Solana-Based Jito Rallies After the Staking Platform Says it Will Add Restaking – Crypto News – Crypto News
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Solana-Based Jito Rallies After the Staking Platform Says it Will Add Restaking – Crypto News

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1 year ago

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The DeFi platform is introducing restaking to its MEV-boosted liquid staking ecosystem.

Jito’s JTO token is rallying after the Solana-based staking platform released code to add restaking.

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.

JTO Price – CoinGecko

Jito Restaking will be made up of two primary components, the vault program and the restaking program.

The vault program is responsible for the minting, burning and delegation of Jito’s liquid restaking tokens (LRTs) and supports any Solana Program Library (SPL) tokens as an underlying asset. The SPL token standard is akin to Ethereum’s ERC-20.

The restaking program creates and manages Jito’s Actively Validated Services (AVS) as well as rewards distributions and slashing penalties.

AVS are on-chain applications that can borrow economic security from restaked tokens on protocols such as Jito.

Jito is the leading liquid staking protocol on Solana with $2 billion in total-value locked (TVL). The platform boasts MEV boosted staking rewards, allowing validators to earn a higher return that is derived from both staking rewards, and MEV. The Jito Foundation says “MEV rewards could increase validator revenue by 15% or more once adoption increases.”

the-defiant
Jito Total Value Locked – DeFiLlama

The Jito Foundation has submitted the code for audits, and has also published the open-source code to github for independent developers to review.

Jito Restaking will not be the first restaking protocol on Solana, however it commands a much larger user base than existing restaking solutions such as Solayer.

Restaking was introduced and popularized by Eigen Layer, and has gone on to become one of the hottest sectors in DeFi. Since its mainnet launch on Ethereum in June 2023, Eigen Layer has gone on to become the second largest protocol in all of DeFi, with a TVL of $15 billion.

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