MNDE, KMNO, and STEP Lead Solana in Token Staking Rates, But Is It All Smoke and Mirrors?
With over 40% of their circulating supply staked for governance and rewards, Marinade, Kamino, and Step holders demonstrate high levels of long-term commitment.
Token staking in the cryptocurrency world has long been considered an elaborate method of removing tokens from circulation.
Designed to promote scarcity and demand, staking a protocol’s native token is a way of aligning oneself with the platform’s long-term vision and receiving ongoing rewards.
By analyzing the ratio of staked tokens to circulating and total token supplies, conclusions can be drawn that illustrate the trust placed in certain applications. Across the Solana ecosystem, which protocols have captured the highest rates of holder alignment?
Marinade, Kamino, Step Finance Boast Highest Staking Rates
Cross-referencing blockchain data from Solscan, Realms, and referenced applications, SolanaFloor curated the following table demonstrating token staking behavior across the Solana ecosystem.
|
Protocol |
Circulating Supply |
Total Supply |
Staked Supply |
Staked % of Circulating Supply |
Staked % of Total Supply |
True Stake Ratio |
|
Marinade |
273,776,110 |
1,000,000,000 |
134,000,000 |
48.94 |
13.4 |
31.17 |
|
Kamino |
1,000,000,000 |
9,999,996,461 |
478,078,566 |
47.81 |
4.78 |
26.29 |
|
Step |
328,397,180 |
559,605,659 |
147,693,157 |
44.97 |
26.39 |
35.68 |
|
Jupiter |
1,350,000,000 |
9,999,979,525 |
445,483,969 |
32.99 |
4.45 |
18.72 |
|
Pyth |
3,624,988,851 |
10,000,000,000 |
1,103,339,518 |
30.43 |
11.03 |
20.73 |
|
Raydium |
263,576,909 |
555,000,000 |
34,974,319 |
13.26 |
6.3 |
9.78 |
|
Jito |
124,414,964 |
1,000,000,000 |
12,405,401 |
9.97 |
1.24 |
5.61 |
|
Drift |
185,623,803 |
1,000,000,000 |
15,360,879 |
8.27 |
1.53 |
4.9 |
|
Orca |
51,563,449 |
100,000,000 |
1,553,729 |
3.01 |
1.55 |
2.28 |
|
Shdw |
161,259,648 |
169,057,815 |
4,486,366 |
2.78 |
2.65 |
2.71 |
|
Tensor |
125,000,000 |
1,000,000,000 |
17,035 |
0.013 |
0.0017 |
0.0074 |
|
Bonk |
69T |
93T |
3B |
0.0048 |
0.003 |
0.0039 |
It appears that Marinade Finance, one of Solana’s leading staking providers, has garnered the highest rate of token staking. With 48.94% of all circulating tokens staked in protocol governance, Marinade has narrowly edged out the competition from Kamino (47.81%) and Step Finance (44.97%).
Disclaimer: SolanaFloor is owned and operated by Step Finance
In an exclusive statement, Marinade informed SolanaFloor that the staked MNDE didn’t include any tokens from the Marinade Treasury but highlighted that the Marinade Treasury “can be considered not circulating until MNDE holders vote to use it in some way.”
Low Float, High FDV Skews Data
Over the last few years, the cryptocurrency market has been plagued with new tokens featuring small circulating supplies and outsized FDVs (Fully Diluted Valuations). According to a recent research report from Binance Labs, this “market structure leaves little sustainable upside for traders after the token generation event”, suggesting there may be flaws in the model.
Amidst the frequency of low float, high-FDV tokenomics, an additional metric was introduced to accurately gauge protocol alignment and investor commitment. True Stake Ratio measures the average staking rate of tokens across both circulating and total supply. Through this lens, a clearer picture begins to emerge.
Adjusted for True Stake Ratio, Step Finance boasts the highest rate of token staking across sampled protocols. With 35.68% of all STEP tokens staked, Step Finance holders are statistically among some of the most aligned with long-term platform growth across the Solana ecosystem.
While tokens like KMNO have high rates of staked circulating supply, the fact only 10% of the token’s total supply is in circulation means that KMNO’s True Stake Ratio is dramatically lower than its circulating staked ratio.
Kamino is expected to airdrop 350,000,000 KMNO to users in mid-August, following its successful Season 2 rewards campaign. These tokens will be automatically staked, but users will have the option to immediately unstake their allocations with no cooldown period.
It should also be noted that this data doesn’t account for the 3B JUP tokens that have been set aside for burning following the protocol's recent governance proposal.
While token staking can be considered an indication of belief and faith in a project, protocols with no unstaking period, like Step Finance and Kamino, generally witnessed higher staking rates than those that restrict access to tokens.
Disclaimer: SolanaFloor is owned and operated by Step Finance
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