Jito’s Restaking Platform: A New Way to Earn Rewards on Solana

Coinedition2024/07/26 13:34

By:Coin Edition

Jito Foundation launches innovative restaking program on Solana.
JTO price surges 9% following the announcement, defying market trends.
Program aims to enhance Solana network security and token utility.

Jito Foundation’s innovative re-staking program on the Solana blockchain is turning heads, with its meme coin, JTO, surging 9% following the announcement despite a wider market dip.

The platform aims to enhance both network security and token utility through a dual-pronged approach, offering a compelling solution in the evolving landscape of DeFi.

The Jito Restaking platform offers a suite of features designed to maximize the efficiency of staked assets. It consists of two distinct programs: the Vault Program and the Restaking Program, which together create a scalable infrastructure for asset management.

The Vault Program facilitates the creation of Liquid Restaking Tokens (LRTs) and manages asset delegation strategies. By accommodating SPL as the underlying asset and implementing strategies that include cap and slashing conditions, the program aims to mitigate risks traditionally associated with staking.

Conversely, the Restaking Program centers on managing Actively Validated Services (AVS) and coordinating between AVS operators and vaults. This integration streamlines reward distribution and contributes to overall network stability. The dual-program structure of the Jito Restaking platform could significantly influence future staking practices on Solana.

As of the press time, the price of Jito (JTO) was valued at $2.91, with a 24-hour trading volume of $156.4 million. This represented an 8.20% increase over the last 24 hours and a 14.29% increase over the past week. With a circulating supply of 120 million JTO, Jito’s market capitalization stood at $36.9 million.

Meanwhile, Solana (SOL) was trading at $177.37, with a trading volume of $4.4 billion, reflecting a 4.37% price increase in the last 24 hours and a 9.64% increase over the past week.

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