TL;DR
- Jito Surpasses USDC and Ethereum in Fees: Jito collected $4.16 million in fees within 24 hours, becoming the second-highest fee-collecting protocol globally, just behind Tether (USDT).
- Boost in Solana’s Onchain Activity: The surge in meme coin trading on Solana has significantly increased Maximum Extractable Value rewards for Jito users, driving Solana’s DEX trading volume to new highs.
- Growth in Liquid Staking Tokens: Jito’s liquid staking token, JitoSOL, has contributed to the total market cap of liquid staking tokens on Solana reaching $4.95 billion.
Solana-based liquid staking service protocol Jito has made significant strides in the blockchain industry, surpassing both USDC and Ethereum in 24-hour fee collection.
Jito’s Record-Breaking Fees and Onchain Activity
Jito has achieved a remarkable milestone by collecting $4.16 million in fees within 24 hours, positioning itself as the second-highest fee-collecting protocol globally, just behind Tether (USDT).
This surge in fees highlights Jito’s rapid growth and its impact on Solana’s network performance. The increase in meme coin trading on the Solana blockchain has been a key driver of this growth, leading to a significant rise in Maximum Extractable Value (MEV) rewards for Jito users.
Dominance in Decentralized Applications
Excluding centralized stablecoin protocols like Circle (USDC) and Tether (USDT), Jito has emerged as the top decentralized application (dApp) in the blockchain ecosystem.
The protocol’s success is further reflected in Solana’s decentralized exchange trading volume, which has reached an all-time high of 33% across all blockchains, processing over $2 billion in DEX trading volume recently. Tools like Photon, a trading and sniping terminal for meme coin trading, have also benefited, generating over $1 million in revenue for the past four days.
Growth in Liquid Staking Tokens
The total market cap of liquid staking tokens (LSTs) on Solana has reached a new all-time high of $4.95 billion, with Jito’s liquid staking token, JitoSOL, playing a crucial role. JitoSOL offers additional rewards from MEV transactions while maintaining liquidity for DeFi integrations.
This growth has sparked debates within the crypto community about the best metrics to measure a blockchain’s success, with many analysts emphasizing the economic value a chain generates.
Even with Jito showcasing remarkable performance, its governance token, JTO, has shown a steady trend, maintaining a price range between $2.15 and $2.19.
As Solana’s DeFi ecosystem continues to flourish, Jito’s liquid staking protocol stands to benefit directly from the surge in on-chain activity. The protocol’s rising fee collection reinforces its position as a key player in the rapidly expanding Solana DeFi landscape.
