- Jito protocol’s TVL surged significantly in the last 24 hours.
- The protocol claimed a key spot on the Solana blockchain.
- It also joined the top five liquid staking protocols across all blockchains.
Liquid staking project Jito is now the largest protocol on the Solana blockchain in terms of Total Value Locked (TVL), DefiLlama data shows.
Jito’s ascent to the top spot comes amid the resurgence of Solana’s ecosystem overall TVL, which is now up around 150% year-to-date. Despite remaining 63% down from its $10 billion peak in November 2021, Solana’s TVL now stands at $3.7 billion, up from a low of $210 million during the bear market in 2022.
Jito’s TVL Grows to $1.4B
The DeFiLlama data shows that Jito’s total value locked surged 15.99% in the last 24 hours to $1.4 billion, accounting for nearly 38% of Solana ecosystem’s TVL.
With about 10 million SOL in TVL, Jito stands as the largest protocol on Solana, followed by Marinade and Kamino, which have a TVL of $1.35 billion and $1.026 billion, respectively. Decentralized exchange Raydium is fourth with $612.77 million TVL, ahead of Marginfi at $420.22 million.
The performance has also propelled Jito to sit among the top-five cohort leading the overall liquid staking market across all blockchains, with the protocol now accounting for 3% of the $45.5 billion value locked in liquid staking protocols.
Lido still dominates the overall liquid staking market with a TVL of $27.6 billion, ahead of Rocket Pool, Binance, and Mantle at $3.6 billion, $2.6 billion, and $1.4 billion, respectively.
In the meantime, Jito’s token JTO has made a strong comeback after bracing market headwinds in April. The token surged 24.93% in the last 24 hours to trade at a daily high of $3.57, CoinMarketCap data shows.
Read about Jito’s recent JTO launch with a massive airdrop:
Jito Airdrop Launches with $225M JTO Tokens to Solana Users
Stay updated on the latest developments in the Solana network:
Solana Sees Momentum Dwindle as Updates Fail to Fix Congestion
