Solana

EigenLayer

Jito

Foundation

Status

JITO Foundation&nbsp;<a style="text-decoration:none" href="https://www.jito.network/blog/announcing-jito-restaking/" rel="noopener noreferrer nofollow">announced</a> releasing the code for Jito restaking. This announcement, made earlier today, positions JITO ahead in the race to establish restaking on Solana.&nbsp;
While the code is yet to be audited and implemented, it offers a promising framework for enhancing economic security across various on-chain applications.
&nbsp;
Jito restaking is designed to provide economic security for nearly any on-chain application, also known as Actively Validated Services (AVS).&nbsp;
&nbsp;
Unlike EigenLayer on Ethereum, which restricts collateral to ETH and certain ETH derivatives, Jito's approach reportedly allows users to secure AVSs using any crypto asset of their choice. This flexibility is a notable advancement, potentially broadening the scope of restaking applications within the Solana ecosystem.
<h2 dir="ltr" id="span-span-components-of-jito-restaking-span-span">Components of Jito Restaking</h2>
Jito restaking consists of two main components: the Vault Program and the Restaking Program:
&nbsp;
<ul>
 <li>Vault Program: Manages the creation and operation of Liquid Restaking Tokens (LRTs). It supports multiple SPL tokens as underlying assets, handling minting, burning, and delegation. This program allows for customizable delegation strategies, flexible slashing conditions, and caps defined by associated AVSs.&nbsp;</li>
 <li>Restaking Program: Facilitates the creation and management of AVSs and operators. It coordinates relationships between AVSs, operators, and vaults, manages reward distribution, and enforces slashing penalties. This framework provides a scalable infrastructure for managing staked assets and AVSs.</li>
</ul>
<h2 dir="ltr" id="span-span-flexibility-and-security-span-span">Flexibility and Security</h2>
The Jito restaking framework is multi-asset, leveraging staked base assets such as JitoSOL and other SPL tokens. This flexibility enables fine-tuned slashing conditions, allowing for nuanced risk management and security models tailored to each project's needs.&nbsp;
&nbsp;
Projects can implement multi-tiered slashing and multi-asset slashing for comprehensive economic security.
&nbsp;
As per reports, Jito Restaking's flexibility extends beyond securing L2 sequencers and provers. It can be applied to insurance funds, cross-chain bridges, keepers, crankers, on/off-ramps, or any crypto use case requiring decentralization and economic security.&nbsp;
<h2 dir="ltr" id="span-span-current-status-and-future-prospects-span-span">Current Status and Future Prospects</h2>
Although Jito's restaking code has not yet been implemented on the Solana mainnet, the release marks a significant milestone. Jito's liquid staking pool, JitoSOL, is one of Solana’s largest, dominating the liquid staking token market.&nbsp;
&nbsp;
At present, Jito accounts for approximately 38% of Solana's $5.34 billion total value locked (TVL), according to&nbsp;<a style="text-decoration:none" href="https://defillama.com/chain/Solana" rel="noopener noreferrer nofollow">DeFiLlama data</a>.&nbsp;

JITO Foundation Releases Code for Jito Restaking on Solana

Inhoudsopgave

BSCN

Andere artikelen gepubliceerd op 30 jul 2024

Solana's Solend Rebrands to Save and Launches Dumpy.fun for Shorting Memecoins

Toncoin: Is HODLing TON the way to go for buyers?

Here’s How To Become A Meme Coin Millionaire During This Super Cycle: A Must Watch List

Know When To HODL ’em and When To Fold ’em: Crypto Casino RollBlock at The Top of Their Game Leav...

Tron surpasses Ethereum: $1.42M revenue in 24 hours

Data Ownership Protocol To Grant $5,000,000 In DOP Tokens

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!