BulkSOL entered the Solana liquid staking wars in October 2025 through a partnership with Sanctum, joining established players like jitoSOL, mSOL, and bSOL in the race for staker attention. This comparison breaks down the economics, risks, and ideal use cases for each token to help you decide where your SOL belongs.
Why Liquid Staking Dominates Solana DeFi
Liquid staking solves the traditional trade-off between earning staking rewards and maintaining capital flexibility. When you stake SOL through protocols like Jito or Marinade, you receive a liquid derivative token that appreciates against SOL as staking rewards accrue. These tokens function as collateral in lending protocols, provide liquidity in DEX pools, and enable leverage strategies while your underlying SOL continues earning ~7-8% APY from validator rewards.
The Solana liquid staking market reached $1.755 billion in total value locked across Sanctum validator LSTs alone as of Q4 2025, with protocols distributing stake across hundreds of validators to reduce centralization risk. Unlike traditional staking which concentrates stake among the top 21 validators holding over 33% of total stake, liquid staking protocols curate diverse validator sets to strengthen network security.
BulkSOL: The Newcomer with DEX Integration
BulkSOL launched in October 2025 as the liquid staking token for Bulk, a Solana perpetuals DEX that raised $8 million in seed funding led by 6th Man Ventures and Robot Ventures in September 2025. The token represents staked SOL through Sanctum's infrastructure and offers approximately 7.5% APY from validator staking rewards.
The strategic advantage lies in ecosystem integration. Bulk built a specialized execution layer promising sub-20ms latency for orderbook trading, positioning BulkSOL as native collateral within their exchange. The protocol also introduced a novel revenue-sharing mechanism where 12.5% of exchange taker fees flow to validators running the bulk-agave client, potentially affecting a 1-2% increase on validator rewards.
[WARNING] BulkSOL has no publicly disclosed audit as of November 2025 and represents a new protocol without established track record. The validator set composition and liquidity depth remain unclear compared to mature alternatives.
Head-to-Head Performance Metrics
jitoSOL leads in both yield and adoption, capturing MEV rewards from bundled transactions on top of base staking returns. The token holds $2.953 billion in total value locked and trades with deep liquidity across major Solana DEXs including Orca and Meteora. Jito pioneered MEV infrastructure for Solana, distributing a portion of those rewards to JitoSOL holders to push APY above standard staking rates.
mSOL from Marinade balances yield with network decentralization, distributing stake across a curated validator set while maintaining $823 million TVL. The protocol charges no platform fee beyond standard validator commissions, making it cost-competitive for holders seeking reliable returns without MEV exposure.
bSOL from BlazeStake operates at smaller scale with $189 million TVL but offers comparable 7-7.5% yields through its own validator selection methodology. The reduced size creates both opportunity (less crowded trade) and risk (lower liquidity depth).
BulkSOL's Unique Value Propositions
BulkSOL differentiates through three potential advantages, though all remain speculative given the October 2025 launch:
DEX Collateral Integration: As native collateral for Bulk's perpetuals exchange, BulkSOL holders may access preferential margin rates or reduced trading fees when the mainnet launches. The protocol's sub-20ms latency target suggests institutional-grade infrastructure that could drive adoption.
Validator Revenue Share: Bulk's model directing 12.5% of taker fees to validators running their custom client creates alignment between exchange volume and staking rewards. If Bulk captures meaningful perpetuals volume, this could incrementally boost BulkSOL yields beyond standard staking rates.
Early Adopter Positioning: Protocols often reward early liquidity providers and stakers with governance tokens or retroactive airdrops. Bulk's $8 million seed round and backing from prominent crypto VCs including Wintermute and Big Brain Holdings signals potential for future token incentives.
[NOTE] None of these advantages are guaranteed. The mainnet launch timeline, actual trading volume, and token distribution mechanisms remain unconfirmed as of November 2025.
Critical Risks You Cannot Ignore
Smart Contract Vulnerabilities
BulkSOL's smart contracts lack public audit reports, exposing users to exploit vectors including infinite minting or unauthorized withdrawals that could result in total loss. Established alternatives like jitoSOL and mSOL have undergone multiple security reviews and battle-tested smart contracts through billions in TVL.
Liquidity Constraints
New LSTs face the chicken-and-egg problem of liquidity. Without deep DEX pools, large unstaking operations create significant slippage, effectively trapping capital. jitoSOL maintains over $10 million liquidity in major pools on Orca; BulkSOL's liquidity depth remains unknown.
Validator Centralization
The validator set backing BulkSOL has not been publicly disclosed, creating uncertainty around network contribution and slashing risk. If Bulk concentrates stake with few validators or uses unproven operators, both network security and individual staker rewards suffer.
Platform Viability
Bulk operates in pre-mainnet testnet phase as of November 2025. If the perpetuals exchange fails to launch or gain traction, BulkSOL loses its primary value proposition beyond generic staking yield. The competitive perpetuals DEX landscape on Solana includes established players with proven product-market fit.
When to Choose Each LST
Pick jitoSOL if: You prioritize maximum APY and don't mind MEV-related centralization concerns. Deep liquidity makes it ideal for large positions or frequent trading. Best for sophisticated DeFi users who actively manage collateral across lending protocols.
Pick mSOL if: You want the safety of Marinade's track record and diversified validator set. The middle-ground approach balances yield with decentralization principles. Best for conservative stakers who value protocol stability over marginal yield optimization.
Pick bSOL if: You believe in mid-cap LST potential and want exposure outside the jitoSOL/mSOL duopoly. The smaller footprint offers upside if BlazeStake captures market share. Best for portfolio diversification across multiple LST positions.
Pick BulkSOL if: You're betting on Bulk Exchange's success and want earliest possible exposure to their ecosystem. You're comfortable with smart contract risk in exchange for potential early adopter rewards. Best for risk-tolerant users already planning to use Bulk's perpetuals DEX and willing to hold through mainnet launch uncertainty.
How to Stake SOL for BulkSOL
As of November 2025, BulkSOL staking operates through Sanctum's infrastructure. The typical process for Sanctum-based LSTs involves:
- Connect your Solana wallet (Phantom, Solflare, or Backpack) to the Sanctum platform
- Navigate to the BulkSOL staking interface
- Enter the amount of SOL you want to stake
- Approve the transaction and receive BulkSOL tokens at the current exchange rate
- Use BulkSOL in DeFi or hold to accumulate staking rewards as the token appreciates against SOL
To unstake, you can either initiate the native unstaking process (typically 2-3 day unbonding period) or swap BulkSOL for SOL immediately on DEXs like Jupiter, though liquidity depth will affect pricing.
[TIP] Before staking, verify current BulkSOL liquidity on Jupiter or Orca to understand your exit options. New LSTs can experience 5-10% slippage on large swaps if liquidity hasn't matured.
Update History
Last Updated: November 28, 2025
Current Status:
- ✅ BulkSOL launched via Sanctum partnership (October 2025)
- ✅ Bulk raised $8M seed round (September 2025)
- ⏳ Bulk mainnet perpetuals DEX pending launch
- ⏳ Bulk testnet pending
- ⏳ Public audit reports not available
- ⏳ TVL and liquidity metrics still establishing
Upcoming Milestones to Watch:
- Bulk mainnet launch and trading volume
- BulkSOL audit completion
- Validator set disclosure
- Integration with major Solana lending protocols
Revisit This Article: Q1 2026 after Bulk mainnet launch provides performance data
Picking Your LST in the 2025 Landscape
jitoSOL dominates with $2.89 billion TVL and MEV-boosted yields, making it the default choice for yield maximalists who accept the centralization trade-offs. mSOL offers the proven alternative with Marinade's decentralization focus and $823 million in battle-tested TVL. bSOL fills the mid-cap niche for diversification-minded stakers willing to trade liquidity depth for potential upside.
BulkSOL presents the highest risk-reward profile—unaudited, illiquid, and dependent on an unproven exchange, but offering earliest exposure to Bulk's ecosystem and potential for outsized early adopter rewards if the protocol succeeds. Your choice depends on risk tolerance, yield requirements, and conviction in Bulk's ability to capture perpetuals market share on Solana.
For most users, starting with jitoSOL or mSOL while allocating 5-10% to BulkSOL as a speculative position balances proven yield with upside exposure. Monitor Bulk's mainnet launch and audit completion before significantly increasing BulkSOL allocation.
Frequently Asked Questions
Is BulkSOL safer than jitoSOL or mSOL?
No, BulkSOL carries higher risk as an unaudited protocol launched in October 2025 with no established track record. jitoSOL holds $2.89 billion TVL with multiple security audits and two years of operation, while mSOL manages $823 million through Marinade's battle-tested infrastructure. BulkSOL's smart contracts lack public audit reports, exposing users to exploit risks that more mature protocols have mitigated. The validator set composition also remains undisclosed, creating additional uncertainty around slashing risk and network contribution. Wait for audit completion and several months of mainnet operation before considering BulkSOL as safe as established alternatives.
What APY can I expect from each liquid staking token?
jitoSOL delivers the highest yields at approximately 7.2-8% APY by combining base staking rewards with MEV income from bundled transactions. mSOL and BulkSOL both offer around 7-7.7% APY from standard validator rewards without MEV premiums, while bSOL provides similar 7-7.5% yields. The exact rate fluctuates based on network inflation, validator performance, and MEV opportunities. jitoSOL's advantage comes from Jito's role operating MEV infrastructure for Solana, allowing them to capture and distribute additional rewards. BulkSOL may eventually offer enhanced yields if Bulk's validator revenue-sharing mechanism (12.5% of exchange taker fees) generates meaningful returns, but this remains unproven as of November 2025.
Can I unstake BulkSOL immediately or does it take days?
You have two unstaking options with different timeframes. Swapping BulkSOL directly for SOL on DEXs like Jupiter or Orca provides immediate liquidity but may incur 3-10% slippage if BulkSOL's liquidity pools remain shallow. The native unstaking process through Sanctum takes 2-3 days due to Solana's unbonding period but guarantees you receive the full value of your staked SOL plus accrued rewards. Check current BulkSOL liquidity depth on Jupiter before staking large amounts, as new LSTs often suffer from inadequate market making that makes instant exits expensive. jitoSOL and mSOL offer significantly deeper liquidity for large unstaking operations with minimal slippage.
How does BulkSOL integrate with Bulk's perpetuals exchange?
BulkSOL functions as native collateral within Bulk's perpetuals DEX, potentially offering preferential margin rates or reduced trading fees compared to other assets. The protocol built a specialized execution layer with sub-20ms latency targeting institutional-grade trading performance, and BulkSOL holders may receive priority access to these features. Bulk also routes 12.5% of exchange taker fees to validators running their bulk-agave client, which could incrementally boost staking yields if trading volume materializes. However, all integration benefits remain speculative until Bulk's mainnet launches, and there's no guarantee these advantages will be meaningful enough to offset BulkSOL's higher risk profile versus established LSTs.
Why does jitoSOL have higher APY than other Solana LSTs?
jitoSOL captures MEV rewards on top of standard staking yields, pushing APY 0.5-1 percentage points higher than alternatives. Jito developed Solana's MEV infrastructure, operating the dominant block engine that bundles transactions for priority execution and extracting value from arbitrage, liquidations, and sandwich trades. A portion of these MEV profits flows to jitoSOL stakers rather than being kept entirely by validators or searchers. This structural advantage allows jitoSOL to consistently outperform LSTs like mSOL or BulkSOL that only earn base staking rewards. The trade-off comes in the form of higher centralization risk, as MEV infrastructure concentrates power among fewer validators capable of running sophisticated operations.
What happens if Bulk Exchange fails after I stake in BulkSOL?
BulkSOL would revert to a generic Sanctum-based LST without ecosystem integration benefits, essentially becoming equivalent to mSOL in functionality but with worse liquidity and smaller TVL. Your staked SOL remains secure assuming no smart contract exploits, and you'd continue earning standard ~7.5% validator rewards regardless of Bulk's success. However, the investment thesis for accepting BulkSOL's elevated risk depends entirely on Bulk capturing perpetuals market share and delivering promised integrations. Without those catalysts, you're holding an inferior LST compared to battle-tested alternatives. The validator revenue-sharing mechanism also becomes irrelevant if Bulk never generates meaningful trading volume to distribute as fees.
Should I split my stake across multiple LSTs or go all-in on one?
Diversifying across 2-3 LSTs reduces smart contract risk and validator centralization while maintaining similar overall yields. A balanced approach might allocate 60% to jitoSOL for maximum APY, 30% to mSOL for safety and decentralization, and 10% to BulkSOL as a speculative position on Bulk's ecosystem. This structure captures jitoSOL's MEV premium, benefits from Marinade's validator diversity, and provides upside exposure to BulkSOL's early adopter potential without excessive concentration risk. Avoid putting 100% into any single LST, especially newer unaudited options, as smart contract exploits in liquid staking have historically resulted in total loss of staked capital. The yield difference between LSTs (typically under 1% APY) doesn't justify the additional risk of concentrated positions.
How liquid is BulkSOL compared to jitoSOL for large positions?
BulkSOL faces severe liquidity constraints compared to jitoSOL's deep markets on major Solana DEXs. jitoSOL maintains over $10 million in liquidity across Orca pools and trades $30+ million daily volume, allowing six-figure swaps with minimal slippage. BulkSOL launched in October 2025 without disclosed liquidity metrics, meaning large unstaking operations (>$10,000) likely face 5-15% slippage until market makers establish deeper pools. This liquidity gap matters most during market stress when you need to exit quickly—jitoSOL holders can unstake instantly at fair prices, while BulkSOL holders may be forced to accept punitive rates or wait 2-3 days for native unbonding. Test BulkSOL's liquidity with small swaps on Jupiter before committing large positions.