Jito becomes Largest Defi Protocol on Solana with 1.4 Billion Dollars in TVL
Liquid staking and MEV provider Jito have become the largest protocols on the Solana blockchain, with $1.4 billion in total value locked (TVL).
According to DefiLlama data, liquid staking and MEV infrastructure project Jito account for approximately 38% of assets deposited on Solana's blockchain, which makes it Solana’s (SOL) largest project, with around 10 million SOLs ($1.4 billion) in TVL.
10M $SOL staked with Jito! 🥳
Lfg fam! Amazing milestone but we can’t stop here, 20M before breakpoint!
Accelerate. 🟢 pic.twitter.com/oMunyuFl4t
— Jito (@jito_sol) May 1, 2024">
With a TVL of $1.35 billion, the staking protocol Marinade is ranked second, followed by Raydium, Marginfi, and Kamino, with TVLs of $1.03 billion, $613 million, and $421 million, respectively.
Furthermore, Jito ranks among the top five on all blockchains in the liquid staking market, accounting for 3% of the $45.5 billion TVL.
Jito makes up 3% of the $45.5 billion total token market value (TVL), placing it in the top five across all blockchains. Sitting at the top with $27.6 billion, Lido leads the market, followed by Rocket Pool, Binance, and Mantle at $3.6 billion, $2.6 billion, and $1.4 billion, respectively.
Jito's rise to the top ranks coincides with the recovery of Solana's ecosystem as a whole, with TVL up roughly 150% so far this year. Solana's TVL is currently valued at $3.7 billion, up from a low of $210 million during the bear market in 2022, despite still being 63% below its $10 billion peak in November 2021.
There has been a change in the DeFi environment on Solana, with Jito TVL taking the top spot. According to the data, Jito is becoming more and more popular as a DeFi protocol. Even though they are not as prevalent, the other protocols account for a sizeable share of the total TVL on Solana.
According to CoinDesk, which cited four people with knowledge of the matter, Jito is also looking to create a restaking protocol, which will help it compete with other projects that are attempting to emulate EigenLayer's success. DeFiLlama data shows that the restaking market presently generates $15.2 billion in TVL, of which EigenLayer alone accounts for $14.7 billion.
Since its launch in December of last year, Jito has given away $165 million in free tokens through airdrops. To be eligible for the community incentive, which was backed by $10 million in Series A funding, a financing round that Framework Ventures and Multicoin Capital led, users had to stake SOL for a certain period of time.
Meanwhile, after enduring market challenges in April, Jito's token, JTO, has recovered strongly. CoinMarketCap data indicates that the token increased by 24.93% in the past day to trade at a daily high of $3.57.
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