Solana 蓬勃發展的液體質押產業

更多參與者進入 Solana 的流動質押生態系統凸顯了 Solana 上年輕的 LST 市場正在成熟。

Solana's liquid staking ecosystem is expanding rapidly with new big players entering the scene.

隨著新的大玩家的加入，Solana 的流動質押生態系統正在迅速擴張。

On Thursday, three centralized exchanges—Binance, Bybit, and Bitget—each teased new liquid staking tokens (LSTs), which would allow holders to earn yield on their SOL securing the Solana blockchain while still maintaining the ability to participate in decentralized finance activities such as lending and borrowing.

週四，三個中心化交易所——Binance、Bybit 和Bitget——各自推出了新的流動性質押代幣(LST)，這將允許持有者透過保護Solana 區塊鏈的SOL 賺取收益，同時仍保持參與去中心化金融活動的能力，例如如借貸。

The liquid staking ecosystem on Solana has more than doubled year-to-date from a total value locked (TVL) of $1.9 billion on Jan. 1 to $4.1 billion at the time of writing, with three protocols—Jito, Marinade, and Sanctum—having a nearly 77% share of the total market, according to blockchain analytics firm DefiLlama.

Solana 上的流動質押生態系統今年迄今已增加了一倍多，從1 月1 日的19 億美元鎖定總價值(TVL) 增至撰寫本文時的41 億美元，擁有三個協議——Jito、Marinade和Sanctum——根據區塊鏈分析公司 DefiLlama 的數據，該公司佔據了整個市場近 77% 的份額。

On X, Sanctum hinted that it was playing a role in the launch of Binance's BNSOL and Bybit's BBSOL, by using a handshake emoji in response to Binance's announcement and saying in light of Bybit's reveal how it is “ready to help this bbSOL grow big and strong.”

在X 上，Sanctum 暗示它在Binance 的BNSOL 和Bybit 的BBSOL 的推出中發揮了作用，透過使用握手錶情符號來回應Binance 的公告，並根據Bybit 的透露，它「準備好幫助這個bbSOL 發展壯大並發展”。強的。”

Sanctum's governance token CLOUD has increased over 40% since the announcements, jumping from 16.9 cents to as high as 25 cents, before settling at 22.5 cents at presstime, per CoinGecko.

根據 CoinGecko 報導，自公告發布以來，Sanctum 的治理代幣 CLOUD 上漲了 40% 以上，從 16.9 美分躍升至 25 美分，截至發稿時價格穩定在 22.5 美分。

Solana's Burgeoning Liquid Staking Sector

Solana 蓬勃發展的液體質押產業

The advent of more players entering into Solana's liquid staking ecosystem highlights how the young LST market on Solana is on its way to maturing. Marinade, the second-largest liquid staking provider on Solana with a TVL of $745 million, introduced its LST in 2021, while Jito, the largest provider with a TVL of nearly $2.9 billion, launched its mainnet in late 2022.

更多參與者進入 Solana 的流動質押生態系統凸顯了 Solana 上年輕的 LST 市場正在成熟。 Marinade 是 Solana 上第二大流動質押提供商，TVL 為 7.45 億美元，於 2021 年推出了 LST，而最大的提供商 Jito 則於 2022 年底推出了主網，TVL 接近 29 億美元。

But total liquid staking, which first emerged on Ethereum when Lido Finance rolled out its LST in 2020, has a TVL of $42.5 billion. Of that, Ethereum commands an 83% market share, multiples of Solana's 9.6%.

但當 Lido Finance 在 2020 年推出 LST 時，以太坊上首次出現的總流動性質押的 TVL 為 425 億美元。其中，以太坊佔據 83% 的市場份額，是 Solana 9.6% 的幾倍。

Jito Foundation contributor Andrew Thurman added, “around 40% of staked ETH is liquid staked. Only 6% of staked SOL is liquid staked.” In a message to Unchained over Telegram, Thurman wrote, “I expect those numbers to come closer together, which is to say Solana liquid staking has plenty of room to grow and can accomodate [sic] many offerings.”

Jito 基金會貢獻者 Andrew Thurman 補充說：「大約 40% 的質押 ETH 是流動質押。只有 6% 的質押 SOL 是流動性質押的。 Thurman 在透過 Telegram 向 Unchained 發送的訊息中寫道：“我預計這些數字會更加接近，這意味著 Solana 流動性質押有足夠的增長空間，並且可以容納[原文如此]許多產品。”

The three exchanges potentially rolling out Solana LSTs is a “big deal,” said Lucas Kozinski, founding contributor of Ethereum restaking protocol Renzo, in a Telegram message. “It shows that some of the fundamental infrastructure and products that we’ve had on Ethereum are just beginning to launch on Solana,” Kozinski wrote, adding that the products will help onboard their users to Solana-native DeFi.

以太坊重新抵押協議 Renzo 的創始貢獻者 Lucas Kozinski 在 Telegram 訊息中表示，這三個交易所可能推出 Solana LST 是一件「大事」。 Kozinski 寫道：「這表明我們在以太坊上擁有的一些基礎設施和產品才剛開始在 Solana 上推出。」他補充說，這些產品將幫助用戶使用 Solana 原生 DeFi。

“Solana's staking ecosystem has been expanding rapidly over the past years, with the likes of Jito, and more recently Sanctum, entering the foray,” Jacob Joseph, research analyst at crypto analytics provider CCData, said in an email to Unchained, adding that this “shows the increased attention that is being received by Solana.”

加密分析提供者CCData 的研究分析師Jacob Joseph 在給Unchained 的一封電子郵件中表示：「Solana 的質押生態系統在過去幾年中一直在迅速擴張，Jito 等公司以及最近的Sanctum 都在涉足這一領域。

LST Launch to Increase Revenue

LST 推出以增加收入

As to why these exchanges are becoming active players in Solana's LST ecosystem, one reason may be that new LSTs are “additional products they could offer their users to earn additional rewards of which they capture fees,” said Kozinski.

至於這些交易所為何成為 Solana LST 生態系統中的活躍參與者，原因之一可能是新的 LST 是“他們可以為用戶提供額外產品，以賺取額外獎勵，並從中收取費用”，Kozinski 說。

Binance, which has the third-largest LST by market cap BETH, applies a 10% fee on ETH staking rewards. Per its support page, the 10% fee contributes to covering the operational costs, such as hardware and network upkeep for its validator nodes.

以市值 BETH 計算，幣安擁有第三大 LST，對 ETH 質押獎勵收取 10% 的費用。根據其支援頁面，10% 的費用用於支付營運成本，例如驗證器節點的硬體和網路維護成本。

Read More: Lido's Staked ETH Has Grown Year-To-Date – But its Market Share Has Dropped

閱讀更多：Lido 質押的 ETH 年初至今有所增長，但其市場份額卻有所下降

Suki Yang, the co-founder of Solana-based memecoin platform LMAO and a data scientist at venture firm Electric Capital, shared a similar sentiment. “Imagine if users use Solana liquid staking tokens on exchanges natively, then all Binance has to do is take a cut from the returns generated by the liquid staking tokens… it’s strictly in their own benefit to do so [i.e. roll out a LST],” Yang told Unchained.

基於 Solana 的 memecoin 平台 LMAO 的共同創辦人、創投公司 Electric Capital 的資料科學家 Suki Yang 也有類似的看法。 「想像一下，如果用戶在交易所本地使用Solana 流動性質押代幣，那麼幣安所要做的就是從流動性質押代幣產生的回報中抽取一部分……這樣做完全符合他們自己的利益[即推出LST]， 」楊告訴《Unchained》。

Keep SOL on Exchanges

在交易所保留 SOL

Another possible reason these Asian centralized exchanges want to launch LSTs is to keep as much SOL as possible on their platforms.

這些亞洲中心化交易所希望推出 LST 的另一個可能原因是在其平台上保留盡可能多的 SOL。

According to Yang, exchanges are like investment banks by optimizing for two metrics: trading volume and assets under management (AUM). By offering their own LSTs, exchanges enable users to stake their SOL right on the exchange, without needing to withdraw it to do so. Holders of these exchange-issued LSTs can move them off exchanges, while the exchanges themselves keep the native SOL on their venues.

楊表示，交易所就像投資銀行一樣，透過優化兩個指標：交易量和管理資產（AUM）。透過提供自己的 LST，交易所使用戶能夠將其 SOL 權利質押在交易所上，而無需撤回。這些交易所發行的 LST 的持有者可以將其移出交易所，而交易所本身則將原生 SOL 保留在其場地上。

Without the LSTs, exchanges can’t accrue

沒有 LST，交易就無法累積