Jito Secures Over 12M SOL TVL: What’s Driving Jito’s Relentless Growth?

Solana’s leading staking protocol by TVL (Total Value Locked) has recorded another historic achievement. Driven by several exciting catalysts, Jito has secured over 12M SOL for the first time in the platform’s history.

Off the back of collaborations with industry heavyweights like Wintermute, Jito continues to expand its role in the wider cryptocurrency ecosystem.

Jito SOL TVL Up 721% Since This Time Last Year

Making its inaugural voyage over 12M SOL in TVL, Jito celebrates a remarkable year of growth. Buoyed on by MEV staking rewards and the adoption of its LST (Liquid Staking Token), Jito has evolved into a powerhouse of Solana’s flourishing DeFi ecosystem.

Since this time last year, Jito TVL has enjoyed remarkable growth. Harboring little over 1.46M SOL in TVL in August 2023 Jito has witnessed QOQ growth, enjoying a 721% increase in SOL TVL based on DeFiLlama data.

Jito has dominated Solana’s liquid staking market. Since claiming market dominance from its rivals in November last year Jito has asserted its claim on the LST market, capturing 49.5% of market share based on Dune Analytics data.

With all eyes on Solana, some of the industry’s largest players have stepped in to collaborate with ecosystem leaders like Jito.

Wintermute Accepts jitoSOL as Collateral for OTC Trading

Aiming to provide their counterparties with optimized trading efficiency, Wintermute has announced that they’re now accepting jitoSOL as collateral for OTC trading.

By providing liquid-staked tokens as collateral, depositors are able to continue earning staking yield on their assets. This gives liquidity providers greater flexibility and allows for more efficient strategies.

While providing LSTs as collateral has been a staple of DeFi for years, seeing reputable firms like Wintermute integrate Solana LSTs highlights growing confidence in this nascent sector. 

Renzo and Jito Introduce Solana’s First LRT

Following the release of Jito Restaking, an open-source module designed to optimize capital efficiency on Solana through restaking, cross-chain protocols have been eager to rub shoulders with Jito Labs.

Renzo, a popular Ethereum restaking platform with over $1.2B in TVL, recently announced the launch of ezSOL, Solana’s first LRT (Liquid Restaking Token). Powered by Jito’s MEV-enhanced validators, ezSOL offers compounding rewards generated from staking, restaking, and Solana MEV.

Solana restaking has witnessed a significant increase in mindshare in recent weeks. Nothing more than a rumor at the start of the year, Solana’s restaking market has made key strides in the last few months. 

Between the launch of the network’s first-ever LRT and Binance Labs announcing its investment in Solayer, an emerging restaking protocol, Solana’s restaking landscape is primed for competitive growth.

Accounting for over $15B in TVL across all blockchains, restaking has established itself as one of the most significant narratives in 2024. With Solana protocols beginning to make significant headway in this thriving sector, the launch of more LRTs may attract greater inflows of capital into the network.

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