Jito Shatters Records with All-Time High Fees in May, Fueling Solana's DeFi Growth
Solana Liquid Staking Giant Jito Shatters All-Time Fee Records in May, Marking 800% Growth Since January.
- Author: Sheldon Cooper
- Published: June 3, 2024 at 18:40
- Updated: June 3, 2024 at 18:41
Jito, the leading liquid staking service protocol with the highest total value locked (TVL) on Solana, achieved a remarkable milestone in May, raking in an all-time high of $41.7 million in fees. This staggering figure represents an astonishing 800% surge since January, when Jito collected $5 million, underscoring the platform's explosive growth and solidifying its position as a dominant force in the Solana ecosystem.
JITO Fees collected ( Data by DefiLlama)
Jito's success story is closely intertwined with Solana's meteoric rise. In May, Solana generated $43 million in fees, a testament to the blockchain's growing on-chain activity. Solana's decentralized exchange (DEX) volume has consistently hovered around $35 billion for the past two months, highlighting the growing demand for DeFi services on the network.
Jito's innovative approach to liquid staking, which distributes MEV (maximum extractable value) rewards to LST (liquid staking token) holders and validators, has resonated with investors and users alike. The JitoSOL token, a liquid stake pool token, enables users to stake their Solana tokens while earning a combination of staking and MEV rewards. This unique value proposition has propelled Jito to the forefront of the Solana DeFi space, with $10,651,150 SOL locked, equivalent to a staggering $1.74 billion. To put this into perspective, the entire Solana blockchain's total value locked (TVL) was less than $1 billion just six months ago in December.
Jito is also rumored to be building a restaking protocol on Solana, further expanding its offerings within the DeFi landscape. To further decentralize and optimize its operations, Jito has recently introduced a DAO proposal to transfer the management of its stake pool to StakeNet, a decentralized protocol developed by Jito Labs. This transition aims to enhance the security, efficiency, and transparency of the stake pool management through on-chain automation, marking another significant step in Jito's journey toward becoming a fully decentralized and community-driven platform.