- Liquid Staking Ratio increased by 1.76% QoQ
- The Number of LSTs has doubled
- Market Landscape is more diversified: The dominance of the top 3 providers dropped from 93% -> 68.7%
Deeper Insights below 👇 (/4)
1/ The Key Catalyst: @sanctumso
The airdrop from @jito_labs has brought the spotlight to liquid staking on Solana. The liquid staking ratio has increased by 2% from Q4 2023 - Q1 2024
Sanctum is able to take the torch. The launch of INF, Sanctum Router, and Sanctum Reserve, has lowered the barrier to entry, building the foundation of a Cambrian explosion of the Liquid Staking sector on Solana
2/ The Number of LSTs on Solana has reached 53, almost doubled compared to last quarter
While this is still far from @soleconomist's vision of having thousands of LSTs, we are seeing the early innings of the new era on Solana.
With Sanctum Router and Reserve, users can try out a new LST easily with sufficient liquidity. As a result, newer LSTs like vSOL, edgeSOL, and jupSOL can also grow as rapidly as the existing LSTs
3/ A more Diversified Market Landscape
Lido has been dominating the Liquid Staking Sector on Ethereum with 70% market share. Before Sanctum, the market landscape on Solana is moving to a similar dynamics, with top LSTs (jitoSOL, mSOL, bSOL) accounting for 93% of the market share
With the help of Sanctum, high-quality projects can build their own LSTs to challenge the status quo and scale efficiently, such as @heliuslabs, @SolanaCompass , @JupiterExchange, @DriftProtocol. Currently, the top 3 LSTs only hold 68% of the market share (Top 5 holds 84%), which has shown a more healthy and diversified market
4/ @JupiterExchange's jupSOL enters the Top 3 LSTs
jupSOL has surpassed bSOL in market cap, with $329M TVL. It has grown 22% in the past 30 Days thanks to the integration with @KaminoFinance .
jupSOL is already the most deposited LST on Kamino, with $220M (59%). They are also the most popular option on the Multiply product as they have the highest APY (21%)
For more details about the data, feel free to check out our @DuneAnalytics dashboard
Most heard terms are:
- TON
- Tokenization
- ETF
- UX
- Regulation
Here is a quick summary of some interesting panels (✍️/5 )
1. THE NEXT WAVE OF INVESTMENTS IN DIGITAL ASSETS
- @dan_pantera at Pantera Capital
- @richwgalvin at Digital Asset Capital Management
- Joseph Naggar at Republic Digital
- @rviewfromhk at Animoca
1.1 How do you pitch crypto to Tradfi Investors:
- Similar to other asset classes but do not focus on the philosophical side
- The current key challenge is the high volatility
- Draw similarities with how emerging markets mature as well as the correlation with the internet boom
1/ Despite having 60%+ Staking Ratio, only 6% ($3.4B) of the Staked SOL comes from Liquid Staking
Ethereum on the contrary, has 32% of its stake comes from Liquid Staking. The reason for the difference imo is because of whether there is in-protocol delegation.
Solana has provided an easy way for SOL stakers to delegate their SOL natively whereas Lido is one of the only ways in the early days to delegate your ETH to earn staking rewards.
2/ Market Share of Solana LSTs are more Balanced than Ethereum
On Ethereum, 68% of the market share is coming from Lido. Comparatively, the Liquid Staking Tokens on Solana are more in a Oligopoly State.
Top 3 Liquid Staking Tokens on Solana account for 80% of the market share
Here is how to analyze Tokenization easily on @DuneAnalytics
You only need 1 single table that covers 83 tokenized assets, 26 projects, 9 blockchains, and 9 types of tokenization
👇
(✍️/4)
1/ The table we are using today is dune."21co".result_fact_tokenisation_summary
This is "matview" built on Dune. It only takes seconds to run as a view. But since it is being refreshed daily, don't be surprised if it has any delay.
2/ Projects: Applications / Companies that built the tokenized asset
26 Projects are being covered in the table such as:
- US Treasuries: @BackedFi @OpenEden_Labs @OndoFinance
- Stablecoins: @Tether_to @circle
- Asset-Based Finance: @centrifuge @goldfinch_fi
Here are my key findings with @DuneAnalytics on @friendtech
What will be covered in this 🧵
- FT's impact on @BuildOnBase
- FT's MEV activities and profitability
- FT's pricing model
- Thesis on FT
- Potential Enhancements
- Forecast of the SocialFi sector
1/ @friendtech has gained $6M TVL, $3M Revenue and ~100K users in less than 2 weeks
Not only crypto-native users are using FT, but also non-crypto-native celebrities like @GraysonJAllen and @garrytan have opened their FT accounts
It has highlighted the potential of the socialFI
2/ With less than 10 Days, MEV Searchers have entered the new venue for profit
Searchers try to snipe new profiles registered at a low entry price and sell them at a higher price.
We have seen there are more than 300k failed transactions sent to FT's address on 21 Aug
3M Bitcoin Ordinals and ATH in Daily Inscriptions✅
Thread on the potential cause and the ramifications using @DuneAnalytics
1. History of Ordinals 2. From ERC-721 to ERC-20 3. BRC-20 Standard 4. State of BRC-20 5. Risk of BRC-20 6. Block Size 7. Hash Rate ⚡️ 8. Miners Fees 🚀
1/ History of Ordinals
@rodarmor launched the ORD software in Dec 22 by leveraging the Segwit (2017) + Taproot (2021) upgrade
Arbitrary data like text, image, and video can be stored in the witness data inside a transaction at ~ 75% discount vs a financial transaction
2/ From ERC-721 to ERC-20
Ordianals were first considered similar to ERC-721 (NFTs) on Ethereum. In the early days, most inscriptions were images.
@domodata sees the potential beyond just NFTs and proposes BRC-20. # of Inscriptions are higher ever since, mainly in text format