Solana protocol Jito grabs $1.4b TVL

As a crypto investor with a significant portion of my assets on Solana’s blockchain, I’m thrilled to see Jito’s success and growth within the SOL ecosystem. With over 38% of total assets deposited and a TVL worth over $1.4 billion, it’s impressive to witness the impact this project has made since its launch last year.

As a crypto investor, I’m excited to note that over 38% of assets are currently deposited on Solana’s blockchain through Jito. This makes Jito the leading protocol within the SOL ecosystem.

As a data analyst, I’ve examined the latest figures from DefiLlama, and I can tell you that Jito, which specializes in liquid staking and MEV solutions on Solana (SOL), holds the largest stake in the network. With approximately 10 million SOL worth of assets locked in their platform, they lead the way in terms of total value locked (TVL).

As a crypto investor, I’d put it this way: Last December, I became part of the Jito project when they distributed $165 million worth of tokens for free through an airdrop. To be eligible for this community incentive, I had to lock up my SOL tokens for a specified duration. This initiative was supported by a successful $10 million Series A funding round led by Multicoin Capital and Framework Ventures.

After the recent cryptocurrency market dip, I, as an analyst, observe that Jito’s TVL (Total Value Locked) now exceeds $1.4 billion. Solana’s coin price is currently under $140 according to CoinMarketCap. However, it’s important to note that Solana’s blockchain remains the fourth-largest in terms of deposits from DeFi (Decentralized Finance) users.

Solana protocol Jito grabs $1.4b TVL

With a total value locked of $1.3 billion, Marinade Finance’s staking protocol, Tailing Jito, ranks as the second most popular yield-generating platform on the Solana blockchain network, demonstrating strong demand for such services on this layer 1 chain.

Despite being two significant protocols in the Solana ecosystem, they currently trail behind Lido, Rocket Pool, and Binance in terms of market dominance in the $45 billion liquid staking sector. Lido, Rocket Pool, and Binance have garnered the largest user bases, with $27.9 billion, $3.6 billion, and $2.6 billion in assets under management respectively.

Solana’s biggest player eyes restaking trend

According to reports from four reliable sources, Jito Labs, the organization responsible for Jito’s protocol, intends to introduce staking services on the Solana blockchain.

As a researcher studying the blockchain industry, I’ve observed an intriguing development in the field of “restaking” last year. This concept gained significant traction with platforms such as EigenLayer enabling users to secure various dapps and solutions using their native cryptocurrencies, primarily Ethereum (ETH).

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2024-05-02 18:56