DeFi
Jito Price Jumps After Surpassing Solana DeFi Protocols With $1 Billion Locked
THE Jito Network surged to the top of the list of decentralized finance (DeFi) protocols on the Solana network on Thursday, reaching $1.04 billion in total volume locked (TVL), according to DappRadar.
“Jito was one of a handful of teams that continued to rely on Solana when the network’s TVL dropped to $215 million,” said Jito Network contributor Lucas Bruder. “Contributors stood with the community and are proud to be part of the broader Solana resurgence.”
After the announcement of Jito’s top spot in Solana DeFi, the JitoSOL token increased by 8.5% intraday, from $142.52 to $154.64. It is currently trading at $151.71according to CoinGecko.
Launched in November 2022 by Jito Labs, the Jito Network includes the Jito Staked SOL liquid staking pool token (JITOSOL) and the native token of the Jito network (JITO). Together, they support a staking service on the Solana blockchain designed to distribute Maximum Extractable Value (MEV) rewards to community members.
According to Bruder, Jito’s success comes from the fact that JitoSOL has become the preferred source of collateral among Solana DeFi users, with 40% of the supply currently locked in DeFi.
Bruder said one of the first challenges Jito faced was the timing of introducing its MEV bundles.
“When we first introduced MEV bundles, when network activity was at its lowest level, it was unclear whether there would be demand,” Bruder said. “However, there is now a thriving and growing two-sided market for MEV auctions and better block space between validators and researchers.”
In December, the team behind the Jito network airdropped over $225 million in JTO tokens to the community, transferring governance of the network to the Jito DAO.
“The airdrop was a chance to put the future of the Jito network in the hands of the community, and so far it has been a major success,” Bruder said. “Jito DAO was successful in attracting delegates from major institutions, infrastructure providers and community members such as Coinbase, Kamino, Pyth and the Solana Foundation.”
Since the launch of Jito, Bruder said the DeFi landscape on Solana has evolved with an influx of new teams and talent driven by initiatives like Pump.Fun. This growth has introduced various projects in AI, gaming and real-world assets to the Solana network, he explained.
“Strong builders shipping useful products on one of the best networks in the industry has been Solana’s defining narrative, but points farming has added fuel to the fire,” Bruder said. “Jito Network contributors will continue to develop technology that lifts all boats for Solana DeFi.”
Edited by Ryan Ozawa.