Solana News Today: Solana’s LSTs Reshape Staking Power Dynamics

Liquid staked SOL has surged to an all-time high of 57 million tokens, representing 13.65% of the total staked SOL supply as of August 2025, according to Dune Analytics. This growth has been fueled by a combination of rising SOL prices and increased adoption of liquid staking protocols across the Solana blockchain. Between March and August 2025, the market cap of Solana liquid staking tokens (LSTs) expanded by 93.6%, rising from $6.02 billion to $11.66 billion. In the most recent month alone, the sector grew by 18.9%, indicating a strong trajectory for the market [1].

The LST ecosystem is segmented into three primary categories: protocol-level liquid staking pools, centralized exchange (CEX)-issued LSTs, and validator-issued LSTs. As of August, LST pools held the largest share at 51.4% of the market cap, with CEX-issued tokens accounting for 24.1%, led by tokens such as $bnSOL and $bbSOL from Binance and Bybit in partnership with Sanctum. Validator-issued LSTs also gained ground, with their combined market cap rising above $2.2 billion, representing 18.8% of the total [1].

Among individual tokens, $JitoSOL remains the largest LST by market cap at $2.97 billion, representing 26% of the sector. However, $bnSOL, issued by Binance, has emerged as a strong competitor, with a market cap of $2.3 billion (20.2%). Recent supply trends suggest $bnSOL may soon surpass $JitoSOL in dominance. Over the past 90 days, $bnSOL saw a 2.4 million token supply increase, while $JitoSOL experienced a decline of over 3 million tokens. New entrants such as $dzSOL, launched by LayerZero, have also made significant inroads, with a 5.4% market share and a supply increase of 3 million tokens since its January 2025 launch [1].

Short-term supply dynamics further highlight the shifting landscape. Over the past week, $bnSOL added over 561,000 tokens, the highest increase among LSTs. Meanwhile, $JitoSOL saw its supply drop by 143,000 tokens, and $dSOL lost more than 126,000 tokens. These fluctuations underscore the growing competition and potential for market share reallocation [1].

Despite the progress, LSTs still represent only 13.65% of all staked SOL, indicating significant room for expansion. The integration of LSTs into DeFi platforms—such as lending and trading—has been a key driver of adoption. As more institutions and protocols explore use cases for tokenized assets on Solana, the demand for LSTs is expected to continue rising. With over $2.2 billion in total value locked in Marinade Finance’s protocol and rising daily inflows, the ecosystem is showing strong resilience and potential for further growth [2].

The broader Solana network also benefits from this momentum, with total staked SOL reaching 418 million tokens. While native staking remains dominant, the increasing utility of LSTs in DeFi platforms has reinforced their adoption. Looking ahead, the focus will likely remain on whether $bnSOL can surpass $JitoSOL in market cap and how new entrants like $dzSOL sustain their growth. The continued innovation and adoption in the Solana ecosystem may also contribute to broader price appreciation for SOL itself, particularly as tokenized assets and digital asset treasuries expand their influence [3].

Source:

[1] Liquid Staked SOL Climbs to Record 57M, 13.6% of total ... (https://solanafloor.com/news/liquid-staked-sol-climbs-to-record-57-m-13-6-of-total-staked-supply)

[2] MNDE rallies 10% as Marinade Finance approves 300M ... (https://www.mitrade.com/insights/news/live-news/article-3-1093101-20250904)

[3] Solana (SOL) Price News: Outperforms BTC, Poised to ... (https://www.coindesk.com/markets/2025/09/03/solana-outperforms-bitcoin-possibly-poised-to-follow-ether-s-recent-200-rally-says-analyst)