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The Jito Network rose to the top of the list of decentralized finance (DeFi) protocols on the Solana network on Thursday, growing to $1.04 billion in total volume locked (TVL), according to DappRadar.
“Jito was among the handful of teams that continued to build on Solana when the network’s TVL dropped as low as $215 million,” Jito Network contributor Lucas Bruder told Decrypt. “Contributors were in the trenches with the community and are proud to be part of the wider Solana resurgence.”
After news broke that Jito took the top spot in Solana DeFi, the JitoSOL token rose 8.5% intraday from 142.52 to $154.64. It is currently trading at $151.71, according to CoinGecko.
Launched in November 2022 by Jito Labs, the Jito Network includes the liquid staking pool token Jito Staked SOL (JITOSOL) and the network’s native token Jito (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 stems from JitoSOL emerging as the preferred collateral source among Solana DeFi users, with 40% of the supply currently locked in DeFi.
Bruder said an initial challenge facing Jito was the timing of introducing its MEV bundles.
“When we first introduced MEV bundles—when network activity was at an all-time low—it was unclear if there would be demand,” Bruder said. “However, there is now a thriving and growing two-sided marketplace for MEV auction and better blockspace between validators and searchers.”
In December, the team behind the Jito Network airdropped over $225 million in JTO tokens to the community, shifting the network’s governance to the Jito DAO.
“The airdrop was a chance to put the future of the Jito Network into the hands of the community, and so far it’s been a major success,” Bruder said. “Jito DAO managed to attract delegates from major institutions, infrastructure providers, and community members such as Coinbase, Kamino, Pyth, and the Solana Foundation.”
Since Jito’s launch, Bruder said the DeFi landscape on Solana has evolved with an influx of new teams and talent spurred by initiatives like Pump.Fun. This growth has introduced diverse 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 the defining narrative for Solana, but points farming has added fuel to the fire,” Bruder said. “Jito Network contributors will continue to develop technology that raises all boats for Solana DeFi.”
Edited by Ryan Ozawa.
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- Source: https://decrypt.co/229227/jito-price-jumps-after-topping-solana-defi-protocols-with-1-billion-locked
