The Race To Become Solana's Liquid Staking Winner
APR 20, 2022 • 18 Min Read
DISCLOSURE: DELPHI VENTURES HAS INVESTED IN SOL, LDO, ANC & LUNA. THIS STATEMENT IS INTENDED TO DISCLOSE ANY CONFLICT OF INTEREST AND SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE ANY TOKEN. THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND YOU SHOULD NOT MAKE DECISIONS BASED SOLELY ON IT. THIS IS NOT INVESTMENT ADVICE.
Key Takeaways
Staking on Solana generates ~$2.1B of rewards per year. Liquid staking protocols currently only capture ~3% of that, meaning there is clearly an opportunity for growth. For context, Lido alone is 28% of total stake on ETH2.0.
Marinade has a 57% market share, Lido 29%, and the rest combine for 14%.
All liquid staking protocols have different strategies, with Marinade focusing on decentralization, Lido on market leading validators & multi-chain, JPool the highest APY, Socean with protocol owned liquidity & Socean Streams, DAOPool with new ecosystem validators, and eSOL with the goal of funding ecosystem projects
Marinade is integrated everywhere, Lido a close second, and Socean a more distant third. Lido is the first for a cross-chain (Terra Anchor protocol) integration.
Power laws would lead us to expect a few winners in the long-term.
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