What is Jito? Jito is a next generation Liquid Staking Derivatives project on the Solana ecosystem that inherits the successes of Marinade Finance. So why is it said that Jito is the next generation LSD? Let’s find out together in the article below.
To understand more about Jito, people can refer to some of the articles below:
- What Are Liquid Staking Derivatives (LSD)? Top 5 LSD Projects with Great Growth Potential
- Liquid Staking Will Continue to Grow Strongly in the Future
- What is Solana (SOL)? Solana Cryptocurrency Overview
Overview of Jito
What is Jito?
Jito is a next-generation Liquid Staking Derivatives (LSD) project with many improvements compared to competitors on the Solana ecosystem. Jito’s biggest difference lies in two main points:
- In addition to the reward from completing the block, users also receive an additional reward that is extracting MEV from the Solana network.
- Jito exclusively bets on Validators using software that is a Client developed by Jito Labs to improve the performance of the Solana network.
Mechanism of action
When users use Jito to earn more profit with their SOL, the user will go through and the protocol will work in the following manner:
- Step 1: The user will deposit SOL into the protocol which will return to the user JitoSOL at a ratio of 1 – 1. For example: If you deposit 1,000 SOL into Jito, you will receive 1,000 Jito SOL.
- Step 2: Jito will send the user’s SOL to validators called MEV-enabled Validators.
- Step 3: Validators will participate in the block space auction and receive MEV rewards.
- Step 4: MEV rewards will be redistributed to users.
- Step 5: User JitoSOL accumulates both MEV rewards and staking rewards.
Users’ JitoSOL can be used on DeFi protocols on Solana such as Mango Market, Marginfi, Solend, Orca, Kamino Finance, Raydium, Hawksights,… to earn more profits. It can be said that MEV rewards are the difference between Jito and other LSD protocols on the Solana ecosystem such as Marinade Finance or Lido Finance.
Jito will collect an annual management fee equal to 4% of total rewards (MEV + Stake). In addition, Jito also charges a fee of 0.1% of the withdrawal value.
As of the time of writing, there have been nearly 1.5M SOLs deposited into Jito by nearly 8,700 users and Jito has also built a Validator network of up to 38. Currently, Jito has relationships with platforms Validator As a Service platform includes Everstake, Figment, Kiln, Cogen Crypto, Staking Facilitis, P2P,…
Development Roadmap
Update…
Investor
- December 21, 2021: Jito successfully raised $2.1M with other information not disclosed.
- August 11, 2023: At the Series A round, Jito successfully raised $10M with the participation of Delphi Digital, Multicoin Capital, Robot Ventures, Alameda Research or Framework Ventures.
Core Team
JitoSOL is built and developed by Jito Labs.
Lucas Bruder: Co Founder & CEO
- Lucas earned a Bachelor’s degree in Electrical and Computer Engineering from Carnegie Mellon University.
- Lucas worked as a Software Engineer at many famous companies such as Mindtribe Product or Tesla Motors. At Built Robostic – a company specializing in developing all types of Robots, Lucas rose to the positions of Technial Lead and Engineering Manager.
- After a short time working with software outsourcing company Ouster, Lucas started building Jito Labs in November 2021.
Zano Sherwani: Co Founder
- Zano earned a Bachelor of Science, Computer Science degree from George Mason University.
- After graduating, Zano pursued his passion as a Software Engineer for 2 years at HUNGRY – a company providing Event services, followed by more than 1 year with Amazon.
- Until September 2021, together with Lucas, he built Jito Labs.
Tokenomics
Information about Jito’s Airdrop
Jito will Airdrop to nearly 10,000 wallet addresses with the highest scores in the protocol. It is most likely that the lowest ranked ones will receive close to 5,000 Jito while the TOP 10 addresses with the highest scores receive over 100K JTO.
Information about Jito tokens
- Project name: Jito
- Token code: JTO
- Classification: SPL
- Blockchain: Solana
- Smartcontract: jtojtomepa8beP8AuQc6eXt5FriJwfFMwQx2v2f9mCL
- Total supply: 1,000,000,000
Token Allocation
- Airdrop : 10%
- Core Team: 24.5%
- Investors: 16.2%
- Ecosystem Development: 25%
- Community Growth: 24.3%
- Airdrop 10%
Token Release
- Investor & Core Team will be locked for 1 year and gradually opened over the next 3 years.
- Ecosystem Development will be used in funding community and contributors to help promote the expansion of the Jito ecosystem.
- Airdrop will be 100% open at the time of TGE.
- Community Growth will be managed by DAO.
Token Use Case
Users can use JTO to participate in administrative rights in the project.
Exchanges
Currently, users can trade JTO on a number of decentralized exchanges such as Orca, Jupiter Exchange, Raydium,… on Solana or some exchanges such as Bybit, Binance,…
Project Information Channel
- Website: https://www.jito.network/
- Twitter: https://twitter.com/jito_sol
- Documents:
Summary
With its advanced technology, Jito can open up new trends for the LSD industry and support LSDfi strongly on the Solana ecosystem. Hopefully through this article everyone can understand more about what Jito is?