Babylon

EigenLayer

DeFi

Jito

Foundation

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/jito-enters-the-restaking-market-exceeding-initial-limits/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Jito Enters the Restaking Market, Exceeding Initial Limits</a><br></p>
<p style="text-align: justify">Jito, Solana’s largest DeFi protocol, made a significant entry into the restaking market this week. Known for its JitoSOL liquid staking <a href="https://en.coin-turk.com/donald-trump-promotes-new-defi-initiative/" data-wpel-link="internal" rel="noopener noreferrer nofollow">token</a>, the protocol opened deposits for restaking for the first time and exceeded its self-imposed limit of 147,000 <a href="https://en.coin-turk.com/analyst-predicts-significant-price-increase-for-solana/" data-wpel-link="internal" rel="noopener noreferrer nofollow">SOL</a> within just a few hours. This quickly converted to a value of approximately 25 million dollars.</p>
<h2 id="understanding-restaking-and-jito">Understanding Restaking and Jito</h2>
<p style="text-align: justify">Restaking protocols typically limit the amount of assets users can initially deposit. This practice aims to ensure smooth transactions, gauge interest, and raise awareness. Jito’s rapid surpassing of its cap indicates high investor interest.</p>
<p style="text-align: justify">The launch of Jito’s restaking led to record levels in total value locked (TVL) for the protocol. According to data at the time of writing, <a href="https://en.coin-turk.com/bitcoin-price-fluctuates-sharply-triggers-massive-liquidations/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto</a> users deposited about 14.1 million SOL into Jito. This amount constitutes nearly 39% of Solana’s total locked value of 6.3 billion dollars.</p>
<h2 id="expansion-of-the-restaking-ecosystem">Expansion of the Restaking Ecosystem</h2>
<p style="text-align: justify">Restaking aims to extend the security provided by staked assets to additional applications and blockchain networks. This allows users to earn more rewards by staking their liquid staking tokens, while networks can establish economic parameters to maintain consensus. Projects like EigenLayer and Babylon contribute to the growth of this ecosystem.</p>
<p style="text-align: justify">Following the cap being reached, the Jito Foundation recommended to those interested in restaking to “keep track of global deposit limits during the PHASE 2 launch.” The second phase is expected to be initiated within a few weeks, depending on development and auditing processes.</p>
<p style="text-align: justify">Jito’s governance token, JTO, has remained stable over the last 24 hours and seven days according to CoinGecko data. The token is trading at 2.35 dollars, achieving a market capitalization of 302 million dollars.</p>
<p style="text-align: justify">Jito’s rapid rise in the Solana restaking market highlights the protocol’s growth potential and investor interest. As the restaking ecosystem expands, protocols like Jito are expected to play a crucial role in this domain.</p>
<p>The post <a href="https://en.coin-turk.com/jito-enters-the-restaking-market-exceeding-initial-limits/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Jito Enters the Restaking Market, Exceeding Initial Limits</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Jito Enters the Restaking Market, Exceeding Initial Limits

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