- As the largest protocol in the SOL ecosystem, Jito boasts about 38% of the assets put on Solana’s blockchain.
- With around 10 million SOL in total value locked (TVL), Jito, a provider of MEV and liquid staking, is Solana’s (SOL) largest project, according to data from DefiLlama.
With its December launch, Jito gave away $165 million in free tokens through an airdrop. To be eligible for the community reward, which was supported by a $10 million series, users had to bet SOL for a certain amount of time. a financing round that Framework Ventures and Multicoin Capital lead.
Jito’s TVL is valued at more than $1.4 billion after the most recent decline in the cryptocurrency market, while SOL is only around $140 according to CoinMarketCap. Despite this, the blockchain still has the fourth-highest deposits from defi users.
Demand for yield-generating platforms on the layer 1 chain is indicated by Marinade Finance, a staking protocol that is tailing Jito and ranking second on SOL’s network at a $1.3 TVL.
Both Solana protocols do not, however, rank in the top three services in the $45 billion liquid staking market. With $27.9 billion, $3.6 billion, and $2.6 billion in total participation, Lido, Rocket Pool, and Binance have garnered the highest amounts.
Biggest player in Solana watches the restaking trend
Jito Labs, the company that created the Jito protocol, intended to add restaking capabilities to Solana’s network.
Restaking became popular last year when users could utilize native cryptocurrencies, mostly Ether (ETH), to secure numerous dapps and solutions thanks to services like EigenLayer. Should Jito be successful, it will join the $15.2 billion restaking business that EigenLayer presently controls and probably make a move into the liquid restaking space with initiatives such as Ether.fi.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
