Solana’s Liquid Staking Derivatives Protocols saw massive jump in Total Value Locked in first half of year
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.
Source: https://u.today/solana-lsd-skyrockets-in-this-key-area