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

Liquid staking and MEV infrastructure project Jito JTO +20.11% has become the most valuable protocol on Solana, with $1.4 billion in total value locked.

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

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

Around 40% of Jito’s flagship JitoSOL liquid staking token supply is deployed as collateral in DeFi, according to its team.

“This is just an inevitable step in the growth of Jito Network,” Jito Network contributor Lucas Bruder said in a statement shared with The Block. “It would not 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.”

Joining the restaking market

Jito is also looking to develop a restaking protocol, CoinDesk reported on Wednesday citing four people familiar with the matter, enabling it to compete against several projects trying to replicate EigenLayer’s success. The restaking market currently accounts for $15.2 billion in TVL, with $14.7 billion from EigenLayer alone, according to DeFiLlama.

Solana’s ecosystem TVL fell to as low as $210 million during the bear market in 2022. It has now surged back to $3.7 billion and is up around 150% year-to-date. However, it remains 63% down from a peak of more than $10 billion seen in November 2021.

　　Disclaimer: Includes third-party opinions. No financial advice. See Risk Warning.