Messari.io
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14:00 May 19, 2025
Marinade generated $3.6 million in revenue in Q1’25, up 328% YoY and 18% QoQ, driven primarily by validator bidding activity through the Stake Auction Marketplace (SAM). Marinade Native added 1.2 million SOL in TVL, growing 38.6% QoQ, as demand shifted away from liquid staking and toward native staking products with institutional-grade features. Meanwhile, Marinade’s liquid staking market share fell to 11.3% as competition from Jito and Binance intensified across Solana’s LST sector.