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COINTURK NEWS > Solana (SOL) > Jito Enters the Restaking Market, Exceeding Initial Limits
Solana (SOL)

Jito Enters the Restaking Market, Exceeding Initial Limits

In Brief

  • Jito quickly surpassed its 147,000 SOL cap in the restaking market.

  • Users deposited approximately 14.1 million SOL into Jito, representing significant interest.

  • The Jito Foundation plans a PHASE 2 launch to accommodate growing restaking demand.

Fatih Uçar
Fatih Uçar 6 months ago
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Jito, Solana’s largest DeFi protocol, made a significant entry into the restaking market this week. Known for its JitoSOL liquid staking token, the protocol opened deposits for restaking for the first time and exceeded its self-imposed limit of 147,000 SOL within just a few hours. This quickly converted to a value of approximately 25 million dollars.

Contents
Understanding Restaking and JitoExpansion of the Restaking Ecosystem

Understanding Restaking and Jito

Restaking protocols typically limit the amount of assets users can initially deposit. This practice aims to ensure smooth transactions, gauge interest, and raise awareness. Jito’s rapid surpassing of its cap indicates high investor interest.

The launch of Jito’s restaking led to record levels in total value locked (TVL) for the protocol. According to data at the time of writing, crypto users deposited about 14.1 million SOL into Jito. This amount constitutes nearly 39% of Solana’s total locked value of 6.3 billion dollars.

Expansion of the Restaking Ecosystem

Restaking aims to extend the security provided by staked assets to additional applications and blockchain networks. This allows users to earn more rewards by staking their liquid staking tokens, while networks can establish economic parameters to maintain consensus. Projects like EigenLayer and Babylon contribute to the growth of this ecosystem.

Following the cap being reached, the Jito Foundation recommended to those interested in restaking to “keep track of global deposit limits during the PHASE 2 launch.” The second phase is expected to be initiated within a few weeks, depending on development and auditing processes.

Jito’s governance token, JTO, has remained stable over the last 24 hours and seven days according to CoinGecko data. The token is trading at 2.35 dollars, achieving a market capitalization of 302 million dollars.

Jito’s rapid rise in the Solana $183 restaking market highlights the protocol’s growth potential and investor interest. As the restaking ecosystem expands, protocols like Jito are expected to play a crucial role in this domain.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Fatih Uçar 1 November, 2024 - 3:05 am 1 November, 2024 - 3:05 am
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