Jito recently announced the launch of Phase 1 of its restaking product, which has proven to be exceptionally successful. The protocol quickly reached a global deposit cap of $25 million in just a few hours. 

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Restaking has become a significant trend this year, largely due to EigenLayer on Ethereum. This method allows for assets that are already staked to be restaked to secure other protocols. According to DeFiLlama, restaking protocols have amassed over $15 billion in Total Value Locked (TVL) across various blockchain networks this year, with EigenLayer leading on Ethereum.

Jito plans to roll out its restaking product in phases, progressively increasing the deposit cap for its users. Phase 1, which has just concluded, was the Deposits Phase, allowing users to deposit their assets. The next step is Phase 2, the Staking Phase, where the project will launch restaking functionality. This phase is anticipated to begin a few weeks after the Deposits Phase, depending on development and audit schedules. The final phase, Phase 3, will focus on specifying the slashing functionality of the restaking program. The timeline for this phase is estimated to be a few weeks to months following the start of the Staking Phase.

One of the standout features of Jito’s restaking product is its multi-asset capability, which can leverage staked base assets, other liquid staking tokens, or any token on Solana. 

Interestingly, Jito is not the first project to launch a restaking product on Solana. Solayer was the pioneer, introducing restaking on the platform and attracting over $300 million in TVL. However, Jito’s strong presence in the Solana ecosystem provides it with a significant opportunity to surpass Solayer and become the leading player in the Solana restaking market.

In addition to restaking, Jito offers a comprehensive suite of products that are popular among Solana traders and DeFi users. It is currently the largest project by TVL on Solana, primarily due to its liquid staking product. Users can stake their SOL with Jito and receive liquid JitoSOL in return. With over 13 million SOL staked, Jito has established itself as the leading DeFi protocol on Solana.

Beyond liquid staking and restaking services, Jito’s team has developed a widely used MEV (Maximal Extractable Value) software for Solana validators. 

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MEV refers to the potential profit generated by reordering transactions within blockchain blocks. 

Just last week, Jito’s MEV software helped validators earn an additional $25 million in fees. Currently, $JTO holders do not benefit directly from these earnings. However, there is a proposal by the DAO to allocate 3% of all MEV tips collected by the validators to the DAO treasury.

Despite the positive announcements and the launch of new products, the $JTO token has remained stable over the past month, according to data from CoinGecko.

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