Zcash (zec) 
Jito’s Rise to Prominence in the Liquid Staking Market
Jito, the largest liquid staking project on Solana, has achieved significant milestones, with its total value locked (TVL) and fees reaching record highs. According to recent data, Jito’s TVL stands at 14.6 million SOL, equivalent to $2.7 billion, making it the 14th largest player in the decentralized finance industry and the third-largest liquid staking protocol after Lido and Binance Staked ETH.
Jito Outperforms Major Players in Fees
Jito has almost 150,000 users and has surpassed Solana, Ethereum, and Uniswap in fees generated this year. The platform has earned $63 million in fees, compared to Ethereum’s $55.1 million, Solana’s $51 million, and Uniswap’s $42.1 million. This impressive performance has positioned Jito as the third crypto project in terms of fees this year, after Tether and Tron.
Jito’s fees have also exceeded those of Lido Finance, the largest liquid staking platform, which has generated $31 million this year. Furthermore, Jito has produced $729 million in fees over the last 12 months and $559 million in the last 180 days.
Jito’s Solutions and Services
Jito offers two primary solutions to its clients: liquid staking and restaking. In liquid staking, users transfer their staked tokens to the network and convert them into JitoSOL, a liquid staking token or LST. This approach allows holders to trade and utilize their LSTs in DeFi protocols.
According to Jito, the current yield of staked LSTs is 9.81%, surpassing the average Solana staking yield of 7.4%. The platform has also introduced restaking, a service that tokenizes staked assets as Vault Receipt Tokens (VRT), enabling holders to generate additional returns over time.
Performance of Jito’s Token
Despite Jito’s impressive performance, its token has not fared well since its airdrop in 2023. The token’s price has declined by 40% from its highest level in December and 50% from its all-time high of $5.3. This downturn is attributed to the regular dilution in the network, with 11.31 million JTO tokens scheduled for release each month until December 2026.
As the liquid staking market continues to evolve, Jito’s success serves as a testament to the growing demand for innovative DeFi solutions. Stay up-to-date with the latest news and developments in the world of cryptocurrencies and blockchain technology on Global Crypto News.
