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Jito Network topped Solana Network’s list of decentralized finance (DeFi) protocols on Thursday, growing its total locked volume (TVL) to $1.04 billion, according to DappRadar.
“Jito was one of the few teams that continued to build on Solana even when the network’s TVL fell to $215 million,” said Jito Network contributor Lucas Bruder. decryption. “Our contributors have been in the trenches with the community and we are proud to be part of the broader Solana revival.”
JitoSOL tokens rose 8.5% intraday from 142.52 to $154.64 following the news that Jito took first place in Solana DeFi. According to CoinGecko, it is currently trading at $151.71.
The Jito Network, launched by Jito Labs in November 2022, includes the liquid staking pool token Jito Staked SOL (JITOSOL) and the network’s native token Jito (JITO). Together, they power the Solana blockchain’s staking service, which is designed to distribute maximum extractable value (MEV) rewards to community members.
According to Bruder, Jito’s success stems from the emergence of JitoSOL, with 40% of its supply currently locked in DeFi, as a preferred collateral source among Solana DeFi users.
Bruder said the initial challenge Jito faced was the timing of the MEV bundle launch.
“When we first introduced the MEV bundle when network activity was at an all-time low, it was unclear whether there would be demand,” Bruder said. “But now the two-sided market for MEV auctions is thriving and growing, with better block space between validators and searchers.”
In December, the Jito Network team airdropped over $225 million worth of JTO tokens to the community, transitioning the network’s governance to the Jito DAO.
“The airdrop was an opportunity to put the future of Jito Network in the hands of the community, and it has been a huge success so far,” said Bruder. “Jito DAO has attracted representatives from leading institutions, infrastructure providers, and community members such as Coinbase, Kamino, Pyth, and Solana Foundation.”
Bruder said that since the launch of Jito, Solana’s DeFi landscape has evolved with an influx of new teams and talent fueled by initiatives like Pump.Fun. This growth, he explained, has brought a variety of projects in the areas of AI, gaming, and real-world assets to the Solana network.
“A strong builder delivering useful products through one of the best networks in the industry has been Solana’s defining story, but he notes that agriculture has added fuel to the fire,” Bruder said. “Jito Network contributors will continue to develop technologies that enhance the full capabilities of Solana DeFi.”
Edited by Ryan Ozawa.