Jito's Token Launch Boosts Competitor Marinade (MNDE) to Record Highs

Marinade, similar to Jito, released a liquid staking token (LST) for SOL investors, and this week, its governance token achieved record highs. In a swift rally, MNDE surged to $0.50 within hours, coinciding with the launch and rally of Jito's JTO token.

Timeline of Jito, Mnde

Solana-based liquid staking project Jito's JTO token price soared more than 80% following its trading debut across multiple major exchanges like Coinbase and Binance. Data from CoinMarketCap shows that JTO's value surged to more than $3 during the past day, representing an 85% growth for the newly launched digital asset.

Solana-based decentralized finance (DeFi) protocol Marinade Finance has blocked users from the United Kingdom in compliance with the new Financial Conduct Authority (FCA) regulations. CryptoSlate attempted to access the website from a U.K.

Marinade Finance is aiming at an $8.1 billion market opportunity by offering SOL stakers a straightforward, non-custodial, and zero-fee service for staking directly with over 130 network validators.

Pseudonymous Marinade developer Cerba said the effort will bring more legitimacy to mSOL, which is ahead of Lido's Solana LSD token despite that big-name protocol's dominance on Ethereum.