Jito Labs Develops Restaking Tech, Hits $1.4B TVL with 10M SOL Staked

May 2, 2024, 01:13 AM

Jito Labs is actively developing a restaking technology for the Solana ecosystem, as reported by CoinDesk. This initiative is part of a broader movement within the ecosystem, with half a dozen other teams also working on similar technologies. The restaking protocol being developed by Jito will allow users to earn rewards by utilizing their staked cryptocurrencies for multiple purposes simultaneously, thereby enhancing their returns. Additionally, Jito has recently achieved a significant milestone by staking 10 million SOL, which is valued at approximately $1.2 billion, with a net inflow of 572k SOL. This achievement has positioned Jito as the largest protocol on Solana in terms of total value locked (TVL), surpassing $1.4 billion, holding a 2.62% share of staked SOL and reaching a record-breaking number of stakers.