Jito, the largest liquid stake project on Solana, is doing well with the total value locked (TVL) in its platform and its fees are reaching a high level.
According to the data on websiteJito (JTO) has a TVL of 14.6 million SOL, equivalent to $2.7 billion. This volume makes it the 14th largest player in the decentralized finance industry and the third largest liquid staking protocol after Lido and Binance Staked ETH.
Jito is beating Solana, Ethereum, and Uniswap this year
Jito has nearly 150,000 users and has also converted Solana (SOL), Ethereum (ETH), and Uniswap in fees made this year.
according to Terminal TokenJito has earned $63 million in fees this year, compared to Ethereum's $55.1 million. Solana and Uniswap (UNI) earned $51 million and $42.1 million, respectively.
Jito's performance makes it the third crypto project in terms of fees this year after Tether and Tron, which have made $137 million and $100 million. He has also become the most profitable player in the DeFi business. Its fees are also higher than Lido Finance, which is the largest liquid stain platform that has made $31 million this year.
It has also generated $729 million in fees in the past 12 months and $559 million in the past 180 days.
Jito's daily fees have bounced back after falling to $2.25 million in December from an all-time high of $14.1 million in November.
Jito offers two main solutions
Jito offers stashing and liquid re-absorption to clients. In a liquid stake, users transfer their stake tokens to the network and convert them into JitoSOL, a liquid stake token or LST.
Unlike the traditional staking method, the LST is a liquid token, making it possible for holders to trade and use it in DeFi protocols. According to Jito, the current yield of stacked LSTs is 9.81%, higher than the Solana average. result of a stalemate at 7.4%.
Jito has also introduced Vault Receipt, a service that identifies stock assets as Vault Receipt Tokens, also known as VRT. Repositioning helps active asset holders generate more returns over time. Jito's reset tokens have a total locked value of $42.6 million.
The Jito token, however, has not fared well after its 2023 air level. It was trading at $2.64 on January 12, down 40% from its December peak and 50% from its peak a -ever of $5.3.
This achievement is due to the constant weakening of the network since 11.31 million JTO tokens will be released every month until December 2026. There are 281 million JTO tokens in circulation against a supply cap of 281 million.
