting BNSOL at 18% and JitoSOL at 38%, while Marinade’s mSOL is just hanging out with a 16.8% share. It’s like a high school popularity contest, but with more numbers and less drama.
Meanwhile, the staking ratio on Solana is still a solid 62%, which means investors are feeling pretty confident. But here’s the kicker: unlike liquid staked tokens, staked SOL only gives out rewards if you lock them up for a while. So, it’s like a long-term relationship—great rewards, but you can’t just run off whenever you feel like it! 💔
However, it’s not all sunshine and rainbows. Both liquid staking TVLs and Solana’s price have taken a nosedive since their January highs. BNSOL’s TVL, for instance, has plummeted from a staggering $2 billion on January 20. Ouch! This decline is mostly due to Solana’s broader price retracement, which saw SOL drop a dramatic 63% from its all-time high of $294.33. Talk about a rollercoaster ride! 🎢
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2025-04-08 22:36