Blockchain analytics leader Nansen has teamed up with the Solana-based protocol Sanctum to launch nxSOL, a new liquid staking token (LST) designed to enhance staking liquidity within the Solana ecosystem. This strategic partnership introduces a fresh option for users to earn SOL staking rewards while maintaining immediate access to their funds in Solana’s decentralized finance (DeFi) landscape.
Solana, recognized as the second-largest blockchain by total value locked (TVL), currently holds over $13 billion across its network. With approximately 68% of SOL’s circulating supply staked — roughly 372 million tokens valued at $74.5 billion — the demand for more flexible staking solutions continues to grow. Stakers on Solana earn an average annual yield of 4.38%, according to Coinbase data.
The nxSOL token offers users the ability to collect staking rewards on their SOL holdings without sacrificing liquidity. Token holders can trade or utilize nxSOL throughout Solana’s vibrant DeFi protocols, effectively unlocking capital that otherwise would be locked in long-term staking contracts. Nansen emphasized that the project aims to simplify and improve the user experience around staking on Solana.
Sanctum, a significant player within the Solana ecosystem, has rapidly expanded its total value locked—from $900 million in April to $2.5 billion—making it the fourth largest protocol on the network. By collaborating with Sanctum, Nansen seeks to leverage this growth while integrating staking assets more dynamically across various decentralized applications.
nxSOL enters a competitive market of liquid staking on Solana, joining established protocols such as Jito and Marinade. Currently, JitoSOL leads the sector with over $2.9 billion in locked value, while Marinade’s liquid staking token, mSOL, holds about $835 million TVL and offers a 30-day average annual percentage yield (APY) of approximately 6.89%.
This development aligns with a larger trend on Solana toward greater decentralization, efficiency, and liquidity. As the Solana ecosystem continues to attract investors through its high-speed transactions and low fee structure, liquid staking tokens like nxSOL are instrumental in fostering more versatile capital deployment.
Alex Svanevik, CEO of Nansen, commented on the launch, stating, “nxSOL marks the next chapter in Nansen’s staking journey, expanding our reach into Solana while staying true to our mission of making onchain participation simple, liquid, and secure. It’s about unlocking new horizons for users and builders as staking becomes an integral part of the onchain economy.”
The introduction of nxSOL also represents Nansen’s ongoing expansion in the staking domain. Following the acquisition of validator platform StakewithUs last year, Nansen’s total staked assets have surged from $60 million to over $2 billion. This growth spans more than 20 blockchain networks and includes a community of 350,000 stakers, highlighting the firm’s significant role in the evolving decentralized finance space.
