MoonPay has introduced a new liquid staking service for Solana (SOL), offering an 8.49% annual yield with no lockup period. Users can stake as little as $1 worth of SOL to receive mpSOL tokens, which accrue rewards every 48 hours and can be freely traded or instantly unstaked. The service is available in over 100 countries, excluding New York and the European Economic Area.
CEO Ivan Soto-Wright emphasized the platform's design mimics traditional savings accounts, stating: "We've built something that looks and feels like a traditional savings account, but with blockchain earnings behind it." This launch expands MoonPay's Web3 suite following its recent New York BitLicense approval, positioning it alongside regulated entities like Coinbase and Robinhood.
The timing coincides with surging interest in Solana staking, which briefly overtook Ethereum in total value staked at $53.9 billion versus $53.7 billion in April. Solana's average 8.3% yield significantly exceeds Ethereum's 3.2%, driving institutional adoption through products like the new Solana staking ETF that surpassed $100 million in volume within two weeks. Companies including Upexi and DeFi Development Corp have accumulated nearly 3 million SOL tokens for long-term holdings.
While competing with native Solana platforms like Marinade and Jito, MoonPay aims to simplify staking for non-technical users through its streamlined interface and micro-staking capabilities.