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In a bold move, Haze, a co-founder of the meme-based platform GMGN, has announced that the platform will be staking all of its SOL earnings into the Solana ecosystem. This comes after it was announced that GMGN earned approximately $60 million in Solana through transaction fees.
Instead of selling the tokens, the platform has invested it back into the network, showing its strong commitment to the Solana ecosystem and its long-term growth.
GMGN Stake Strengthen the Solana Network
GMGN’s decision to stake its entire $60 million worth of SOL is more than just a financial strategy. It is a way to contribute to Solana’s stability.
Staking involves locking up tokens to support the network and its validators, improving security and decentralization. BitGo, a renowned digital asset infrastructure provider, has become one of the biggest players in the staking industry.
Reportedly, the company has recorded nearly $50 billion in locked value in its staking operations. This process helps protect the network from potential attacks. It also ensures the network’s smooth operation as it scales to support more decentralized apps (dApps) and financial platforms.
With GMGN’s large stake in the network, Solana would benefit from increased validator participation, which is crucial for maintaining the integrity of the blockchain. This support makes Solana stronger, safer, and more trustworthy for developers and users. It is a move that benefits both GMGN and the wider Solana community.
Improving Transaction Speed on Solana
GMGN’s staking move has also helped improve Solana’s speed. Haze shared that GMGN’s involvement has helped drop Solana’s transaction time to just 0.58 seconds.
This fast transaction time makes Solana more attractive to dApps and decentralized finance (DeFi) platforms, where speed is crucial for a good user experience.
GMGN’s decision reflects a deeper belief in the Solana ecosystem’s potential to scale and become a dominant force in the blockchain space.
A Broader Industry Trend
GMGN is not the only project choosing to stake its earnings instead of selling them. This is part of a growing trend across the blockchain world, where platforms are showing a long-term commitment to the networks they rely on.
On the Solana network, projects like Jito Labs and Marinade have also reinvested their earnings into staking. Jito uses staking rewards to support validators and boost network speed. Likewise, Marinade spreads its stake across smaller validators to help decentralize the chain.
Platforms like Lido Finance and EigenLayer are doing something similar on the Ethereum blockchain. Lido retakes its treasury Ethereum (ETH) to support validators, and many EigenLayer builders are locking up their tokens to add extra security to the network.
Even Frax Finance has shifted its strategy by turning its assets into staked Ethereum, supporting Ethereum while growing its treasury.
