Solana price is up today as liquid staking within the ecosystem hits a new all-time high above $5.7 billion.
Solana price is up on Oct. 11, trading above $144 and up 5% over the last 24 hours, recouping all the losses made over the last two days.
Let’s look at the factors driving SOL price up today.
Solana liquid staking hits all-time high
SOL’s price rally on Oct. 11 follows an increase in user engagement with the network through activities such as liquid staking, debunking the narrative that the Solana blockchain is only about memecoins.
According to Dune data, the total value locked (TVL) for liquid staking on Solana has been skyrocketing since Aug. 5, surging from $3.2 billion to $5.2 billion on Oct. 10. This represents more than 7% of SOL’s market capitalization, marking a new all-time high.
Liquid staking protocol JITO has the biggest share of the ecosystem, with $1.88 billion of TVL (45.2% of the ecosystem’s total supply). It is followed by Marinade, with $742.3 million (17.8%), and Jupiter, with $477 million, or 11.5%.
This is an indication that Solana is capable of attracting users with different use cases besides memecoins.
However, memecoins continue to drive the majority of activity on the chain with data from Pump.fun, Solana’s memecoins generator, showing a sharp increase in the number of transactions deployed on the network over the last few days.
The chart below shows that daily transactions on the Solana blockchain increased from 13,351 on Oct. 8 to 14,495 on Oct. 10.
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