- The Jito Network has emerged as the top decentralized finance (DeFi) protocol on the Solana network, with a total volume locked (TVL) of $1.04 billion.
- Following this development, the JitoSOL token saw an intraday increase of 8.5%, from 142.52 to $154.64.
- Jito Network’s success is attributed to JitoSOL becoming the preferred collateral source among Solana DeFi users, with 40% of the supply currently locked in DeFi.
The Jito Network, a DeFi protocol on the Solana network, has seen a remarkable rise to the top, with its total volume locked (TVL) reaching $1.04 billion. This development has led to a significant increase in the value of the JitoSOL token.
Jito Network Tops Solana DeFi Protocols
The Jito Network has made significant strides in the decentralized finance (DeFi) sector, rising to the top of the list of DeFi protocols on the Solana network. According to DappRadar, the network’s total volume locked (TVL) grew to $1.04 billion on Thursday. Jito Network contributor Lucas Bruder attributes this success to the team’s dedication and resilience, even when the network’s TVL dropped to as low as $215 million.
Impact on JitoSOL Token
News of Jito’s ascent in the Solana DeFi space has had a positive impact on its native token, JitoSOL. The token saw an intraday increase of 8.5%, rising from 142.52 to $154.64. As of now, it is trading at $151.71, according to CoinGecko. Launched by Jito Labs in November 2022, the Jito Network comprises the liquid staking pool token Jito Staked SOL (JITOSOL) and the network’s native token Jito (JITO). These tokens support a staking service on the Solana blockchain, designed to distribute maximum extractable value (MEV) rewards to community members.
JitoSOL as Preferred Collateral Source
Bruder explains that Jito’s success stems from JitoSOL emerging as the preferred collateral source among Solana DeFi users. Currently, 40% of the supply is locked in DeFi. He also highlighted the initial challenges faced by Jito, particularly the timing of introducing its MEV bundles. Despite initial uncertainties, there is now a thriving and growing two-sided marketplace for MEV auction and better blockspace between validators and searchers.
Conclusion
Since its launch, the Jito Network has made significant strides in the DeFi space, with its native token JitoSOL becoming a preferred collateral source among Solana DeFi users. The team’s dedication and resilience, coupled with strategic initiatives, have contributed to this success. As the DeFi landscape continues to evolve, the Jito Network is poised to continue its growth trajectory.
