Jito Becomes Largest Protocol on Solana With $1.4 Billion TVL
The liquid staking and MEV infrastructure project, Jito, has emerged as the biggest protocol on Solana, boasting a total value locked of $1.4 billion. Here are some key insights:
- With about 10 million SOL, Jito represents 38% of the Solana ecosystem’s $3.7 billion TVL.
- Staking protocol Marinade follows with $1.37 billion TVL, while Kamino, Raydium, and Marginfi hold $1 billion, $613 million, and $424 million respectively.
- Jito ranks in the top five across all blockchains in the liquid staking market, capturing 3% of the $45.5 billion TVL.
Leading the Market Toward Growth
Jito’s liquid staking token supply, JitoSOL, sees 40% deployed as collateral in DeFi, marking a significant step in Jito Network’s evolution.
The team behind Jito Network recognizes the collaborative efforts of supporters, JitoSOL stakers, and Solana’s DeFi community in establishing Solana as a prime ecosystem for innovation.
Exploring Restaking Opportunities
Jito is exploring the development of a restaking protocol to expand its offerings and compete in a market brimming with potential. Key points include:
- Reports suggest Jito aims to enter the restaking sphere to challenge projects like EigenLayer.
- The restaking market boasts a TVL of $15.2 billion, with EigenLayer leading at $14.7 billion, according to DeFiLlama.
Solana’s Growth Trajectory
Solana’s ecosystem TVL plummeted to $210 million during the 2022 bear market but has since rebounded to $3.7 billion, marking a 150% increase year-to-date. Despite this growth, Solana remains 63% below its peak of over $10 billion in November 2021.
Hot Take: Jito Paving the Way for Solana’s DeFi Future 🚀
Jito’s dominance in the Solana ecosystem showcases its potential as a game-changer in the DeFi space. With innovative approaches to liquid staking and plans for entering the restaking market, Jito is poised to drive significant growth and advancement within the Solana network. Keep an eye on Jito as it continues to shape the future of DeFi on Solana!
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