Main navigation

Solana LSD Skyrockets in This Key Area

Tue, 07/04/2023 - 16:20
article image
Godfrey Benjamin
Solana's Liquid Staking Derivatives Protocols saw massive jump in Total Value Locked in first half of year
Solana LSD Skyrockets in This Key Area
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Most altcoins have been seeing impressive growth tracks in different aspects of their operations, and Solana (SOL) needs to play second fiddle. According to data from The Block Research, the blockchain's Liquid Staking Derivatives (LSDs) protocol has recorded as much as a 91% surge in Total Value Locked (TVL) in the year-to-date period. In dollar terms, the TVL on these protocols soared from $98 million at the beginning of the year to $187 million at the moment.

Solana's systematic growth over the past year has positioned it among the elite cryptocurrencies. Per the data, Marinade Finance is the top LSD protocol on Solana and holds a cumulative 61% share of the TVL. Besides Marinade Finance, other protocols that hold significant value lock include Lido Finance, Jito, JPool and Socean.

At the time of writing, Solana is changing hands at a price of $19.38, up by 0.54% in the past 24 hours and by more than 16% in the trailing seven-day period.

Solana has also maintained notable relative growth when compared to other Ethereum killers, and the role of the LSD protocols within its decentralized finance (DeFi) ecosystem is a showcase that the blockchain network is healthy on all fronts.

Solana and mainstream tech focus

Despite being a prominent blockchain protocol in the Web3.0 world, Solana is making significant pivots beyond the blockchain world. The protocol broke records as the first Web3.0 tech start-up to launch a functional mobile phone to compete with the top players in the space, including Samsung and Apple.

Raj Gokal, co-founder of the Solana protocol, has reiterated the goal for Solana as the Apple of the Web3.0 world as he hopes innovation will be pursued that can help introduce some of the most usable real-world products for all users.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.