The TVL of the Solana-based liquid staking platform Jito Network (JTO) reached $1.42 billion, making it the largest protocol on the network.
TVL Jito. Data: DeFi Llama.According to the team, the volume of coins blocked in the protocol exceeded 10 million SOL.
Jito just passed 10M $SOL staked and is now the top spot on @solana by TVL.
Shout out to our community and all the other teams that stuck around through the bear. We see you.
accelerate 🤝 pic.twitter.com/OXqavMIVvl
The closest competitor in the network, the Marinade staking project, has a TVL of $1.39 billion. It is followed by Kamino, Raydium and Marginfi with $1 billion, $613 million and $430 million respectively.
In the liquid staking market, Jito ranks fifth with a share of 3% of the total $45.7 billion. The Lido is still the leader in the segment.
About 40% of JitoSOL LST tokens are used as collateral in DeFi, a representative of The Block protocol said.
According to the Dune dashboard, there are over 91,000 validators in the protocol. The number of participants and the volume of deposits have been growing since the beginning of the year.
Activity in Jito. Data: Dune.On May 1, CoinDesk journalists, citing sources, reported that Jito also plans to develop a restaking protocol.
"There's a lot of hype around [the restaking] right now. This is something like a gold rush," said Lucas Bruder, CEO of Jito Labs, declining to comment on the company's plans.
Against the background of the growth of the TVL protocol, the native JTO token jumped by 9% per day, to $3.56. Its market capitalization reached $430 million, according to CoinGecko.
Binance Exchange's 15-minute JTO/USDT chart. Data: TradingView.Recall that in November 2023, the developers launched a JTO with a circulating volume of 1 billion coins and announced an airdrop.