MoonPay, a prominent cryptocurrency payment services provider, has rolled out its new mpSOL token, enabling users to stake Solana (SOL) and earn rewards of up to 8.49% Annual Percentage Yield (APY). This expansion aims to broaden accessibility to Solana’s staking ecosystem, positioning MoonPay to compete directly with existing liquid staking protocols like Marinade and Jito.
Customers in major markets, including the U.S. (excluding New York), Canada, and the UK, can now stake SOL through MoonPay and receive their rewards every two days. The move enters a sector where Marinade Finance (mSOL) and Jito (JitoSOL) currently dominate the provision of tokenized staking derivatives on Solana.
This launch coincides with heightened institutional interest in Solana staking, underscored by the recent debut of the REX-Osprey Solana + Staking ETF. MoonPay emphasizes user experience and accessibility as key advantages of its mpSOL offering, designed to simplify the staking process.
The introduction of mpSOL seeks to enhance liquidity within the Solana ecosystem and bolster the network’s overall security protocols. This expansion of staking options signals growing engagement from both institutional and retail investors capitalizing on the Solana staking market.