Jito, a liquid staking and MEV infrastructure project on Solana, has cemented its position as the largest protocol within the ecosystem, boasting a staggering $1.4 billion in total value locked (TVL). This translates to roughly 38% of the entire Solana DeFi landscape, which currently holds $3.7 billion in TVL according to DeFiLlama data.
Jito surpasses established players like Marinade ($1.37 billion TVL), Kamino, Raydium, and Marginfi, solidifying its dominance within the Solana ecosystem. Notably, Jito also ranks among the top five liquid staking protocols across all blockchains, commanding 3% of the $45.5 billion total TVL in this niche market.
Jito’s flagship JitoSOL token, a liquid staking derivative, thrives within DeFi, with nearly 40% of its supply currently used as collateral. This highlights the project’s growing influence and utility within the Solana ecosystem.
Looking ahead, Jito reportedly aims to expand its reach by developing a restaking protocol, potentially competing with the likes of EigenLayer in the lucrative $15.2 billion restaking market.
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Jito’s success reflects the broader resurgence of the Solana ecosystem. After plummeting to $210 million during the 2022 bear market, Solana’s TVL has rebounded significantly, reaching $3.7 billion and marking a 150% year-to-date increase. Despite this progress, Solana remains well below its all-time high of $10 billion witnessed in November 2021, currently sitting 63% shy of that peak.
Jito’s ascent to the top of the Solana ecosystem signifies the growing importance of liquid staking and MEV infrastructure within the DeFi space. As Solana continues its recovery, Jito’s strategic expansion plans, including the potential development of a restaking protocol, could further solidify its position as a major player in the evolving landscape.
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