Jito Labs Dominates Solana Staking: A $210M Revenue Milestone in 2024
According to a statement dated December 26 from cryptocurrency researcher Kairos Research, Solana staking pool Jito generated over $100 million in monthly revenue from tips and priority fees in November and December. Kairos reported that in 2024, Jito’s validators increased tip revenues by an average of 32% every month. Income reached a peak of over $210 million per month in November.
Jito’s increasing tip income is indicative of the Solana network’s rising appeal. The technique known as Maximum Extractable Value (MEV) is also used to highlight validators’ increasing profits by giving some transactions priority over others. As of December 26, Jito Labs, the software’s developer, reports that up to 93% of Solana validators utilize it to optimize their block-building profits.
JitoSOL Emerges as Solana’s Leading DeFi Token with $2.75B TVL
According to DefiLlama, Jito, which also issues the liquid restaking token (LRT) JitoSOL, has become the most widely used decentralized finance (DeFi) system in Solana, with a total value locked of around $2.75 billion. LRTs are tradable claims on a group of assets that have been restaked.
A referendum to give JitoSOL restakers a share of tip earnings was held in October by holders of Jito’s governance token, JTO. Jito intends to give JitoSOL restakers 0.15% of tip revenue, according to Kairos. The vast majority of tip revenue will continue to go to validators. Also, Jito claims yields of roughly 8.6% for JitoSOL restakers as of December 26.
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