Jito, the decentralized liquid staking platform, recently overtook Lido to take the first place among the leading fee-generating protocols across all Blockchains. Thus, it has garnered considerable attention among market participants. Meanwhile, Solana, a competitor to the leading altcoin Ethereum, overtook Binance Coin to become the fourth largest cryptocurrency by market capitalization.
DeFiLlama: Jito overtakes Lido and takes the lead!
Jito today surpassed Lido in 24-hour fee collection, according to DeFiLlama data. According to the data, the Solana-backed platform collected a staggering $3.27 million in fees in the last 24 hours, while Lido lagged behind Jito with $2.94 million collected in the same timeframe. However, comparing the weekly charts for fee collection, it can be seen that Lido has maintained its higher ranking with $20.83 million generated over Jito’s $11.12 million.
Meanwhile, other prominent players on the list include Raydium in third place, followed by Solana and Ethereum when comparing the 24-hour fee generation model. It is worth noting that Jito is a MEV-powered liquid staking protocol that offers SOL staking while generating revenue in the system’s native token, JTO. Lido, on the other hand, is a liquid staking protocol for Ethereum and Polygon with the native token LDO.
JTO and LDO market performance
JTO price traded in both red and green zones during the day. The altcoin reached $3.27 at the time of writing, up 5.24% on a daily basis. The price’s 24-hour lows and highs were recorded at $3.02 and $3.33, respectively. LDO price increased by 2.68% to $1.61 in the same period. The 24-hour lows and highs of the price were recorded at $1.56 and $1.66, respectively.
Simultaneously, JTO’s futures OI fell 1% to $58.06 million in line with the price’s volatile movement. Meanwhile, even LDO futures fell 1.75% to $94.71 million. Nevertheless, Jito’s aforementioned success remains a topic of interest as it could lead to increased interest in the ecosystem and the use of the platform. This could prove to be a bullish direction for the JTO token. This is because increased fee collection will eventually increase the platform value and relatively impact the cryptocurrency.
Leading altcoin rival Solana displaces BNB!
Solana (SOL) has overtaken Binance Coin (BNB) to become the fourth largest cryptocurrency by market capitalization. In the process, SOL reclaimed the important $190 level. As you have been following on Kriptokoin.com, the overall crypto market has benefited from the recent developments and broader market support. While the launch of the spot Ethereum ETF did not significantly impact prices, the recent Bitcoin conference seems to have bolstered investor confidence.
Solana’s price action points to a strong upward movement indicating bullish momentum. The price rose from around $183 to $193, signaling a strong rebound and buying interest. The price found initial support at $182, the lower boundary of the day’s price action, before starting a bullish trend. Another minor support level was observed at $186 where the price experienced a brief consolidation before resuming its uptrend. Currently, the price is facing resistance at $193. According to analysts, a break above this level on strong volume could lead to further upside.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channelto stay up to date with breaking news !
