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Sanctum, Lido, Marinade, Tonstakers & Stader

• Liquid staking is one of the most utilized features of crypto and allows users to open DeFi options. As more proof of stake blockchains launch, almost immediately a liquid staking solution emerges, giving users the flexibility in how they want to stake. The total value locked (TVL) of the liquid staking market is just above $50B thanks to new chains launches, ETH's increase in price, and more users looking using liquid staking tokens (LSTs). Liquid staking flows have especially had significant increasse on Solana, TON and Ethereum in the past year.

• Lido is still the dominant liquid staking protocol with an astonishing $33B in TVL. At over 8x the second highest protocol, Rocket Pool, the liquid staking market still exhibits power law dynamics. Solana has two protocols in the top 10, with Jito amassing $1.8B in TVL and Marinade Finance ~$850M.

• Outside of Ethereum, liquid staking providers still have very low penetration with room for growth. TONstakers has almost 6% of all TON staked, indicating significant demand for TON staking products. Solana staking products have seen significant inflows in the past year, but still have a low percent of total stake.

• Sanctum's Infinity is the only liquidity pool that supports millions of different LSTs natively. Wonderland allows users to hold their LSTs to get the pets' experience (points) and contribute to the protocol of the CLOUD airdrop on July 18, 2024. The event has boosted Solana's Liquid Staking Token (LST) volume, increasing its share by 25% (from 5.2% to 6.5% compared with native SOL staking) with a total volume of over 25M worth of SOL in LSTs.

• Even though the event has ended, the INF token is still popular among Sanctum users. To date, the INF supply has remained at around 1.5M, with more than 140k holders. Both numbers declined slightly after season 1 ended. The announcement of Wonderland season 2 indicates its release later this year.

• Before the launch of the CLOUD, the total of 30M USDC from 5k investors for the CLOUD Alpha Vault had been filled by 400%. 60% of the volume came from the last hour revealing how popular the project is and what traders anticipate.

• 📈 Steakhouse analyzed the suitability of stETH as an asset underpinning Ethereum staking ETFs and found that stETH prices strongly correlated to CME ETH Futures prices, as well as featuring narrow bid-ask spreads in relation to its market capitalization. We analyzed three distinct questions: can stETH trade fairly and provide an efficient market for redemptions and subscriptions? Is stETH able to trade without susceptibility to control by a few individuals or entities? What exposure to a total return profile for Ethereum does stETH offer as an underlying asset in ETPs?

• For stETH data, Steakhouse uses TradingView's API data for CEX pairs of stETH/USD. For ETH commodity futures data, we rely on tick-by-tick historical data from CME. For ETH spot prices, we rely on Coinbase data sourced through TradingView APIs. Python notebooks are available on our github. We explored a long-term correlation trend scenario, a time frame since withdrawals opened and a time frame offering insight into immediate and granular market reactions

• The Stake Auction Marketplace (SAM), a key feature of Marinade v2, creates an open auction for stake amongst validators. This enables native stakers on Marinade to gain access to priority fees, such as MEV tips and transaction fees, which were previously only available to validators.

• Solana’s network growth is accelerating. As Solana network usage increases, validators see more revenue from MEV and transaction fees. This in turn makes stakes more valuable and presents the opportunity for Marinade to create an onchain marketplace to redistribute the maximum rewards to stakers.

• Marinade will soon implement an update to its delegation strategy, the goal of which is to improve the decentralization of Solana’s security. Starting on August 14, 90% of stake will be delegated according to SAM results and 10% according to MNDE voting and the rebalancing cap per epoch will be raised from 2% to 5%. Overall, currently ~2% of all staked SOL is delegated through Marinade, and if that number grew to 10%, validator performance would jump from 72% to 93%, creating overall positive effects on decentralization.

• 💦🔬 Tx-Level Alpha: Last month, one user deposited 30,000 SOL (over $4.1M at the time) into Marinade liquid staking in a single transaction. Overall, total SOL staked in Marinade has increased by ~2.85M in the past 15 months, an increase of 57%.

• Tonstakers owns 69% LST TVL on TON. Tonstakers is a liquid staking protocol on TON (The Open Network) ecosystem. Tonstakers utilizes a clever liquid staking mechanism with yield compounding every ~18 hours for maximizing APY and safeguards its users from slashing. Through the year, USD-denominated deposit value has increased 12,400% YoY (from $2M to >$250M at the time). In 2024, Tonstakers achieved 1M subscribers on its Telegram channel and grew its DAU by 700% YTD, from ~20K to >75K.

• In early 2024, Tonstakers underwent a comprehensive security audit conducted by the Certik security firm, achieving an impressive score of 94 out of 100 (ААА). This distinguished Tonstakers as the leading project on TON blockchain in terms of security, as verified by Certik, and it has maintained an impeccable record with no security incidents during its operations.

• Tonstakers users understand how the protocol’s LST tsTON unlocks their liquidity: leverage their tsTON on EVAA lending, get boosted rewards with DFC, mint stablecoins on Aqua Protocol, etc. More on that, Tonstakers is working on a unique jetton staking to enable no-risk fungible token staking for users and projects.

• 1️⃣ ETHx TVL and Deposits: Stader Labs is a non-custodial staking platform that enhances liquidity and security for users staking on multiple Proof-of-Stake networks. Stader Labs has secured a total TVL of Ξ125,293 ($386,480,302) on ETHx, with Ξ135,872 deposited on the Beacon Chain (including the Node operator bond of 9K+ ETH). This substantial participation reflects strong institutional and user confidence in Stader’s staking solutions, driven by a combination of permissionless and permissioned TVL.

• 2️⃣ MaticX TVL, Rewards & Revenue: Stader Labs is the leading LST on Polygon with 154M+ Matic in TVL. It has distributed $6,128,781 in user rewards. These rewards are managed through ETH contracts, with Stader capturing a 10% share ($680,976). Stader has shown consistent growth since July 2022.

• 3️⃣ BNBx Rewards and Revenue: On BNB blockchain, Stader Labs has rewarded users with $461,818 and generated $57,727 in revenue. The distribution of rewards is automated at every auto-compounding frequency, ensuring continuous growth and engagement within the staking ecosystem.