According to data from DefiLlama, Jito, which provides liquid staking and MEV services, has locked up approximately 10 million SOL in total value. The protocol debuted in December last year, offering a generous airdrop of $165 million in tokens to users who staked SOL for a specified period. This initiative was supported by a $10 million series A funding round led by Multicoin Capital and Framework Ventures.
Despite the recent downturn in the crypto market, Jito’s total value locked has surged to over $1.4 billion, even as SOL trades below $140 per CoinMarketCap. Despite this, Solana remains one of the top blockchains in terms of total deposits from DeFi users, ranking fourth overall.
Following Jito, Marinade Finance, a staking protocol, ranks second on Solana‘s network with a TVL of $1.3 billion, underscoring the demand for platforms that generate yields on the layer 1 chain.
However, neither of these Solana protocols ranks among the top three services in the $45 billion liquid staking landscape. Leading the pack are Lido, Rocket Pool, and Binance, with participation totaling $27.9 billion, $3.6 billion, and $2.6 billion, respectively.
Looking ahead, Jito Labs, the entity behind Jito’s protocol, is reportedly considering introducing restaking facilities to Solana‘s network. Restaking gained traction last year, allowing users to secure multiple decentralized applications and solutions using native cryptocurrencies like Ether (ETH). If successful, Jito could tap into the $15.2 billion restaking market, currently dominated by EigenLayer, and potentially enter the liquid restaking scene alongside projects like Ether.fi.
Summary Review: Jito has emerged as a significant player within Solana‘s ecosystem, capturing a substantial portion of assets deposited on the blockchain. Despite the recent market fluctuations, Jito‘s total value locked has surged, reflecting its growing prominence within the SOL network. As the protocol explores plans to introduce restaking facilities, it seeks to further expand its offerings and potentially tap into the thriving restaking market. With continued developments and innovations, Jito aims to solidify its position as a key player in the evolving landscape of decentralized finance on Solana.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
