Jito, a leading liquid staking and MEV provider, has emerged as the largest protocol on Solana’s blockchain, holding approximately 10 million SOL in total value locked (TVL). This impressive figure represents around 38% of all assets on Solana, according to data from DefiLlama. With SOL’s current value below $140, Jito’s assets surpass $1.4 billion, positioning it at the forefront of Solana’s financial ecosystem, even amidst the latest downturns in the crypto market.
Rising Demand for Staking Solutions on Solana
Launched in December of the previous year, Jito quickly gained attention by distributing $165 million in free tokens through an airdrop. To participate, users had to stake SOL for a certain period, part of a community incentive supported by a $10 million series A funding led by Multicoin Capital and Framework Ventures.
Close behind Jito, Marinade Finance ranks second on the Solana network, with a TVL of $1.3 billion. This highlights the growing interest in yield-generating platforms within Solana, a leading layer 1 blockchain. Despite their success, neither Jito nor Marinade Finance ranks among the top three in the broader $45 billion liquid staking market, which is led by giants such as Lido, Rocket Pool, and Binance.
Innovations in Restaking on the Horizon
Jito Labs, the organization behind Jito, is reportedly planning to introduce restaking services to the Solana network. This move could revolutionize how users interact with decentralized applications (dapps) and solutions by securing them with native cryptocurrencies, a trend spearheaded by services like EigenLayer with Ether (ETH).
If successful, Jito will tap into a $15.2 billion restaking market currently dominated by EigenLayer and explore opportunities in the liquid restaking sector with projects akin to Ether.fi. This expansion could significantly enhance Solana’s attractiveness as a hub for innovative financial services and secure its position as a leader in the evolving cryptocurrency landscape.