Altcoin
Jito Surpasses Lido To Secure 1st Spot As Leading Fees Generating Protocol
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
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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