Jito surged over 8% on Wednesday as the network outpaced several blue-chip blockchain networks in fees.
Jito (JTO), the largest liquid staking platform on Solana (SOL), has become the second most profitable entity in the crypto industry after Tether.
According to TokenTerminal, Jito has generated over $261 million in fees this year, while Tether has earned $350 million.
Jito’s performance has allowed it to surpass some of the biggest players in the crypto industry, including Ethereum (ETH) and Solana. It is also generating more revenue than leading DeFi platforms such as Aave, Uniswap, and Lido Finance.
Jito’s rising fees coincide with an increase in the total value locked within its ecosystem. According to DeFi Llama, Jito’s TVL has climbed to over $3.6 billion, approaching its record high of $3.9 billion.
The platform’s customer base has also grown to over 155,000, a figure expected to rise as the Solana ecosystem expands.
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Jito, like other liquid staking networks such as Lido and Rocket Pool, offers staking investors greater flexibility in utilizing their staked assets. In traditional staking, users must lock their assets for a set period, typically a month, to earn returns. Liquid staking allows users to access liquidity while still earning staking rewards.
Jito price analysis
Jito token chart | Source: crypto.news
The daily chart shows that Jito’s price has struggled over the past few months. The token has dropped more than 42% since reaching its all-time high of $5.33 in February last year.
Jito has formed a symmetrical triangle pattern, with its two trend lines nearing convergence. It is also trading near its 50-day and 25-day moving averages.
Therefore, Jito is likely to continue consolidating in the coming weeks before rebounding. If this trend plays out, the token could see gains of up to 75%, potentially revisiting its all-time high of $5.33. However, a drop below the key support level at $2.2236 would invalidate the bullish outlook.
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