Fintech firm MoonPay introduced a new liquid staking product for Solana (SOL) investors as part of an expanding market fueled by demand from investors for onchain yield. The product is unveiled as Solana’s network experiences a record amount of staking action, huge ETF inflows, and significant treasury purchases by companies like DeFi Dev and Upexi.
mpSOL offers flexible, high-yield option with no lockup period
The new service enables users to stake their SOL and earn an 8.49% per annum yield. Using liquid staking, MoonPay provides stakeholders with a liquid staking token called mpSOL. According to the company, staking can be started at as low as $1, while rewards from staking are rewarded about every two days. Notably, the service allows unstaking of the tokens at any given time, preventing lockup periods.
The product, which weighed 23 kg on July 23, can be accessed globally with the exception of New York and European Economic Area nations.
In doing so, MoonPay is entering a saturated liquid staking market already led by Solana-native players such as Marinade and Jito, both offering similar yield rates and fungible liquidity through their respective staking tokens.
Ivan Soto-Wright, CEO and co-founder of MoonPay, described the product as a way to lower barriers to earning in crypto. “We’ve built a product that mirrors the ease and familiarity of a traditional savings account, but with the earning potential of blockchain networks behind it,” he said in a press release.