Author: Alex Liu, Foresight News

The Solana liquid staking protocol Jito opened its first phase of re-staking deposits last night at 11:00, reaching its deposit limit of 147,000 SOL (approximately $25 million) within just a few hours. Following the re-staking trend on Ethereum, the popularity of "Solana re-staking" is evident.

Jito's staking currently consists of three vaults: kySOL (provided by Kyros), ezSOL (provided by Renzo), and fragSOL (provided by Fragmetric). The first two vaults offered sufficient time for users wishing to deposit, while fragSOL was "peak from the start," showing that the 49,000 SOL limit was filled immediately upon opening. What happened?

It turns out that Fragmetric did not open new deposit limits in the Jito Vault but directly deposited the SOL pre-stored in the protocol's Phase 1. This liquidity re-staking protocol, which just launched on the mainnet six days ago, has already reached the Phase 1 deposit limit, with a TVL of $8.4 million.

fragSOL

Skipping the basic concepts for now, let's look at its core product, fragSOL.

fragSOL is the first liquid re-staking token (LRT) on Solana. Users who re-stake SOL or other LST tokens (jitoSOL, mSOL, bSOL, or INF) using the Fragmetric protocol will receive fragSOL. fragSOL represents the SOL or LST that users have re-staked, providing Solana staking rewards, MEV rewards, and re-staking rewards from multiple protocols (including Jito, Solayer, and Picasso).

In short, it adds another layer, resulting in higher returns.

Now, back to the concepts: what exactly is re-staking on Solana, and what is LRT?

Restaking

Re-staking is the process of enhancing the security of specific decentralized services by staking assets that have already been staked once (such as liquid staking tokens, LST, jitoSOL). EigenLayer was the first company to propose this idea, and recently, many re-staking protocols have begun accepting various types of assets (not just LST) as re-staking collateral. In addition to staking rewards, re-staking also allows users to earn additional fees from decentralized services.

Liquid Re-staking Tokens (LRT)

LRT refers to SOL or LST that has been re-staked through specific liquid re-staking protocols (such as Fragmetric). Like LST, LRT can be used in various DeFi protocols. With Fragmetric's first LRT, fragSOL, users can earn additional income through re-staking on top of existing Solana validation and MEV rewards.

Team Characteristics

One notable characteristic of the Fragmetric team is their "Solana Native" identity; most of the founders and team members sport a "Mad Lads" NFT as their profile picture, clearly indicating they are part of the same community (and have been caught in the same market conditions) as the author.

Due to their deep involvement in the Solana ecosystem, they have established early partnerships with many core projects (Jito, Sonic, Backpack).

Participation Guide

Although Phase 1 is currently full (note that Phase 1 is in a non-withdrawable state, with withdrawals opening in Phase 2), the team has announced that the limit for Phase 1 will be increased in mid-November.

Using the Backpack wallet to participate in Fragmetric will earn a 1.3x points bonus.

If you hold a Mad Lads NFT, joining the project's Discord will allow you to access an exclusive chat channel and receive a special role, with airdrop expectations.

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