MEXC Doubles Down on MXSOL as Solana Liquid Staking Heats Up
MEXC is actively promoting its MXSOL liquid staking token, offering Solana holders up to 7.04% APR while keeping their capital fully liquid through spot market trading. The announcement highlights a growing trend: centralized exchanges are no longer content to simply list tokens. They want to be the place where users stake, earn yield, and trade their liquid staking derivatives, all under one roof.
MXSOL works like a receipt token. When you stake SOL on MEXC, you receive MXSOL in your spot wallet. That MXSOL represents your staked SOL plus accumulated rewards, and its value relative to SOL increases over time as staking yields compound. The minimum stake is just 0.1 SOL, and unlike traditional staking with its epoch-long lock-ups, MXSOL can be traded on MEXC's spot market at any time.
The CEX Liquid Staking Playbook
MEXC is not inventing this model. It is following a playbook that Binance and Coinbase established years ago with WBETH and cbETH respectively. Binance's WBETH currently commands roughly $3.8 billion in total value locked across Ethereum and BNB Chain pools, while Coinbase's cbETH represents about 1.8 million staked ETH, giving Coinbase a 21.7% share of centralized exchange staking for Ethereum.
The difference with MXSOL is the target chain. While Binance and Coinbase built their liquid staking empires around Ethereum, MEXC is planting its flag squarely in the Solana ecosystem. This matters because Solana's liquid staking landscape is one of the most competitive in crypto. JitoSOL holds roughly 50% market share among Solana LSTs, with Marinade's mSOL falling from 60% to 22% over the past year. Single-validator LSTs like jupSOL are capturing an increasing share of new liquidity.
By offering MXSOL, MEXC is positioning itself as the CeFi on-ramp to Solana staking yield. Users who are uncomfortable managing DeFi protocols, choosing validators, or navigating DEX liquidity pools can stake through MEXC's interface and still benefit from a liquid, tradable position.
How MXSOL Stacking Economics Work
The daily yield calculation is straightforward: staking amount multiplied by APY divided by 365. At the current advertised rate of 7.04% APR, staking 100 SOL would generate approximately 0.019 SOL per day, or roughly 7 SOL per year before any compounding effects.
What makes CEX liquid staking tokens appealing is the dual utility. You earn staking rewards passively while the token itself can be used in other ways. On MEXC, MXSOL trades on the spot market, meaning you can exit your staked position immediately without waiting the typical 2-5 day unstaking period that Solana's native delegation requires.
The trade-off is trust. Unlike DeFi liquid staking protocols where smart contracts handle delegation transparently on-chain, CEX LSTs require trusting the exchange to properly manage the underlying staked assets. MEXC handles the validator selection, reward distribution, and redemption mechanics internally.
What SOL Holders Should Weigh Before Staking
The 7.04% APR headline requires context. DeFi alternatives like JitoSOL offer competitive yields, often in the 6-8% range, with the added benefit of MEV rewards that boost effective returns. JitoSOL also integrates deeply with Solana DeFi, meaning holders can use it as collateral on lending platforms like Solend, Drift, and Marginfi, creating additional yield layers that MXSOL cannot currently match outside of MEXC's ecosystem.
However, MXSOL has clear advantages for certain user profiles. If you already trade on MEXC and want passive yield without leaving the exchange, MXSOL eliminates the friction of bridging assets, managing wallets, and interacting with DeFi protocols. For users prioritizing convenience over maximum yield extraction, CEX LSTs are the pragmatic choice.
Commission structures also matter. Binance takes an estimated 10% commission on WBETH staking rewards, while Coinbase charges a steep 35% on cbETH yields. MEXC has not publicly disclosed its exact commission rate for MXSOL, which is worth investigating before committing significant capital.
CEX Liquid Staking and the Broader Yield Landscape
The proliferation of CEX liquid staking tokens reflects a broader shift in how exchanges generate revenue and retain users. Spot trading fees are being compressed by competition. Exchanges that can lock in user deposits through staking products, earn products, and integrated yield strategies build stronger moats.
This trend directly impacts the crypto card ecosystem. Exchanges like Bybit and Binance already tie card benefits to staked balances and account tiers. As liquid staking tokens become standard on every major CEX, expect tighter integration between staking positions and card perks, where your MXSOL balance might eventually count toward spending tier requirements or cashback multipliers.
The competitive pressure also pushes DeFi protocols to innovate. Sanctum's INF token, an aggregated LST that optimizes across multiple Solana validators, is one response to CEX encroachment. The result is more options for SOL holders, but also more complexity in evaluating which staking path offers the best risk-adjusted return.
FAQ
What is MXSOL? MXSOL is MEXC's liquid staking token for Solana. When you stake SOL on MEXC, you receive MXSOL in your spot wallet. It represents your staked SOL plus accumulated rewards and can be traded on MEXC's spot market at any time.
What APR does MXSOL offer? MEXC currently advertises up to 7.04% APR for MXSOL staking. The actual rate may fluctuate based on Solana network staking conditions and MEXC's commission structure.
How does MXSOL compare to DeFi options like JitoSOL? JitoSOL offers similar base yields (6-8%) plus MEV rewards, and integrates with Solana DeFi lending platforms for additional yield layers. MXSOL is simpler to use but limited to MEXC's ecosystem. DeFi options offer more composability, while MXSOL offers convenience.
Is there a lock-up period? There is no traditional lock-up since MXSOL is tradable on the spot market. However, if you redeem MXSOL back to SOL directly, it may take up to 5 days for the unstaking process to complete.
Overview
MEXC's push to promote MXSOL highlights the intensifying competition among centralized exchanges to capture staking deposits. With Binance's WBETH dominating ETH liquid staking and JitoSOL leading Solana's DeFi LST market, MEXC is carving out a CeFi niche for SOL stakers who prioritize convenience over DeFi composability. The 7.04% APR is competitive but not class-leading, and users should compare commission structures, exit flexibility, and the trust trade-offs inherent in CEX-managed staking before committing. As exchanges increasingly bundle staking with trading and card products, liquid staking tokens are becoming the connective tissue between earning yield and spending crypto.
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