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Happy Friday! Today we look at Jito's move up Solana's stack and whether JTX can turn its block-building dominance into a product that monetizes execution. Markets stayed risk-off this week, with lending (+8.3%) and Ethereum (+7.4%) the only green sectors as BTC fell 5.0% and nearly everything else bled.
This week saw broad red across crypto, with lending (+8.3%) and the Ethereum ecosystem (+7.4%) the only sectors in the green. Everything else sold off: BTC -5.0%, DeFi -4.6%, Perps -5.8%, and L2s -17.8%. The pain extended beyond crypto, to gold (-4.3%), the Nasdaq (-3.1%), and the S&P 500 (-1.8%).
The selloff traces to a risk-off June; BTC slid toward $62K on record spot ETF outflows and MicroStrategy stress, with institutions rotating into AI and semiconductor stocks. Against that backdrop, lending's outperformance reads as a defensive rotation into yield-bearing DeFi rather than renewed risk appetite.
Inside the lending index, breadth was thin. AAVE (+9.6%) and KMNO (+7.0%) were the only green components; everything else bled, with FLUID -15.0%, MORPHO -12.8%, COMP -11.2%, and SKY -10.7%. The two leaders alone carried the cohort higher.
On June 19, founder Stani Kulechov pitched V4 as a bridge into Wall Street's securities-financing stack, targeting collateralized lending, repo, and securities lending. Live on mainnet since March 30, V4 has crossed $200M in deposits in under three months on its new hub-and-spoke design, while the Horizon initiative pushes tokenized real-world asset (RWA) lending toward licensed institutions.
— Sam
Blockworks is now tracking BNB Chain, one of the largest blockchain ecosystems in crypto with over $18.5 billion in stablecoins and other RWAs.
Since launching in 2020, the EVM-compatible L1 has delivered consistent upgrades and rock-bottom fees, while staying one of the most used blockchains in crypto.
The new dashboard offers 14 pages of data, allowing users to explore the most in-depth BNB Chain dashboard in the industry. With more than 100+ charts, we cover activity, burns, fees, TPS, TVL, stablecoins, DeFi leaders, and more.
Jito's Execution Play
Jito is one of the most important pieces of infrastructure on Solana. While most investors still associate the protocol with liquid staking, its influence now extends much deeper into the network. Today, roughly 34% of all SOL stake sits with BAM-enabled validators, giving Jito meaningful influence over how transactions are assembled and executed across the chain.
Ironically, the business that first made Jito successful has become its slowest-growing segment. The liquid staking market has matured significantly over the last year. JitoSOL's market share has fallen from roughly 48% at its peak to around 17% today, as virtually every major protocol and centralized exchange has launched its own staking derivative. Distribution has become the primary competitive advantage, making liquid staking an increasingly commoditized business with limited differentiation.
While the staking business has matured, Jito's position within Solana's infrastructure stack has only strengthened. Validator adoption of BAM has continued to rise, allowing Jito to capture an increasingly large share of transaction flow.
The challenge, however, is that infrastructure adoption alone does not necessarily translate into higher revenue or token value accrual. That is where JTX comes in.
The significance of JTX is not that Jito is launching another trading frontend. Rather, it represents an attempt to monetize execution itself. Today, Jupiter dominates trade routing by finding users the best quoted price across Solana's DEX ecosystem. Jito is taking a different approach. Its thesis is that execution quality matters just as much as the quoted price. By controlling a meaningful portion of Solana's block building infrastructure through BAM, Jito is in a unique position to improve transaction landing rates, reduce slippage, provide stronger MEV protection, and deliver more reliable execution during periods of elevated volatility.
The timing of the launch is particularly interesting given the rapid growth of tokenized equities on Solana. Tokenized stocks already account for roughly 10% of DEX volume, and that figure is likely to increase as platforms continue expanding their product offerings.
Unlike memecoin traders, equity traders tend to care much more about execution quality, advanced order types, and consistent fills. These are exactly the areas where Jito believes it can differentiate.
Ultimately, JTX is the first meaningful test of whether Jito can convert its infrastructure advantage into a consumer-facing product. If successful, it would diversify the protocol beyond liquid staking and position Jito as a core execution layer for Solana's capital markets.
— Kunal
Blockworks Research argues that the CLARITY Act would establish the first comprehensive U.S. regulatory framework for digital assets by clearly dividing oversight between the SEC and CFTC while creating a defined pathway for tokens to transition from securities to decentralized digital commodities. The report highlights new rules covering staking, self-custody, stablecoins, NFTs, AML, and DeFi, alongside robust disclosure requirements for token issuers and automatic digital commodity status for BTC, ETH, and SOL. While it views the bill as a major step toward regulatory certainty and investor protection, it notes that implementation will depend on how decentralization standards are interpreted and whether the legislation ultimately passes.
Part 1 of the Onchain Banking series lays out a liquid token framework for stablecoin-powered neobanks, one of crypto’s clearest consumer wedges across dollar access, cross-border transfers, yield-bearing balances, and card spend. Carlos maps AAVE, AVICI, ETHFI, GNO, JUP, and XPL across neobank exposure and operating traction, separating pure banking plays from adjacent protocols where the theme remains upside optionality.
