The Solana ecosystem has seen a significant surge in the supply of liquid staking tokens, with their total market capitalization reaching $7.5 billion, according to on-chain data.

Data from Dune Show that the total market cap of liquid mortgage tokens on Solana (Sol) rose to over $7.5 billion on January 10. This growth came as leading LSTs – including Jito SOL, Binance SOL, and Marinade SOL – saw notable increases over the past week.

Among these companies, JitoSOL continues to lead with a market share of 37.6%, bringing the total market capitalization to more than $2.8 billion at the time of writing.

Liquid proprietary tokens bnSOL and mSOL represent 20.2% and 14.1% of Solana's LST market share, with market caps of $1.5 billion and $1.05 billion, respectively.

Other large-cap Solana LST companies include Jupiter's jupSOL, Solayer's sSOL, Bybit's bbSOL, and Laine's laineSOL.

Dune data also shows that the total market cap of staking SOL is currently $82.66 billion, meaning that the $7.5 billion value of liquid mortgage tokens gives an LST ratio of 9.07%.

However, despite the overall growth in market capitalization, the total value locked (TVL) of Jito and Marinade declined by 19% and 15% respectively over the past month. in contrast, DeFiLlama Data showed that the total value locked on Binance SOL jumped more than 29% in the same period. Binance Announced the launch of bnSOL In August 2024.

In the DeFi market, liquid mortgage protocols and their associated tokens play an increasingly important role. These protocols provide users with access to storage services, while LSTs provide token representations of the stored assets – in this case, Solana's native token, SOL.

For example, users can share a SOL to receive an LST such as JitoSOL or bnSOL. These tokens can then be traded or used on other DeFi platforms, allowing their holders to earn additional rewards while their underlying assets remain staking.