As The Block Research reported, a crypto whale swapped more than $5 million worth of mSOL to SOL on December 12. This move created pressure on mSOL’s price, causing this token to drop from $77 to $67 but quickly recovered.
Since the beginning of the year, Marinade Finance has launched the “Open Doors” program, encouraging users to deposit SOL into the staking protocol and receive mSOL in return to interact with other DeFi platforms. The program intended to give out up to 160 million marinade tokens as rewards to users throughout this year. At that time, the team aimed to attract more than 40 million SOL to pour into the platform.
Marinade is contributing a significant amount (80%) of the total value locked (TVL) to Solana, with $721 million spread across staking products on the platform, 3 times higher than the last two months when the platform blocked British users. Marinade is currently offering 9.03% APY for native staking products and 8.6% for liquid staking.
The liquid staking sector has greatly contributed to increasing the total value of assets locked (TVL) on Solana. This strong growth also comes from airdrop campaigns that maintained the hype of this trend such as Pyth Network, Jito Sol, Jupiter, etc. SOL is also on its way back to its glory days as it has continuously set new all-time highs.