Solanas $61 Billion Staking System Outpaces Ethereum, AMBCrypto Report Finds
The July 2024 Crypto Market Report by AMBCrypto sheds light on Solanas remarkable achievements in the decentralized finance (DeFi) sector. Solanas staking system has amassed an impressive $61 billion, surpassing Ethereum and indicating a burgeoning DeFi ecosystem that could see even greater growth.
Solanas staking success is not merely a quantitative feat but also reflects a qualitative shift in the DeFi landscape. The networks Total Value Locked (TVL) in native SOL tokens grew by 26%, despite a 9% decline in USD terms, showcasing resilience and investor confidence.
Solanas competitive stablecoin market
This growth is further fueled by the expansion of Solanas stablecoin market, which saw an 8% increase, reaching $3.1 billion, largely due to institutional moves like PayPals PYUSD launch on Solana.
One of Solanas standout features is its user-friendly staking system. Unlike Ethereum, where 65% of staked ETH is in liquid form, only 6.5% of Solanas staked SOL is liquid.
This represents a significant growth opportunity for Solanas DeFi ecosystem, particularly as more participants are drawn to its accessible staking process.
Key protocols such as Jito, Marinade Finance, and Jupiter dominate Solanas liquid staking market, collectively holding 80% of all liquid staked SOL, with JitoSOL alone accounting for 48% of this, valued at $1.7 billion.
Can SOL continue to outshine ETH?
The accessibility of Solanas staking system, facilitated by its delegated Proof-of-Stake model, sets it apart from Ethereums more complex setup, attracting a broader range of users. This ease of use, combined with substantial institutional interest, positions Solana as a formidable player in the DeFi space.
Solanas significant staking and DeFi growth underscore its potential to lead the blockchain sector. The networks achievements in attracting staked capital and expanding its stablecoin market signal a robust and promising future.
As Solana continues to innovate and grow, it is poised to play a pivotal role in shaping the DeFi landscape, offering substantial opportunities for investors and developers alike.
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