Jito Foundation Acquires Solana News Outlet SolanaFloor

The Jito Foundation has acquired SolanaFloor, a media outlet focused on the Solana ecosystem.

SolanaFloor reported the acquisition and that it’s resuming operations today, March 10, just over two weeks after the media outlet announced it was shutting down, “effective immediately.”

Jito Foundation develops Jito, the second-largest liquid staking protocol on Solana, per DefiLlama data. Jito Liquid Staking boasts a total value locked of $1.1 billion.

Per the announcement, SolanaFloor will retain editorial independence after the acquisition, clarifying that its “mission and editorial processes will remain unchanged under Jito Foundation’s stewardship.”

On the foundation’s motivations for the deal, Brian Smith, president of Jito Foundation, reiterated the foundation’s commitment to SolanaFloor’s editorial independence, explaining:

Second Acquisition

SolanaFloor was originally launched in 2021 with a focus on NFT analytics. The company was acquired by now defunct Solana DeFi portfolio management app Step Finance in 2022. SolanaFloor pivoted to become a Solana-focused news media outlet soon after, as the peak NFT frenzy and interest in the sector continued to wane.

Step Finanace suffered a major exploit in late January that resulted in the loss of nearly $30 million in SOL. Soon after, it announced that the platform was shutting down operations, along with the two companies it had acquired, SolanaFloor and Remora Markets.

Solana currently has a TVL of over $8 billion, down from nearly $14.5 billion in September, per DefiLlama.

The acquisition marks an important moment for crypto media, which has seen multiple outlets shutter their newsrooms in recent months.

This article was generated with the assistance of AI workflows.