Accelerate Your SOL Staking with dSOL

gm gm,

I have a question for you. 

Do you have SOL in your portfolio? (Of course you do!)

Is it just lying there in your wallet or have you staked it for some returns? Solana Liquid Staking (LSTs) will accelerate your yield. Especially dSOL.

The current state of LSTs on Solana

The liquid staking ecosystem has ~40x’ed since last year from a TVL of $260 million in October 2023 to $4.62 billion today. Jito leads the market with a 41.46% share.

40x growth sounds great, right?

However, this growth only represents 6.5% of the total staked SOL. The remaining 93.5% SOL is still natively staked. That’s a lot of SOL that could’ve earned extra yield if it was liquid staked. 

For perspective, Ethereum's liquid staking market is more mature, with about 40% of staked ETH (14.06 million ETH) being liquid staked and actively participating in DeFi.

LSTs not only offer better returns but also contribute to Solana's DeFi ecosystem and overall decentralization.

Moar & Better LSTs

The expansion of the Solana LST market needs more players creating LSTs. 

Enter Sanctum and CEX LSTs.

Sanctum addressed the liquidity issue faced by solo LST creators with the help of their Sanctum pool, ensuring deep and continuous liquidity. Sanctum now hosts over 60 LSTs. 

Exchanges like Binance & ByBit host 33.1 million SOL and 2.6 million SOL, respectively, on their platform. (As of August 1, 2024).  With the introduction of bbSOL and BNSOL, the SOL liquidity on those exchanges can be easily used for DeFi on Solana.

Use dSOL To Accelerate Your SOL

In the last month, dSOL TVL grew by 155%! 

On Drift, besides earning a high APY, you can use dSOL as collateral for your trades. You also earn FUEL while you do that (Drift’s rewards program). 

Now, you can stake your SOL with Drift validators right on Drift. 

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Just Driftings’

• Trump’s prediction market moved by +10.16%: The odds on the prediction market “Will Donald Trump win the 2024 Presidential Election?”  shifted majorly in favor of Trump in the last 7 days. You can trade it here

• Calling Drift traders for feedback: Drift is working on a new way to fill large orders with minimal price impact OTC-style. DM Cindy on X if you want to try it out

• Magic Eden Wallet Partnership: Traders using Magic Eden Wallet on B.E.T are eligible for exclusive rewards. Up to $15,000 worth of $SOL will be distributed to eligible users

• Drift Protocol Processes $3M in Liquidations: During the market uncertainty, Drift Protocol processed over $3M in liquidations without incident, resulting in 0 bankruptcies

Solana Ecosystem News

• FTX cleared to repay nearly all customers: FTX creditors will soon start to receive as much as $16.5 billion in distributions now that the bankrupt crypto exchange’s reorganization plan has been approved

• Solana projects raised over $170 million in Q3 2024: Solana projects secured $173 million in private funding rounds during Q3 of 2024. This represents the highest quarterly funding total for Solana since Q2 2022.

Driftors on CT