Important crypto news for Jito, which has become the largest protocol on the Solana blockchain, with 10 million SOL, equivalent to 1.4 billion dollars in total locked value.

Let’s see below all the details. 

Jito reaches a prominent position on the Solana crypto blockchain

As anticipated, the liquid staking and MEV infrastructure project Jito has become the largest protocol on the Solana blockchain, with a total value locked (TVL) of 1.4 billion dollars.

With an equivalent of about 10 million SOL, Jito represents approximately 38% of the $3.7 billion TVL of the Solana ecosystem, according to DeFiLlama data.

The Marinade staking protocol is in second place with 1.37 billion dollars of TVL, followed by Kamino, Raydium, and Marginfi with 1 billion dollars, 613 million dollars, and 424 million dollars respectively.

In the liquid staking sector in general, Jito is among the top five on all blockchains, with 3% of the total TVL of 45.5 billion dollars. 

Lido dominates this category with 27.6 billion dollars, followed by Rocket Pool, Binance, and Mantle with 3.6 billion dollars, 2.6 billion dollars, and 1.4 billion dollars respectively.

Approximately 40% of Jito’s flagship liquid staking token supply, JitoSOL, is used as collateral in DeFi.

Lucas Bruder, collaborator of Jito Network, stated the following:

“This is just an inevitable step in the growth of Jito Network. It would not have been possible without the support of Jito supporters, JitoSOL stakers, and all the DeFi protocols on Solana, as well as the engineers working to make Solana an ideal place to build.”

Jito prepares to compete in the restaking market

Jito is also exploring the development of a restaking protocol, as reported by CoinDesk, citing four sources close to the matter. 

This positioning could allow Jito to enter the restaking market, which currently has a TVL of 15.2 billion dollars, with EigenLayer dominating with 14.7 billion dollars.

As for the TVL of Solana, we see that, after touching a minimum of 210 million dollars during the bear market of 2022, it has risen to 3.7 billion dollars, with a growth of about 150% since the beginning of the year.

However, it remains significantly below the all-time high of over 10 billion dollars reached in November 2021.

Jito’s crypto, JTO, reaches new highs 

JTO, the native cryptocurrency of the Jito network, is experiencing a period of strong growth. In the last few weeks, its price has increased by 10%, reaching 3.88 dollars, with a market capitalization of over 450 million dollars. 

This increase follows a recent fluctuation that brought the value of JTO above 5 dollars, followed by a sharp drop to 3.15 dollars, with a subsequent recovery that allowed JTO to rise over 20% from the April low.

Parallel to the increase in price, the open interest of JTO has risen significantly on all major cryptocurrency exchanges, with an increase between 20% and 45% on platforms like Binance, OKX, and Bitget. 

This increase in open interest is a key indicator of market sentiment, suggesting that the bullish trend may continue. 

Indeed, as we know, when open interest grows along with prices, it can indicate greater momentum and greater confidence from investors.

Jito offers a series of advantages to investors, including the possibility of converting SOL into JitoSOL to maintain liquidity and earn staking rewards, as well as obtaining additional benefits from MEV.

We remind you that MEV refers to profit opportunities resulting from transaction ordering, which can be exploited through arbitrage techniques. 

The Jito Foundation was created to address the challenges related to the EVS, promoting a fair distribution of profits and ensuring greater transparency. 

In addition, Jito has developed an open source validation client to promote greater competitiveness in the MEV extraction sector on Solana.