Jito | Rocket Pool | Dinero

• The Jito Network is a collection of Solana-based decentralized protocols focused on maximal extractable value (MEV) and DeFi infrastructure. The Jito Network’s liquid staking token (LST), JitoSOL, is the largest DeFi protocol on Solana with 14M SOL in deposits (making it the largest-ever LST on the network) and over 50% of the total Solana LST market. JitoSOL plays an integral role in Solana DeFi, with 25% of total value locked (TVL) deployed as collateral across various protocols. JitoSOL-SOL is the most liquid pair on all of Solana with $72M in liquidity.

• Powered by the Jito-Solana client, MEV tip revenue accounts for a growing percentage of validator revenue, pushing LSTs that delegate to validators using the Jito block engine to APYs of 8% or more. As memecoin trading and other activity grow on Solana, so will MEV volumes, raising yields further.

• Ethereum LST market penetration is currently at ~35%. Solana is at ~7%, having roughly doubled YoY. While the UI/UX barrier to native staking is arguably lower on Solana than on Ethereum, there is no other compelling reason why the LST percentage gap between the ecosystems won’t eventually close.

• Rocket Pool is currently the second biggest liquid staking participant with a marketshare of ≈7%. TVL jumped by more than 30% during the last week from $3.2B to $4B. This coincided with a rise in APY, which had been in a long-persisting downtrend and is currently 3%. Average node collateralization is at 33% with an average staked in RPL, Rocket Pool's native token, at 4,400 and the average amount of staked ETH at 94. At 23%, rETH has the largest allocation among the LSTs which make up dsETH, a composite of ETH LSTs developed by Index Coop.

• RPL price increased by 20% over the course of the last week to $11.80, which coincides with a surge in inflows of staked ETH. The latter is notable as it is nearly triple the size of the last inflow surge in November 2023. Also between January 24 and September 24 there was not a single week with a net inflow.

• Rocket Pool's developer traction increased significantly during 2024 peaking in July at more than 150 daily commits. This number has gone down since to around 30 daily commits.

• Over the past six months, deposits in Dinero’s liquid staking product, pxETH, have surged from 7,706 ETH to 30,393 ETH—a 294% increase that reflects strong demand for higher ETH-denominated yield. Thanks to pxETH’s design, it offers an ETH staking yield of approximately 7% APR—twice the industry average.

• The system’s yield really stands out when compared directly to alternatives in the liquid staking vertical. pxETH’s two-token design has so far allowed Dinero to scale the yield on both sides of the risk curve (DeFi vs staking) rather than compressing yield for both sets of users.

• To extend Dinero’s LST yield across chains, branded LSTs were introduced—a liquid staking solution that allows L1 and L2 networks to launch native LSTs backed by staked pxETH. Early partners include Arbitrum (orbETH), Sei (seiyanETH), and Flare (flrETH), with Sei and Flare already live.