Liquidity matters and JitoSOL shows why.
The Oct. 10th market crash was a perfect stress test for Solana LSTs. In the lead up, global open interest soared to ATHs making conditions ideal for a liquidation cascade. $19B was wiped out across crypto markets and a liquidity crunch hit LSTs.
𝗝𝗶𝘁𝗼𝗦𝗢𝗟 𝗵𝗲𝗹𝗱 𝗶𝘁𝘀 𝗽𝗲𝗴 𝘁𝗵𝗿𝗼𝘂𝗴𝗵𝗼𝘂𝘁 𝘁𝗵𝗲 𝘄𝗼𝗿𝘀𝘁 𝗼𝗳 𝘁𝗵𝗲 𝗰𝗿𝗮𝘀𝗵, 𝘄𝗶𝘁𝗵 𝗼𝗻𝗹𝘆 𝟭𝟬𝗯𝗽𝘀 𝗺𝗮𝘅 𝗱𝗲𝘃𝗶𝗮𝘁𝗶𝗼𝗻 (𝟬.𝟭𝟬%).
During the crash, over 50% of JitoSOL trade volume was routed through incentivized pools. Deep and actively managed liquidity in these pools played a key role in maintaining the stability and protecting the jitoSOL/SOL peg.
Other LSTs didn't hold up nearly as well:
• BNSOL: Traded 300bps (-3.0%) below its redemption rate
• jupSOL: Traded 140bps (-1.4%) below its redemption rate
• INF: Traded 150bps (-1.5%) below its redemption rate
TL;DR: Deep, stable liquidity that holds up under pressure.
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