Altcoin

Jito Surpasses Lido To Secure 1st Spot As Leading Fees Generating Protocol

Published

3 months ago

July 29, 2024

Coin2049 Newsletter

The decentralized liquid staking platform Jito (JTO) has recently marked a monumental stride by securing the first spot among leading fee-generating protocols across all blockchains. Notably, the Solana-backed platform overtook Lido (LDO) in 24-hour fee generation volume, garnering noteworthy attention among market participants. Here’s a brief report on the project’s recent advancement, which has glimmered hope for its future endeavors.

Jito Overtakes Lido: DeFiLlama

According to the insights offered by DeFiLlama, Jito overtook Lido in 24-hour fee collection today, July 29. As per the data, the Solana-backed platform collected a staggering $3.27 million in fees over the past 24 hours, whereas Lido fell short with $2.94 million collected within the same time frame.

However, comparing the weekly charts for fee collection, it can be seen that Lido maintains its higher ranking, with $20.83 million generated over Jito’s $11.12 million. Meanwhile, other leading players on the list included Raydium in third place, followed by Solana and Ethereum when comparing the 24-hour fee generation model.

It’s worth mentioning that Jito is an MEV-supported liquid staking protocol that offers SOL staking while providing income in JTO, the system’s native token. On the other hand, Lido is a liquid staking protocol for Ethereum and Polygon, with the native token LDO.

Also Read: Satoshi-Era Bitcoin Holder Moves Entire BTC Holding, What’s Happening?

JTO and LDO Market Performance

The JTO price illustrated a trading session both in red and green territories over the past day, gaining 0.58% at press time to reach $3.16. Its 24-hour bottoms and peaks were recorded as $3.02 and $3.33, respectively.

LDO price gained remarkably by 2.64% in the same duration to reach $1.64. Its 24-hour bottoms and highs were recorded as $1.56 and $1.66, respectively.

Simultaneously, JTO’s futures OI saw a 1% dip to $58.06 million, aligning with the price’s volatile movement. However, even LDO saw a 1.75% dip in futures OI to $94.71 million.

Nonetheless, Jito’s abovementioned achievement remains a matter of interest, as it could lead to increased attention toward the ecosystem and usage of the platform. This could in turn stage as a bullish aspect for the JTO token, given that increased fee collection will eventually raise platform value, relatively impacting its coin.

Also Read: Ethereum Foundation Moves Entire TKO Holdings To Bitcoin Suisse