The recent technical issue with Lido’s SOL staking protocol has sent ripples across the Solana ecosystem. On April 3, DL News reported that a critical bug in Lido’s smart contract has frozen withdrawals for staked SOL (stSOL), leaving over 31,000 wallets — representing approximately 112,000 stSOL (valued at around $24 million) — unable to access their funds. Despite ongoing concerns, Lido has yet to issue an official resolution.
This incident comes after Lido’s earlier announcement in October 2023 stating it would gradually phase out support for Solana staking. By February 4, 2024, the platform officially discontinued its frontend interface for Solana, making unstaking possible only through command-line interface (CLI) interactions — a complex process requiring technical expertise. Now, even CLI-based withdrawals are blocked due to the unresolved code flaw.
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This situation highlights a broader truth: while more than 65% of all SOL tokens are staked on the network, only about 3.5% are staked through liquid staking protocols. This gap reveals a significant opportunity in Solana’s liquid staking market. As users seek reliable, flexible, and secure alternatives, several standout platforms have emerged as top contenders.
Core Keywords
- Solana staking
- liquid staking Solana
- best SOL staking platforms
- Jito staking
- Marinade Finance
- Kamino Finance
- Marginfi staking
- LST tokens
Jito: Leading the Liquid Staking Race
Jito currently dominates Solana’s liquid staking landscape with a total value locked (TVL) of $1.795 billion, making it the largest player in the space. The platform introduced JitoSOL, its liquid staking token (LST), which allows users to earn staking rewards while maintaining liquidity for DeFi use.
One of Jito’s most notable moves was its retroactive airdrop of 100 million JTO tokens (10% of total supply), with 80% allocated to early JitoSOL users. This community-first gesture strengthened user loyalty and trust.
As of now, JitoSOL offers an annual percentage yield (APY) of approximately 8.14%, combining base staking rewards with priority fee revenue and MEV (Maximal Extractable Value) returns from block production. The JTO token is trading around $4.10, adding potential upside for long-term holders.
Jito’s success stems from its technical innovation, transparent governance, and deep integration into Solana’s validator network — making it a go-to choice for both retail and institutional participants.
Marinade Finance: Pioneering Decentralized Staking
Marinade Finance holds the second-highest TVL in Solana’s staking sector at $1.243 billion. As the first liquid staking protocol on Solana, Marinade has built a reputation for reliability and risk mitigation.
Unlike single-validator models, Marinade distributes user stakes across hundreds of validators, reducing exposure to individual node failures. It also maintains an insurance fund and offers directed stake features, allowing users to support specific validators while still earning enhanced rewards.
Marinade issues mSOL as its LST, currently offering an APY of 7.94%. For those opting for native SOL staking via Marinade’s platform (non-liquid), returns reach about 8.45%.
The platform’s native token, MNDE, trades at approximately $0.30 and plays a role in governance and future incentive programs. With a mature infrastructure and strong community backing, Marinade remains a trusted option for risk-averse stakers.
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SolBlaze: A Rising Contender
Launched in 2023, SolBlaze has quickly climbed to third place with a TVL of $528 million. Its liquid staking token, bSOL, offers an APY of around 7.89%.
SolBlaze gained attention when prominent figure Machi Big Brother (Huang Li-Cheng) staked 156,000 SOL — raised from his memecoin project — through the platform. This high-profile endorsement signaled confidence in SolBlaze’s security and operational efficiency.
The platform’s native token, BLZE, is trading near $0.0024, reflecting early-stage valuation with room for growth as adoption increases. While newer than Jito or Marinade, SolBlaze has demonstrated solid performance and is actively expanding its DeFi integrations.
Kamino: Beyond Staking – A Full-Service DeFi Hub
Kamino stands out not just as a staking platform but as a comprehensive DeFi protocol on Solana, combining lending, borrowing, leveraged yield strategies, and automated vaults. With a TVL of $1.32 billion, Kamino is rapidly gaining traction.
Although Kamino hasn’t launched its token yet (KMNO), it has initiated a points-based rewards program. The first season concluded on March 31, and Season 2 is now live. Users earn points by depositing assets, providing liquidity, or engaging in leveraged strategies.
Kamino plans to distribute 7% of KMNO’s total supply via genesis airdrop to early users. This makes participation now particularly valuable for potential future rewards.
One of Kamino’s standout features is its high-yield markets — for example, USDC deposits have seen APYs as high as 16.83%, though these rates fluctuate based on market demand and utilization.
With its multi-functional design and upcoming token launch, Kamino offers a “one-stop yield optimization” experience that goes beyond traditional staking.
Marginfi: Secure Lending Meets Staking Innovation
Marginfi is a decentralized lending and borrowing protocol with $138 million TVL, ranking fourth among Solana staking-related platforms.
While primarily known for its capital-efficient lending model and real-time risk monitoring, Marginfi is expanding into liquid staking territory. It plans to launch YBX, a yield-bearing stablecoin backed by LSTs like JitoSOL and mSOL. Originally expected in late March, the release is delayed pending final audits and stress testing — a sign of prudent development.
Like Kamino, Marginfi has not issued its token (MFI) but runs an active points campaign. Users earn mrgn points by depositing assets, borrowing, or referring others. Notably, users who connect via Backpack Wallet receive a 1.05x multiplier on earned points — including retroactive boosts on past activity.
This incentive structure encourages early adoption and positions Marginfi as a strong candidate for one of 2025’s most anticipated token launches.
Frequently Asked Questions (FAQ)
Q: Is Solana staking safe after the Lido incident?
A: Yes — while the Lido bug raised concerns, most major platforms like Jito, Marinade, and Kamino operate independently with audited codebases and diversified validator networks. Always research platform audits and team transparency before staking.
Q: Which Solana staking platform offers the highest APY?
A: Currently, Kamino leads in yield potential due to its dynamic interest markets (e.g., 16.83% APY on USDC), especially when combined with points rewards. For pure SOL staking, JitoSOL (~8.14%) and native Marinade SOL (~8.45%) offer competitive returns.
Q: Should I stake with platforms that haven’t launched tokens yet?
A: Platforms like Kamino and Marginfi offer significant upside through potential airdrops. If you’re already using their services, earning points now could result in free token allocations later — making them attractive for forward-looking investors.
Q: What are LSTs (Liquid Staking Tokens)?
A: LSTs like JitoSOL, mSOL, or bSOL represent your staked SOL while remaining usable in DeFi. You earn staking rewards and can trade, lend, or provide liquidity with your LST — unlike locked native staking.
Q: Can I lose money staking SOL?
A: While slashing penalties are rare on Solana, smart contract risks and price volatility exist. Use well-audited protocols and avoid concentrating large amounts on unaudited or new platforms.
Q: How do I unstake my SOL if I need liquidity?
A: Most LSTs (e.g., JitoSOL) can be swapped instantly on DEXs like Orca or Raydium. Native unstaking may take several days due to Solana’s unbonding period.
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Final Thoughts
The Lido stSOL withdrawal freeze serves as a cautionary tale about reliance on centralized or poorly maintained protocols — even within decentralized ecosystems. However, it also opens doors for innovation and migration toward more resilient solutions.
With over 65% of SOL already staked, there's clear demand for secure, high-yield options that preserve liquidity. Platforms like Jito, Marinade, SolBlaze, Kamino, and Marginfi are leading this evolution — each offering unique advantages in yield, security, token incentives, or DeFi integration.
For users looking to optimize returns while contributing to network decentralization, now is an ideal time to explore these alternatives — especially those with upcoming token launches that could deliver additional value beyond staking yields alone.