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Solana Meme Coin Jito Soars 9% Amid Restaking Update – Crypto News

Published

2 years ago

July 25, 2024

Dripp

Solana meme coin Jito (JTO) has recorded significant upticks with its price soaring 9% after the platform announced the code for its restaking program. The platform noted that it will be a next-hybrid generation staking and restaking module. The community has rallied on the program pushing its price against a general downturn.

Jito Announces Restaking Code

Jito has rolled out the code for its restaking module, a move that sent the wider community into a frenzy. According to the release, it will consist of the Vault Program and Restaking Program working together to provide a scalable infrastructure for managing staked assets and Actively Validated Services (AVS).

Both frameworks spotlight a flexible mechanism in including economic security for both on and off-chain activities.

“Jito Restaking can be thought of as both a staking and restaking product, capable of adding utility for tokens, securing mechanisms, providing an insurance fund, scaling base layers, or creating a risk backstop for almost any pre-existing network that has automated, but centralized, processes – all using an extremely customizable interface built with AVS’s in mind.”

The platform’s multi-asset restaking allows users leverage on staked-based assets and also allows slashing conditions with caps to lower risk. The Vault Program will handle the creation of Liquid Restaking Tokens, support SPL as the underlying asset, create delegations strategies, and roll out cap and slashing conditions.

On the other hand, the Restaking Progam created and managed AVS and its operators, coordinated AVS operators and vaults, and handled the distribution of rewards among others.

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JTO Price Surges

The crypto community has been drawn to staking and restaking models in recent months sparking an increase in investment. This has attracted global participants to the space amid growing interest. The recent move by Jito has followed a similar path with its price moving up over 9%. While the prices of Bitcoin, Ethereum, and other crypto assets have slipped, bulls have rallied behind JTO driving up weekly gains to 17%.

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