Jito Surpasses Major Blockchain Networks in Fees, Becomes Second Most Profitable Entity

Jito, the largest liquid staking platform on Solana, has seen its token surge over 8% on Wednesday, outpacing several blue-chip blockchain networks in fees. This growth has allowed Jito to become the second most profitable entity in the crypto industry, after Tether.

Jito’s Revenue Growth

According to recent data, Jito has generated over $261 million in fees this year. This impressive revenue growth has enabled the platform to surpass major players in the crypto industry, including Ethereum and Solana. Additionally, Jito is generating more revenue than leading DeFi platforms such as Aave, Uniswap, and Lido Finance.

The platform’s rising fees coincide with an increase in the total value locked (TVL) within its ecosystem, which has climbed to over $3.6 billion, approaching its record high of $3.9 billion. Jito’s customer base has also grown to over 155,000, a figure expected to rise as the Solana ecosystem expands.

Understanding Liquid Staking

Jito, like other liquid staking networks such as Lido and Rocket Pool, offers staking investors greater flexibility in utilizing their staked assets. In traditional staking, users must lock their assets for a set period, typically a month, to earn returns. Liquid staking allows users to access liquidity while still earning staking rewards.

Jito Price Analysis

The daily chart shows that Jito’s price has struggled over the past few months, dropping more than 42% since reaching its all-time high of $5.33 in February last year. However, Jito has formed a symmetrical triangle pattern, with its two trend lines nearing convergence. It is also trading near its 50-day and 25-day moving averages.

Tips for Investors:

  • Monitor Jito’s price movement, as it is likely to continue consolidating in the coming weeks before rebounding.
  • Keep an eye on the key support level at $2.2236, as a drop below this level would invalidate the bullish outlook.
  • Consider the potential for gains of up to 75%, potentially revisiting Jito’s all-time high of $5.33.

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