Solana-based storage scaling solution Xandeum has completed its six-week liquid staking program, disbursing an impressive 205 million XAND tokens in rewards in the process.
The program saw 68% of Xandeum’s circulating supply staked, a testament to the platform’s positioning as one of the most attractive staking options on Solana.
A new era for SOL staking
While liquid staking has taken off on Ethereum, where protocols such as Lido have come to dominate DeFi TVL, with billions in staked ETH, it’s taken longer to grow on Solana.
Following a slow start, however, Solana’s liquid staking sector is chugging along nicely, with Xandeum’s program contributing to the growth of the multi-billion dollar sector.
Xandeum’s liquid staking program allowed users to stake SOL and earn high yields, supported by a combination of staking rewards, MEV rewards, and XAND token incentives.
The initiative demonstrates the growing demand for secure, high-yield staking opportunities within the Solana ecosystem, with users driven to the Xandeum program partially on account of its industry-leading 16% APY.
The case for liquid staking
While liquid staking holds natural appeal from a user perspective – who wouldn’t want to earn generous yield while getting to keep their assets, or at least a tokenized representation of them? – it’s a vertical with much broader benefits.
Not only does increased participation in staking help to strengthen and decentralize networks such as Solana, but it deepens liquidity, allowing users to explore additional onchain opportunities with LSTs, from LP’ing to swapping for stablecoins and investing in memecoins, governance tokens, or whatever else takes their fancy.
By providing liquid tokens that represent staked assets, protocols such as Xandeum enable participants to earn staking rewards while maintaining the flexibility to trade or use their liquid tokens in DeFi applications.
This dual utility has made liquid staking an increasingly popular choice for onchain users. Xandeum’s program captured attention by offering industry-leading APYs of over 15%, surpassing other Solana staking pools such as Marinade and Jito.
Mo’ rewards, mo’ incentives
Xandeum’s quadruple rewards system accounts for why the data storage layer has enjoyed such success with its staking program.
Unlike traditional validators that retain MEV (Maximum Extractable Value) and block rewards, Xandeum shares these with its stakers.
This, combined with standard staking rewards and XAND token incentives, created a generous APY, significantly boosting demand for its staking pool.
The program also incorporated fair distribution mechanisms, such as identity verification and transparent governance.
All pool fees collected were transferred directly to the Xandeum DAO treasury, giving XAND token holders a say in how these resources are managed.
By driving over $7 million in staked assets and setting a benchmark for staking participation, Xandeum has played a pivotal role in enhancing Solana’s liquid staking landscape.
The success of the Xandeum staking program comes as the platform prepares to launch its scalable storage layer in early 2025. Designed to integrate directly into Solana RPC nodes, this layer will unlock new revenue streams by sharing fees paid by applications utilizing Xandeum’s storage capabilities.
The staking program might be over but Xandem is just getting started.
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