Jito Emerges as Solana’s Leading Protocol with $1.4 Billion TVL

TVL of the liquid staking platform Jito Network (JTO) on Solana has reached $1.42 billion, making it the largest protocol in the network. 

According to the team, the amount of coins locked in the protocol has 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

— Jito (@jito_sol) May 2, 2024

The closest competitor in the network, the staking project Marinade, 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 3% share of the total $45.7 billion. Lido remains the leader in this segment.

About 40% of JitoSOL LST tokens are used as collateral in DeFi, a protocol representative told The Block. 

According to the Dune dashboard, the protocol has over 91,000 validators. The number of participants and the volume of deposits have been growing since the beginning of the year. 

On May 1, journalists from CoinDesk reported, citing sources, that Jito also plans to develop a restaking protocol. 

“There is a lot of hype around [restaking] right now. It’s like a gold rush,” noted Jito Labs CEO Lucas Bruder, declining to comment on the company’s plans.

Amid the rise in the protocol’s TVL, the native token JTO surged 9% in a day to $3.56. Its market capitalization reached $430 million, according to CoinGecko. 

In November 2023, developers launched JTO with a circulating supply of 1 billion coins and announced an airdrop.