Solana has a substantial staking rate of around 71.3%, which is shown by the impressive amount of 400 million $SOL tokens that have been staked.
The price of SOL has had an upward trajectory within the continuing legal proceedings involving Sam Bankman-Fried, the founder of FTX.
The Layer 1 blockchain has recently prioritised the enhancement of validator diversity, as seen by Jito Labs currently possessing a significant stake of 31%.
#Solana (SOL) is now undergoing a notable change in mood, as seen by a staking ratio that has reached 71.3%. This figure indicates a significant degree of involvement and participation within the Solana community. The significant surge in liquidity staking coincides with the commencement of the trial of Sam Bankman-Fried, the individual associated with the now-defunct FTX exchange. The most recent report from the Solana Foundation highlights the expansion of its network through the use of several validator customers, including Jito Labs, which holds a significant interest of 31%.
A total of around 400 million Solana tokens have been staked as the experiment initiated by SBF, the founder of FTX exchange, commences.
The SOL network is now experiencing an increase in staking activity, which is being matched with a strong price performance leading up to the end of the week.
Significantly, the expansion of Solana's network coincides with the ongoing trial of Sam Bankman-Fried, the previous chief executive officer of the defunct FTX cryptocurrency exchange, which commenced on Tuesday.The ongoing legal dispute involving many allegations of fraud against SBF has already resulted in a decrease in the network's liquidity. During the last quarter of 2022, the price of SOL exhibited a decline due to a decrease in its liquidity resulting from the collapse of FTX.
According to DeFiLlama, there has been a recent increase in liquidity staking on the Solana blockchain within the past week. Marinade Finance had a notable surge of 18.9%, while Jito Labs demonstrated a substantial growth of 22.2%. The multichain staking protocol Lido saw a growth rate of 2.6%.
The layer 1 chain has a proof-of-stake mechanism that enables staking through many methods, including lending, operating as a validator, or delegating SOL tokens to validators.
Jito Labs holds a controlling stake of 31% in the market.
According to a recent report on Validator Health by Solana, it has been disclosed that the Jito Labs customer now facilitates the passage of over 31% of the overall investment. The extent of Jito Labs' involvement inside the Solana ecosystem has witnessed significant growth, increasing from a negligible percentage in the previous year. Solana has disclosed the ongoing development of two more validator clients.
Based on the data provided by the Dune Analytics dashboard, the amount of #SOL staked on Jito has reached a total of 2.3 million. The text indicates that a total of 15,310 individuals are actively engaged as stakers inside the JitoSOL platform.
In the present moment, the value of Solana has had an upward trend, as evidenced by the token's trading price of $23.40. During the preceding week, the price of SOL has experienced a notable increase of more than 21%.
Over the course of the previous week, the value of SOL has seen a notable surge of 21.3%, culminating at $23.31. Concurrently, the whole market capitalization has similarly experienced a growth of 21.5%, reaching a total of $9.64 billion. The daily trading volume has experienced a significant jump of around 74%, reaching a value of $453.85 million, which may be attributed to heightened levels of market participation.
According to statistics from StakingRewards, the staking market capitalization of SOL amounts to $9.25 billion. The reward-to-risk ratio, denoted as R/R, is now calculated to be 0.81%, exhibiting a little reduction of 0.01%.
The expansion of Solana's staking market, which encompasses the rise in staking activities by Jito Labs, holds promising implications for the layer 1 chain. It is anticipated that Solana's pricing will sustain its performance while the FTX study progresses. Solana's emphasis on promoting a diverse range of validator clients contributes to mitigating the probability of network disruptions, hence positively impacting its pricing stability and liquidity.
