Jito (JTO) Becomes the Second Most Profitable Entity in Crypto After Tether (USDT)

Jito (JTO), the largest liquid staking platform on Solana (SOL), has become the second most profitable entity in the crypto industry after Tether.

Cryptocurrency prices today: Jito price up 8% as network outperforms blue-chip blockchain networks in fees

Jito (JTO) price surged by over 8% on Wednesday, outperforming several blue-chip blockchain networks in terms of revenue generation.

As the largest liquid staking platform on Solana (SOL), Jito has notably become the second-most profitable entity in the crypto industry, according to TokenTerminal.

With over $261 million earned in fees this year, Jito ranks second to Tether, which has generated $350 million.

This performance has seen Jito surpass some of the biggest players in the crypto industry, including Ethereum (ETH) and Solana itself.

The platform is also generating more revenue than leading DeFi platforms such as Aave, Uniswap, and Lido Finance.

Jito’s performance coincides with an increase in the total value locked (TVL) within its ecosystem.

According to DeFi Llama, Jito’s TVL has climbed to over $3.6 billion, approaching its record high of $3.9 billion.

The platform’s customer base has also grown to over 155,000, a figure expected to rise as the Solana ecosystem expands.

Jito, like other liquid staking networks such as Lido and Rocket Pool, offers staking investors greater flexibility in utilizing their staked assets.

In traditional staking, users must lock their assets for a set period, typically a month, to earn returns.

Liquid staking allows users to access liquidity while still earning staking rewards.

Jito price analysis

The daily chart shows that Jito’s price has been struggling over the past few months.

The token has dropped by more than 42% since reaching its all-time high of $5.33 in February last year.

However, Jito has formed a symmetrical triangle pattern, with its two trend lines nearing convergence.

It is also trading near its 50-day and 25-day moving averages.

Therefore, Jito is likely to continue consolidating in the coming weeks before rebounding.

If this trend plays out, the token could see gains of up to 75%, potentially revisiting its all-time high of $5.33.

However, a drop below the key support level at $2.2236 would invalidate the bullish outlook.