Date: Mon, July 29, 2024, 11:30 AM GMT
In the cryptocurrency market, Solana’s liquid staking protocol, Jito, has generated $3.27 million in fee revenue over the past 24 hours. According to data from DefiLlama, this impressive performance has placed Jito ahead of its competitor, Lido, which recorded $2.94 million in the same period. This marks a significant achievement for Jito, securing the top spot in daily revenue rankings.
However, over the past week, Lido has maintained its dominance. Lido’s revenue reached nearly $21 million, surpassing both Ethereum and Solana in the race for liquid staking supremacy.
For those new to the concept, liquid staking is a process that allows users to stake their tokens directly on a proof-of-stake network like Ethereum. When users participate in liquid staking, they receive a receipt token known as a liquid staking token (LST). This LST represents ownership of the staked tokens and provides access to liquidity while the original tokens remain staked.
These LSTs can be transferred, stored, traded, and used within decentralized finance (DeFi) applications or supported decentralized apps (dApps). This flexibility makes liquid staking an attractive option for many cryptocurrency enthusiasts, offering both staking rewards and the ability to participate in other financial activities.