Jito's Solana Dominance Erodes Amid TVL Decline

Jito, once a dominant protocol on the Solana blockchain, has seen its total value locked (TVL) plummet by more than 73% in recent times. The TVL decline from $3.77 billion to under $1 billion is a significant drop, causing Jito to lose its top spot and fall to fifth place among Solana-based projects.

The decrease in TVL is not solely due to the lower market price of SOL, but also a reduction in SOL-denominated deposits. At its peak, Jito held 18.9 million SOL, which has now fallen to 12.38 million SOL, representing a drop of about 34.5%. This suggests that users may have withdrawn assets or reallocated funds to other Solana protocols.

The combined effect of price and capital movement has resulted in a significant decline in Jito's TVL, placing focus on broader activity within Solana DeFi. Market participants continue to monitor token prices and on-chain deposits, and future rankings will depend on user engagement, asset prices, and network conditions across the Solana blockchain.