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MoonPay Launches Liquid Staking with 8.49% Yield for Solana Users

Highlights:

  • The new platform offers Solana staking with yield and no lockup through its new token.
  • Users of the platform can stake and earn rewards every two days.
  • Solana staking demand has grown as institutions increase their holdings.

MoonPay has launched a new liquid staking option that enables those holding Solana to obtain an annual income of 8.49%. With just one dollar, the users will be able to start staking and obtain a token known as mpSOL. This token is a symbol of their staked SOL and brings rewards approximately every 2 days. Users are able to redeem the mpSOL at any time, receiving unstaked SOL.

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There is no lockup period on the service, and therefore users are in charge of their assets. This feature is now active across most global regions. However, it remains unavailable in New York and countries within the European Economic Area. Users outside these areas can access the service through MoonPay’s platform.

MoonPay staking enables users to take part in the expanding Solana network without technical difficulties. This release coincides with a general rise in the popularity of Solana staking. As yields remain higher than many other networks, more users are turning to Solana-based options for passive income. The product by MoonPay provides a simple way to earn rewards directly on-chain. The staking structure gives flexibility and allows users to earn while keeping their assets liquid. These features could make it a popular choice among retail participants.

MoonPay Adds Pressure on Solana Staking Platforms

There are already platforms such as Marinade and Jito dominating the Solana liquid staking market. They also have comparable yields and easy liquidity. MoonPay, however, delivers to this niche through an emphasis on ease of use and ease of access. Its staking service is aimed at users who seek limited procedures and straightforward data.

According to Ivan Soto-Wright, chief executive officer of the company, the service resembles a savings account but one that provides blockchain-enabled income. Such a design would appeal to users who have never used complex staking tools. The service supports micro-staking, which allows users to earn with low capital. MoonPay began in 2019 as a fiat-to-crypto gateway. Over time, it expanded into areas like NFTs, stablecoins, and Web3 tools. Now it adds staking to its list of products. By doing this, the company continues to build a wider offering aimed at everyday users.

Recently, MoonPay received a BitLicense, which permits it to operate across all 50 U.S. states. This move allows MoonPay to deliver its services without relying on third-party partners. It also places the company among a small group with national permissions in the digital asset sector.

Institutional Interest in Solana Climbs

Institutional attention toward Solana continues to rise as MoonPay launches its liquid staking platform. Solana briefly passed Ethereum in total staked value in April. The staking rate of Solana stands at 8.3% on average, which is much higher than 3.2% in Ethereum. This momentum is reflected in major purchases. DeFi Development Corp. added 141,383 SOL, raising its total to nearly one million. These purchases show confidence in long-term Solana returns.

The launch of the first Solana staking ETF added more strength to this trend. The fund crossed $100 million in trading volume within two weeks. This response came mostly from registered investment advisors.

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