Jito Surpasses USDC and Ethereum in 24-Hour Fee Collection, Dominates Solana's Decentralized Applications

Solana-based liquid staking service protocol Jito has made significant strides in the blockchain industry, surpassing both USDC and Ethereum in 24-hour fee collection.

Solana-based liquid staking service protocol Jito has made significant strides in the blockchain industry, surpassing both USDC and Ethereum in 24-hour fee collection.

Onchain data fromDune Analytics reveals that Jito has collected $4.16 million in fees within the last 24 hours, ranking second only to Tether (USDT) among all protocols.

This record-breaking performance is largely attributed to the surging meme coin trading activity on Solana, which has resulted in a substantial increase in Maximum Extractable Value (MEV) rewards for Jito users.

Jito's Impact on Solana's Network Performance

Jito's remarkable fee collection is having a direct impact on Solana's network performance. Notably, Solana has achieved the highest decentralized exchange (DEX) trading volume (excluding centralized stablecoin protocols) among all blockchains, reaching an all-time high of 33%.

In the past 24 hours, Solana has processed over $2 billion in DEX trading volume, further solidifying its position in the blockchain ecosystem.

Moreover, tools such as Photon, a trading and sniping terminal for meme coin trading, have also benefited from the surging activity. Over the past four days, Photon has generated over $1 million in revenue.

Surging Total Market Cap of Liquid Staking Tokens on Solana

The total market cap of liquid staking tokens (LSTs) on Solana has also reached a new all-time high, currently valued at $4.95 billion. Jito's liquid staking token, JitoSOL, plays a significant role in this growth.

JitoSOL offers additional rewards from MEV transactions while maintaining liquidity for DeFi integrations, making it a crucial component in the expanding Solana DeFi ecosystem.

This growth in LSTs has sparked debates within the crypto community about the best metrics to measure a blockchain's success, with many analysts emphasizing the economic value a chain generates.

As evident from Solana's performance, despite having lower NFT sales and mint volumes compared to other blockchains, its strong DeFi ecosystem and surging on-chain activity are driving substantial revenue generation.

JTO Token Price Maintains Narrow Range

While Jito's liquid staking protocol is showcasing remarkable performance, its governance token, JTO, has shown a steady trend.

According to onchain data, JTO is maintaining a narrow price range throughout the day, fluctuating between $2.15 and $2.19 with minimal variations.

As Solana's DeFi ecosystem continues to flourish, Jito's liquid staking protocol stands to benefit directly from the surge in on-chain activity. The protocol's rising fee collection further reinforces its position as a key player in the rapidly expanding Solana DeFi landscape.

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