Liquid Staked SOL Climbs to Record 57M, 13.6% of total Staked Supply

Liquid Staking Tokens (LSTs) on Solana have entered a strong growth phase in 2025. According to Dune data, the sector has been on a steady upward trend in recent months, driven by both the rising price of $SOL and the growing share of tokens staked through LSTs.

Between March and August 2025, the market cap of Solana LSTs grew by more than 93.6%, rising from $6.02B to $11.66B. This marks a new record since January 2025, eight months ago. In just the past month, the sector expanded by 18.9%.

By the end of August, the total amount of $SOL staked via LSTs had surpassed 57M $SOL, the highest level since the introduction of liquid staking on Solana.

Breaking Down the Market by Category

Solana’s LST ecosystem is diverse, and within this broader landscape the three primary categories can be outlined as follows:

1. LST Pools: Protocol-level liquid staking pools.

2. CEX-issued LSTs: Tokens launched by centralized exchanges.

3. Validator-issued LSTs: Created by validators.

Among these, LST Pools dominate the market, accounting for 51.4% of LST market cap in August. CEX-issued tokens hold the next largest share, led by $bnSOL and $bbSOL, issued by Binance and Bybit in collaboration with Sanctum. Together, these tokens have grown rapidly, with their TVL surpassing $2.8B and representing 24.1% of the total LST market.

Validator-issued LSTs also gained ground, adding more than $720M in August alone. Their combined market cap now exceeds $2.2B, giving them an 18.8% market share.

LST Adoption Within Solana Staking

Overall staking on Solana continues to grow. The total $SOL staked across the network recently crossed 418M $SOL. LSTs account for 13.65% of this total, up 0.43% from the previous month.

Since mid-2023, LST penetration has been on a steady climb. Their increasing utility across DeFi platforms, from lending to trading, has reinforced adoption. Still, native staking continues to dominate, highlighting the scale of opportunity still ahead for LSTs to capture market share.

Market Leaders: $JitoSOL vs. $bnSOL

At the token level, $JitoSOL remains the clear leader, with a market cap of $2.97B, representing 26% of the LST market. Its dominance has held steady, though recent trends suggest it may face competition.

$bnSOL, issued by Binance in partnership with Sanctum, has surged in 2025. With a market cap of $2.3B (20.2%), it has grown sharply in recent months and is positioned as the most likely challenger to $JitoSOL’s crown.

Meanwhile, newer entrants have also made their mark. $dzSOL, launched in January 2025 by DoubleZero, has already reached a market cap of $620M, capturing 5.4% of the market and ranking among the top 10 LSTs.

Supply Dynamics: Winners and Losers

Short-term supply shifts further highlight the shifting balance of power.

• Over the past 7 days, $bnSOL added more than 561K tokens, the largest increase among all LSTs. $dzSOL followed with a smaller gain of 5.6K tokens.

• On the downside, $JitoSOL supply fell by over 143K tokens, while $dSOL (issued by Drift) saw a sharp drop of more than 126K tokens.

Looking at a 90-day horizon, the trends are even more telling:

• $dzSOL recorded explosive growth, adding more than 3M tokens, the highest supply increase across the ecosystem.

• $bnSOL followed with a 2.4M increase, consolidating its position as a market heavyweight.

• On the other end, $JitoSOL lost more than 3M tokens, the steepest decline of any Solana LST.

These dynamics reinforce the growing possibility that $bnSOL could soon overtake $JitoSOL as the largest Solana LST by market cap.

The Road Ahead

With LST penetration at just 13.65% of all staked SOL, there remains significant room for further growth. The potential for increased utility across DeFi platforms could further boost the supply of LSTs. The upcoming months will likely focus on whether $bnSOL can dethrone $JitoSOL and how new entrants like $dzSOL sustain their momentum.

Stay tuned for further insights into how these platforms evolve and shape the future of DeFi trading on Solana.
This piece is part of our Solana Data Insights series. Make sure to subscribe to Solana Data Insights for weekly onchain analysis.

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