After scraping through the endless discounted altcoins in the Solana ecosystem, we want to unveil a token and protocol with enormous potential for the emerging bull run.
With Solana set to thrive once again, so will its key players, such as Jito.
What is Jito?
Welcome to Jito, Solana’s leading Liquid Staking protocol that launched in late 2022 after raising over $12.1M in funding from major investors, including Multicoin Capital, Solana Ventures and many other notable VCs. Today, Jito is deemed as a cornerstone of Solana’s success and integrity.
Jito is a liquid staking service dedicated to the Solana network that distributes MEV (Maximum Extractable Value) rewards to its $JitoSOL holders. The $JitoSOL liquid staking token has become an extremely popular and widely held token for many reasons.
How Does Jito Work?
First is the fact that users do not need to lock up their $SOL tokens with a validator in order to earn staking rewards. Instead, with liquid staking, users can earn staking rewards and freely swap their $JitoSOL into $SOL or any other token at any given time.
Second is the ability to use $JitoSOL in other DeFi protocols to further enhance your yield. For example, staking $JitoSOL earns an estimated 8% APY. Now, if we were to deposit our $JitoSOL tokens into a lending protocol such as Kamino Finance, we could earn a minimum of 2.14% APY from the pools on top of what we’re already earning from the liquid staking.
Jito Ecosystem
Alongside Kamino Finance, Jito has partnered with many other DeFi protocols in the Solana ecosystem, such as Orca, Raydium, Meteora, Save Finance and many more to further accelerate $JitoSOL yield for its community.
Why Jito?
Why $JitoSOL has become a key component of Solana’s ecosystem is because the token provides liquidity while earning staking rewards and MEV rewards simultaneously. Therefore, $JitoSOL are all eligible to earn from the yield of the Jito Sol liquid staking pool just by simply HODLing the token.
Showcasing the superior statistics of Solana’s leading Liquid Staking platform, Jito has a TVL of over 16.17M $SOL, generated a total of 2,750+ $SOL MEV rewards, and the $JitoSOL LST currently has a mouthwatering APY of 8.41%, offering a delicious passive income supply.
Jito Token ($JTO)
Although $JitoSOL is one of the primary tokens of the protocol, the native token, which was once airdropped to loyal Jito users, is known as $JTO. $JTO does not earn staking rewards and is primarily the governance token of the entire Jito protocol, enabling holders to participate in any DAO proposals.
Conclusion
According to CoinMarketCap, at the time of writing, $JTO is currently priced at $2.59 with a large market cap of $784.6M. In December 2023, $JTO achieved an ATH of $5.61 when Solana was thriving, and market conditions were better. Now, with a potential Solana ETF and an upcoming bull run, the odds of $JTO rising beyond its ATH are very likely, but, of course, only time will tell.
Jito Links
Disclaimer
The content provided in this article is purely informational and nothing said is financial advice. Proceed with caution and always invest what you are prepared to lose. Remember that you are entirely responsible for your assets and investments and the author and the publication do not endorse any of the cryptocurrencies, protocols and/or strategies in this article.
