Solana 蓬勃发展的液体质押行业

更多参与者进入 Solana 的流动质押生态系统凸显了 Solana 上年轻的 LST 市场正在走向成熟。

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

随着新的大玩家的加入，Solana 的流动质押生态系统正在迅速扩张。

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.

周四，三个中心化交易所——Binance、Bybit 和 Bitget——各自推出了新的流动性质押代币 (LST)，这将允许持有者通过保护 Solana 区块链的 SOL 赚取收益，同时仍然保持参与去中心化金融活动的能力，例如如借贷。

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 上的流动质押生态系统今年迄今已增加了一倍多，从 1 月 1 日的 19 亿美元锁定总价值 (TVL) 增至撰写本文时的 41 亿美元，拥有三个协议——Jito、Marinade 和 Sanctum——根据区块链分析公司 DefiLlama 的数据，该公司占据了整个市场近 77% 的份额。

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 的推出中发挥了作用，通过使用握手表情符号来回应 Binance 的公告，并根据 Bybit 的透露，它“准备好帮助这个 bbSOL 发展壮大并发展”。强的。”

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.

据 CoinGecko 报道，自公告发布以来，Sanctum 的治理代币 CLOUD 上涨了 40% 以上，从 16.9 美分跃升至 25 美分，截至发稿时价格稳定在 22.5 美分。

Solana's Burgeoning Liquid Staking Sector

Solana 蓬勃发展的液体质押行业

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.

更多参与者进入 Solana 的流动质押生态系统凸显了 Solana 上年轻的 LST 市场正在走向成熟。 Marinade 是 Solana 上第二大流动质押提供商，TVL 为 7.45 亿美元，于 2021 年推出了 LST，而最大的提供商 Jito 则于 2022 年底推出了主网，TVL 接近 29 亿美元。

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%.

但当 Lido Finance 在 2020 年推出 LST 时，以太坊上首次出现的总流动性质押的 TVL 为 425 亿美元。其中，以太坊占据 83% 的市场份额，是 Solana 9.6% 的几倍。

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 基金会贡献者 Andrew Thurman 补充道：“大约 40% 的质押 ETH 是流动质押。只有 6% 的质押 SOL 是流动性质押的。” Thurman 在通过 Telegram 向 Unchained 发送的消息中写道：“我预计这些数字会更加接近，这意味着 Solana 流动性质押有足够的增长空间，并且可以容纳[原文如此]许多产品。”

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.

以太坊重新抵押协议 Renzo 的创始贡献者 Lucas Kozinski 在 Telegram 消息中表示，这三个交易所可能推出 Solana LST 是一件“大事”。 Kozinski 写道：“这表明我们在以太坊上拥有的一些基础设施和产品才刚刚开始在 Solana 上推出。”他补充说，这些产品将帮助用户使用 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.”

加密分析提供商 CCData 的研究分析师 Jacob Joseph 在给 Unchained 的一封电子邮件中表示：“Solana 的质押生态系统在过去几年中一直在迅速扩张，Jito 等公司以及最近的 Sanctum 都在涉足这一领域。” “这表明 Solana 受到越来越多的关注。”

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.

至于这些交易所为何成为 Solana LST 生态系统中的活跃参与者，原因之一可能是新的 LST 是“他们可以为用户提供额外产品，以赚取额外奖励，并从中收取费用”，Kozinski 说。

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.

按市值 BETH 计算，币安拥有第三大 LST，对 ETH 质押奖励收取 10% 的费用。根据其支持页面，10% 的费用用于支付运营成本，例如验证器节点的硬件和网络维护成本。

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

阅读更多：Lido 质押的 ETH 年初至今有所增长，但其市场份额却有所下降

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.

基于 Solana 的 memecoin 平台 LMAO 的联合创始人、风险投资公司 Electric Capital 的数据科学家 Suki Yang 也有类似的看法。 “想象一下，如果用户在交易所本地使用 Solana 流动性质押代币，那么币安所要做的就是从流动性质押代币产生的回报中抽取一部分……这样做完全符合他们自己的利益 [即推出 LST]， ”杨告诉《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.

这些亚洲中心化交易所希望推出 LST 的另一个可能原因是在其平台上保留尽可能多的 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.

杨表示，交易所就像投资银行一样，通过优化两个指标：交易量和管理资产（AUM）。通过提供自己的 LST，交易所使用户能够将其 SOL 权利质押在交易所上，而无需撤回。这些交易所发行的 LST 的持有者可以将其移出交易所，而交易所本身则将原生 SOL 保留在其场地上。

Without the LSTs, exchanges can’t accrue

没有 LST，交易就无法累积