Jito — the liquid staking provider on Solana — just launched referrals. Wut are referrals? Good question, no one knows! Time for some sleuthing…
The Jito team hasn’t released any info on its referrals program other than saying: “We aren’t ready to share more yet, but we will be tracking referrals closely.”
So, before we speculate on what this could mean for Jito, let’s quickly zoom out…
After a brutal 2022, Solana is experiencing a revival of sorts.
Solana’s TVL is now up 2x YTD.
And Jito is a big reason why. Jito’s TVL has jumped 9x so far this year.
Jito is starting to gain ground on more established liquid staking protocols like Lido on Solana.
So, what’s driving Solana’s DeFi renaissance? Well, one answer is POINTS!
Points are a prelude to liquidity mining and several Solana protocols are now experimenting with them.
MarginFi was first…
Then came Cypher…
And most recently, Solend — a class of 2021 OG — responded to the competitive pressure with a points programme of its own.
What does this have to do with Jito and its referral program? Well, as the charts above show, points are driving legit usage and TVL growth across Solana DeFi. And as we wrote in our last Markets report, other Solana protocols are gonna want in on the points pizzazz and will likely follow suit with points programmes of their own.
Today, Jito launched a referral program. But tomorrow, it could be points. Please note this is all speculation, but the team has said there will be a referrals leaderboard, which sounds awfully similar to MarginFi’s points leaderboard… Just some food for thought.
If you enjoyed this post, consider using my referral link below! :ppp
jito.network/staking/?ref=wtf