Original title: (ON–290: Liquid Staking)

Author: OurNetwork

Compiled by: TechFlow

Liquid Staking

Jito | Rocket Pool | Dinero

Victory

Solana still has the most potential in the liquid staking token ecosystem, with only about 7% liquid staking rate.

  • The Jito Network is a set of decentralized protocols based on Solana, with a primary focus on Maximum Extractable Value (MEV) and DeFi infrastructure. Jito Network's Liquid Staking Token (LST) JitoSOL is the largest DeFi protocol on Solana, with 14 million SOL in deposits, making it the largest LST ever on the network, accounting for more than 50% of the Solana LST market. JitoSOL plays a key role in Solana's DeFi ecosystem, with 25% of its Total Locked Value (TVL) used as collateral for various protocols. JitoSOL-SOL is the most liquid trading pair on Solana, with liquidity of up to $72 million.

Dune - @language

  • With the support of the Jito-Solana client, MEV tipping income has gradually increased as a percentage of validator income, bringing the annualized yield (APY) of LST delegated to validators through the Jito block engine to over 8%. As memecoin transactions and other activities increase on Solana, MEV transaction volume will also rise, further increasing returns.

Victory

  • Currently, Ethereum’s LST market penetration is ~35%, while Solana is ~7%, which has roughly doubled year-over-year. Despite the lower UI and UX barriers to native staking on Solana, there is no other compelling reason why the LST percentage gap between the two ecosystems won’t eventually narrow.

Dune - @language

  • Trading Spotlight: Want to predict the future? Check out this wallet: six-digit meme tokens, six-digit JitoSOL, and six-digit stablecoins. Perfect balance, just like everything should be.

Rocket Pool

Rocket Pool’s daily inflow of staked ETH peaked at 12,500, double the highest so far this year.

  • Rocket Pool is currently the second largest liquid staking player with a market share of about 7%. In the past week, the total value locked (TVL) has grown from $3.2 billion to $4 billion, an increase of more than 30%. This is consistent with the rise in APY, which has rebounded to 3% after a long decline. The average node staking rate is 33%, the average stake of Rocket Pool's native token RPL is 4,400, and the average number of ETH staked is 94. Among the liquid staking tokens (LST) that make up dsETH, an ETH LST combination developed by Index Coop, rETH has the largest allocation at 23%.

DeFiLlama&Dune - @rp_community

Dune - @index_coop

  • Over the past week, the RPL price has increased by 20% to $11.80, coinciding with a surge in staked ETH inflows. Notably, this inflow is almost three times greater than the last surge in inflows in November 2023. Furthermore, from January 24 to September 24, there was no single week with net inflows.

Artemis

  • Rocket Pool saw a significant increase in developer activity in 2024, peaking at more than 150 daily commits in July, but has since dropped to about 30 daily commits.

DeFiLlama

Money

pxETH staked exceeds 30,000 ETH

  • Over the past six months, deposits on Dinero’s liquid staking product, pxETH, have increased by 294% from 7,706 ETH to 30,393 ETH, reflecting the strong demand for higher ETH yields in the market. Due to its design, pxETH offers an annualized return (APR) of approximately 7% on ETH staking, which is twice the industry average.

Dune - @seoul

  • The system’s returns stand out compared to other liquid staking options. pxETH’s dual-token design enables Dinero to amplify returns on both ends of the risk curve (DeFi vs. staking) rather than compressing returns for both types of users.

DeFiLlama

  • In order to expand Dinero's LST earnings on different blockchains, branded LSTs were launched. This is a liquid staking solution that allows L1 and L2 networks to launch native LSTs backed by staked pxETH. Early partners include Arbitrum (orbETH), Sei (seiyanETH), and Flare (flrETH), of which Sei and Flare are already live.

Money

Money

  • Trading Spotlight: Branded LSTs leverage LayerZero’s full-chain messaging protocol. Users can choose to deposit from the Ethereum mainnet, mint “partnerETH” on a partner network using LayerZero, or deposit directly on a partner network. Either way, the branded LST solution handles all cross-chain activity and staking operations, allowing users to simply deposit to start earning staking rewards.