DefiLlama recently released data stating that Jito, a provider of liquid staking and MEV, currently holds the position of Solana’s (SOL) largest project with a total value locked (TVL) of approximately 10 million SOL. Jito was launched in December of last year and distributed $165 million in free tokens through an airdrop. To participate in the community incentive, users had to stake SOL for a specific time period. 

The airdrop was backed by a $10 million series A funding round, which was led by Multicoin Capital and Framework Ventures. The airdrop was a huge success, resulting in a significant increase in the number of users staking on the platform. 

The platform’s unique approach to providing liquid staking and MEV has been instrumental in its success, as it provides users with a secure and efficient way to participate in the Solana ecosystem. 

Jito’s innovative approach is likely to continue driving the platform’s growth and solidifying its position as a leading provider of liquid staking and MEV.

About Solana

Solana is a blockchain platform that aims to provide a highly scalable and efficient infrastructure for decentralized applications. The platform was founded in 2017 by a team of experienced developers and is currently managed by the Solana Foundation, a non-profit organization based in Geneva that is committed to advancing the development and adoption of the Solana ecosystem.

The Solana blockchain was built by Solana Labs, a San Francisco-based company that specializes in blockchain technology. The platform is designed to be highly scalable and can process a significantly higher number of transactions per second than other blockchain networks like Ethereum. 

This is achieved through a unique combination of innovative technologies, including a proof-of-history consensus algorithm that enables fast block times and parallel processing, as well as a high-performance virtual machine that supports a wide range of programming languages.

One of the main advantages of the Solana platform is its low transaction fees, which are significantly lower than other blockchain networks. This makes it an attractive option for developers and businesses looking to build decentralized applications that require a high volume of transactions.

The native cryptocurrency of the Solana network is also called Solana (SOL). In 2021, the value of SOL skyrocketed by almost 12,000%, making it one of the best-performing cryptocurrencies of the year. At one point, its market capitalization reached over $75 billion, making it one of the largest cryptocurrencies by this measure. 

This growth was driven by a combination of factors, including the platform’s technical innovations, growing adoption by developers and businesses, and increasing interest from investors and traders.

Also Read: Unlock Profits and Expertise: DeXe’s Social Trading Revolution – Blockmagic