HomeNewsSolana's Liquid Staking Derivatives Protocol Takes Center Stage, Propelling Growth and Expansion

Solana’s Liquid Staking Derivatives Protocol Takes Center Stage, Propelling Growth and Expansion

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  • Solana’s Liquid Staking Derivatives (LSDs) have seen an impressive 91% surge in Total Value Locked (TVL) this year.
  • In addition to solidifying its position among top-tier cryptocurrencies, Solana is also making strides beyond the blockchain realm, aiming to become the ‘Apple’ of the Web3 world.

Surging Value in Solana’s Liquid Staking Derivatives

Solana (SOL), one of the leading cryptocurrencies, has shown considerable growth within its operations, particularly within its Liquid Staking Derivatives (LSDs). According to The Block Research data, the TVL of Solana’s LSD protocol has shot up by a whopping 91% year-to-date, a leap from $98 million to $187 million.

This substantial growth indicates Solana’s steady rise within the ranks of elite cryptocurrencies. The top LSD protocol on Solana, Marinade Finance, holds a commanding 61% of this total value locked. Other protocols like Lido Finance, Jito, JPool, and Socean also contribute to this remarkable TVL.

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As of now, Solana is priced at $19.38, a 0.54% increase in the past 24 hours and a substantial increase of over 16% in the trailing seven-day period.

Solana: The Contender Among Ethereum Killers

The growth of Solana’s LSD protocols within its decentralized finance (DeFi) ecosystem marks an important trend. It showcases the overall health and competitive edge of the blockchain network compared to other Ethereum competitors.

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Broadening Horizons: Solana’s Mainstream Tech Aspirations

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Interestingly, Solana is not just making waves within the blockchain sphere but also branching out to disrupt the mainstream tech industry. It set a precedent by being the first Web3 tech start-up to launch a functional mobile phone, aiming to rival big players like Samsung and Apple.

Raj Gokal, the co-founder of the Solana protocol, has expressed ambitious plans for Solana in the Web3 realm. He envisions Solana as the ‘Apple’ of the Web3 world and encourages innovation to create user-friendly real-world products. This expansion strategy signals Solana’s intention to become a potent force in the Web3 landscape.

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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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