Jito SOL TVL Up 107% YTD As Liquid Restaking Ecosystem Expands

Jito, Solana’s largest staking provider, continues to dominate the staking landscape. Enjoying consistent growth throughout the year, Jito’s SOL-denominated TVL (Total Value Locked) is up 107% YTD and shows no sign of slowing down.

While sitting in the top spot has been known to make crypto protocols grow complacent, Jito has demonstrated a relentless commitment to progress. Having recently pioneered Liquid Restaking services on the network, Jito is establishing itself as the market leader in yet another niche of Solana DeFi.

Jito Secures 13M SOL in TVL

After crossing the coveted 12M SOL milestone just three weeks ago, Jito continues to surge to new heights.

Based on DeFiLlama data recorded on September 1st, Jito TVL secured a significant milestone, crossing the 13M SOL TVL mark. 

A remarkable achievement in itself, the Solana DeFi heavyweight has shown it’s far from finished. In just 3 days following the milestone, Jito has added an additional 180k SOL in TVL.

Jito’s relentless TVL has solidified its position as Solana’s staking provider. Based on Dune Analytics data, Jito dominance currently sits at a new all-time high, accounting for 53.4% of LST (Liquid Staking Token) market share.

With LST dominance firmly in its grasp, Jito has recently turned its attention to new staking verticals.

Fragmetric Partners with Jito to Launch Liquid Restaking Token

In late July, Jito announced the launch of its open-source restaking module. Representing one of the Solana network’s first forays into restaking, Jito’s module has inspired a partnership with Renzo, a popular multi-chain restaking protocol.

Fragmetric, a Solana-native restaking protocol, recently announced the launch of its LRT $fragSOL, in collaboration with Jito. $fragSOL will be Solana’s first LRT based on Jito’s restaking VRT (Vault Receipt Token) system.

https://x.com/fragmetric/status/1829172416561688729[]

Fragmetric argues that $fragSOL pioneers a key development in the liquid restaking landscape. By leveraging Solana token extensions like transfer hooks, $fragSOL rewards holders with a variety of different tokens, as opposed to singular assets.

Through its growing number of partnerships, Jito is establishing itself as the first port of call for liquid restaking on Solana. This represents a significant growth opportunity for the protocol, given that Ethereum’s liquid restaking market has attracted over $10B in TVL based on DeFiLlama data.

Binance, Solayer Bring Fresh Competition

Despite leading Solana’s staking ecosystem, Jito’s dominance is expecting fierce competition. Centralized exchanges like Binance have recently announced their intention to join the liquid staking market.

Partnering with Sanctum, Binance unveiled its upcoming LST, $BNSOL, last week. $BNSOL is expected to launch in September 2024 and provide holders with a host of dynamic rewards.

Meanwhile, Jito’s progress in the restaking sector hasn’t gone unchallenged. Solayer, another Solana-native restaking protocol, recently secured investment from Binance Labs, the venture arm of crypto’s largest centralized exchange.

Similar to Jito, Solayer has enjoyed consistent growth in recent months. Up 121% since July 1st, Solayer currently boasts over 1.25M in SOL TVL, based on DeFiLlama data.

Solana’s staking landscape is growing and diversifying at an astonishing rate. The advent of liquid restaking and the introduction of exchange-backed LSTs is only expected to solidify the sector, adding greater flexibility to Solana DeFi.

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