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The RealValidator Team Editorial team

An LST, or Liquid Staking Token, is a tokenized on-chain claim on SOL that has been delegated to validators through a stake pool — the staker holds an SPL token representing their share of the pool rather than a native stake account. The three major Solana LSTs as of epoch 971 (2026-05-15) are mSOL (issued by Marinade), jitoSOL (issued by the Jito Stake Pool), and bSOL (issued by SolBlaze).

The correct phrasing is "liquid staking" as an adjective ("liquid staking token", "liquid staking protocol"); "liquid stake" is not a term used in the protocol's own documentation and should be avoided.

How an LST works

The mechanics for all three major LSTs follow the same pattern:

  1. A staker deposits SOL into the stake pool contract.
  2. The contract delegates that SOL to validators according to the pool's selection criteria — Marinade SAM for Marinade, the Jito Stake Pool selection algorithm for jitoSOL, the SolBlaze selection algorithm for bSOL.
  3. The staker receives LST tokens at the current exchange rate between SOL and the LST.
  4. The LST's exchange rate against SOL rises over time as staking rewards accrue to the pool, so 1 mSOL is worth more SOL today than it was at the previous epoch (assuming positive net rewards).
  5. To exit, the staker either redeems LST back to SOL through the pool (subject to the pool's exit queue) or trades the LST on a DEX at market price.

The staker does not hold a native stake account; they hold an SPL token. Rewards accrue not as separate distributions but as appreciation of the LST's exchange rate against SOL.

Trade-offs vs. native staking

DeFi composability. LSTs participate in Solana lending, liquidity pools, and structured products. mSOL, jitoSOL, and bSOL are all listed on major DEXes (Jupiter, Orca, Raydium) and accepted as collateral on Solend, MarginFi, and Kamino. Native stake accounts do not have this functionality — they cannot be deposited into a lending market or used in an AMM. For a staker who wants to earn staking yield while also using the same SOL as DeFi collateral, an LST is the only structurally compatible option.

Exit liquidity. LST holders can exit immediately at the DEX market price. Native staking requires a deactivation epoch (~2 days; see the epoch entry) before SOL is liquid. The trade-off is that LST exit at market depth incurs a discount to the protocol redemption value, especially in stressed markets; a ~1-3% discount is typical for the three major LSTs in calm conditions, and has been observed widening under outflows.

Smart-contract risk. Every LST is the output of a smart contract. A critical exploit in the contract, the underlying stake pool, or any integrated DeFi protocol affects the holder. Native stake accounts have no contract-level risk surface beyond the Solana runtime itself. The three major LSTs have multi-year track records and published audits, but the risk surface is non-zero and structurally different from native staking.

Restaking opportunities. LSTs can be re-staked or recursively deposited into other protocols to compound yield — for example, depositing jitoSOL into a lending market and borrowing more SOL to stake again. These positions carry liquidation risk and amplify smart-contract exposure but are unavailable to native stakers.

Validator selection delegation. An LST holder delegates the validator-selection decision to the pool's algorithm. A staker with a strong view on which operator should hold their stake gives up that choice. Native delegation lets the staker pick the validator directly.

MEV exposure. jitoSOL is the most MEV-exposed LST because the Jito Stake Pool selects validators running the Jito client (see the Jito disambiguation and the Firedancer/Frankendancer entry). mSOL and bSOL include MEV revenue only insofar as their selected validators happen to participate in the Jito Block Engine.

What an LST is not

  • Not a wrapped SOL. Wrapped SOL (wSOL) is a 1:1 SPL representation of native SOL for SPL-token compatibility; it has no staking exposure. LSTs accrue staking rewards.
  • Not a stablecoin against SOL. The LST/SOL exchange rate is not fixed at 1.0; it appreciates over time and can briefly trade at a discount or premium on the open market.
  • Not a single-validator instrument. Every major LST aggregates many validators. A staker who wants single-validator exposure (good or bad) must use native delegation.

Sources

  • Stake Pool Tracker — Marinade SAM, Jito Stake Pool, and SolBlaze methodology with current LST market sizing

LST data cited: protocol documentation, epoch 971, 2026-05-15. Exchange rates and pool composition update each epoch; verify on a fresh snapshot when citing specific LST yields.