Report: Liquidity Pledge Trend Drives Growth of Solana Ecosystem DeFi

A new report published by Bybit suggests that the Solana blockchain is undergoing a transformative moment, driven primarily by its liquidity pledge model. The report analyzes the current state of liquidity pledges on Solana and the dominant players in the market, particularly the rise of exchange-backed liquidity pledge tokens (LSTs), and dissects how the LST model is attracting a wider public to the Solana ecosystem.

Solana has become the go-to choice for Memecoins, grassroots projects, and other DeFi protocols in 2024. However, Solana has failed to be incorporated into mainstream capital markets due to its current market size and reach. With exchange-backed LSTs, including Bybit bbSOL, joining the race, the Solana liquidity pledge trend, led by a new development model, is expected to change the status quo.