Jito becomes largest protocol on Solana with $1.4 billion in TVL

Liquid staking and MEV infrastructure project Jito JTO

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has become the largest protocol on Solana, with a total value of $1.4 billion.

With an equivalent of approximately 10 million SOL, Jito accounts for approximately 38% of the Solana ecosystem’s $3.7 billion TVL, according to DeFiLlama. facts. Staking protocol Marinade is in second place with $1.37 billion in TVL, followed by Kamino, Raydium and Marginfi with $1 billion, $613 million and $424 million respectively.

Within the overall liquid staking market, Jito is in the top five of all blockchains with 3% of the total market $45.5 billion TVL. Lido dominates the niche with $27.6 billion, followed by Rocket Pool, Binance and Mantle with $3.6 billion, $2.6 billion and $1.4 billion respectively.

About 40% of Jito’s flagship JitoSOL liquid staking token offering is deployed as collateral in DeFi, according to the team.

“This is just an inevitable step in Jito Network’s growth,” Jito Network contributor Lucas Bruder said in a statement shared with The Block. “It wouldn’t have been possible without the help of Jito supporters, JitoSOL stakers, and all the Solana DeFi protocols and engineers working to make Solana the best place to build.”

Participate in the recovering market

Jito also wants to develop a recovery protocol, CoinDesk reported Wednesday, citing four people familiar with the matter, which will allow it to compete with several projects trying to replicate EigenLayer’s success. The recovering market is currently responsible for this $15.2 billion in TVL, with $14.7 billion from EigenLayer alone, according to DeFiLlama.

Solana’s TVL ecosystem fell to a low of $210 million during the 2022 bear market. It has now risen again to $3.7 billion and is up about 150% this year. However, it remains down 63% from a peak of over $10 billion in November 2021.