DeFi
Solana-based Jito rebounds after staking platform announces it will add restaking
DeFi platform introduces resttaking to its MEV-powered liquid staking ecosystem.
Jito’s JTO token is surging after the Solana-based staking platform released code to add re-staking.
JTO gained as much as 6.9% to $2.79 today, reaching its highest price since June 17. Solana’s SOL is up 12% in the same time frame.
JTO Price – CoinGecko
Jito cover will consist of two main elements, the vault program and the re-staking program.
The Vault program is responsible for minting, burning, and delegating Jito’s Liquid Re-Staking Tokens (LRT) and supports all Solana Program Library (SPL) tokens as its underlying asset. The SPL token standard is similar to Ethereum’s ERC-20.
The retaking program creates and manages Jito’s Actively Validated Services (AVS) as well as reward distributions and discount penalties.
AVSs are on-chain applications that can borrow economic security from tokens re-staked on protocols such as Jito.
Jito is the leading liquid staking protocol on Solana with $2 billion in total value locked (TVL). The platform offers MEV-boosted staking rewards, allowing validators to earn a higher yield derived from both staking rewards and MEV. The Jito Foundation said “MEV rewards could increase validator revenue by 15% or more once adoption increases.”
The Jito Foundation has subjected the code to audits and has also published the open source code on GitHub for independent developers to review.
Jito Retaking won’t be the first retaking protocol on Solana, but it has a much larger user base than existing retaking solutions such as Solar.
Resttaking was introduced and popularized by Eigen Layer, and has become one of the hottest sectors in DeFi. Since its mainnet launch on Ethereum in June 2023, Eigen Layer became the second largest protocol in all of DeFi, with a TVL of $15 billion.