Jito flips Ethereum, Uniswap, and Solana on a crucial metric

Jito, the biggest liquid staking project on Solana, is doing well as the total value locked (TVL) in its platform and its fees hit a record high. 

According to data on its website, Jito (JTO) has a TVL of 14.6 million SOL, equivalent to $2.7 billion. This volume makes it the 14th biggest 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 almost 150,000 users and has also flipped Solana (SOL), Ethereum (ETH), and Uniswap in fees made this year. 

According to TokenTerminal, Jito has earned $63 million in fees this year, compared to Ethereum’s $55.1 million. Solana and Uniswap (UNI) have 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. It has also become the most profitable player in the DeFi industry. Its fees are also higher than Lido Finance, the biggest liquid staking platform that has made $31 million this year.

Blockchain networks by fees | Source: TokenTerminal

It has also generated $729 million in fees in the last 12 months and $559 million in the last 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 daily fees | Source: Token Terminal

Jito offers two main solutions

Jito offers clients liquid staking and restaking. In liquid staking, users transfer their staked tokens to the network and convert them into JitoSOL, a liquid staking token or LST. 

Unlike the traditional staking approach, 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 staked LSTs is 9.81%, higher than the average Solana staking yield of 7.4%. 

Jito has also introduced restaking, a service that tokenizes staked assets as Vault Receipt Tokens, also known as VRT. Restaking helps holders of staked assets generate more returns over time. Jito’s restaked tokens have a total value locked of $42.6 million. 

Jito’s token, however, has not performed well after its airdrop in 2023. It was trading at $2.64 on January 12, down by 40% from its highest level in December and 50% from its all-time high of $5.3. 

Source: CoinGekco

This performance is because of the regular dilution in the network since 11.31 million JTO tokens will be released each month until December 2026. There are 281 million JTO tokens in circulation against a supply cap of 281 million.