Kinetiq Overtakes Binance Staked SOL to Become Fifth-Largest Liquid Staking Protocol
According to DefiLlama (decentralized finance data platform), Hyperliquid-based Kinetiq has moved ahead of Binance Staked SOL in the liquid staking market.
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Summary
Kinetiq, a protocol built on Hyperliquid (high-performance blockchain trading network), has surpassed Binance Staked SOL to rank as the fifth-largest liquid staking protocol, according to DefiLlama. The update highlights a shift in the liquid staking sector, where users lock tokens in staking (locking crypto to help secure a network) while receiving tradable assets that represent those deposits. Moving ahead of a Binance-linked product suggests Kinetiq has gained enough deposited value to climb into the top five protocols tracked in this category.
Terms & Concepts
- Liquid staking: A staking model that lets users lock tokens to earn network rewards while receiving a transferable token representing the staked position.
- Staking: The process of locking cryptocurrency to support blockchain operations, typically in exchange for rewards.
- DefiLlama: A crypto data platform that tracks total value locked and protocol rankings across decentralized finance sectors.