- Jito collects large amounts of fees every day, outperforming the majority of DeFi protocols.
- The Solana ecosystem continued to grow as activity on the network skyrocketed.
Solana [SOL] has been able to attract many users to its ecosystem over the past few months. Primarily, the growth of this activity was initiated by meme coins that were attracted to the network.
Jito showing growth
However, other elements of the Solana ecosystem have also seen growth in recent days. One of these was the Jito Protocol.
At the time of writing, Jito was generating $1.5 million in fees each day, more than all but a few DeFi protocols. For comparison, Lido collected his $2.58 million in fees and Uniswap his $2.09 million in fees in the last 24 hours.
Jito’s success has several potential implications for Solana. First, it shows that his DeFi environment on Solana is growing.
Jito’s ability to compete with established DeFi giants like Uniswap and Lido shows the potential of the Solana ecosystem to create competitive dApps.
This could attract more developers and users to the platform, further accelerating the growth of DeFi within the Solana ecosystem.
Second, Jito’s high prices indicate a healthy level of network activity on Solana. This activity can lead to improved network security and increase the value of SOL in the near future.
However, the majority of Jito’s fees come from MEV (Maximum Extractable Value), which can lead to negative user experiences like sandwich attacks.
Solana needs to find ways to mitigate these potential drawbacks to ensure sustainable growth. Overall, Zito’s performance is a positive sign for Solana.
Source:X
We observed a significant increase in overall activity on the Solana network. The number of daily transactions occurring on the network increased from 17 million to 28 million in the last week.
Correspondingly, the number of daily active addresses on the network also increased from 1 million to 1.5 million during the same period.
Source: Artemis
State of SOL
At the time of writing, SOL is trading at $174.67, and its price has increased by 3.80% in the past 24 hours.
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During the same period, CMF (Chaikin Money Flow) also rose significantly, indicating a rapid increase in the inflow of funds to SOL.
However, the RSI (Relative Strength Index) has reached overbought territory, which may suggest that SOL may be headed for a correction in the future.
Source: Trading View
