Jito Solana on Mango

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6.84K $1.1M

JitoSOL is a component of Jito, a decentralized finance (DeFi) platform on the Solana blockchain that integrates liquid staking with maximum extractable value (MEV) techniques to offer yield for its users. Founded in 2021 by Lucas Bruder, a former Tesla employee with a background in robotics, Jito aims to make MEV accessible to the public, shifting from its historical association with validators to a broader investor base.

Jito has garnered support from notable entities within the blockchain community, including Solana Ventures and Anatoly Yakovenko, co-founder of Solana Labs, raising $10 million in funding. This backing has facilitated the establishment of the Jito Foundation, a DAO responsible for overseeing Jito Labs and its liquidity projects.

Staked JitoSOL is essentially a derivative token that users receive upon staking their Solana tokens on the platform. It is designed to accrue value in alignment with the staked assets and the profits generated from MEV strategies. This model seeks to provide a balance between earning opportunities and maintaining the value and integrity of the staked tokens, leveraging auctions to distribute profits derived from MEV activities to stakers.

The approach of Jito to MEV is dual-faceted, aiming to harness its potential for earnings while attempting to mitigate any negative impacts on the Solana ecosystem. This involves a strategic operation where MEV searchers identify profitable transaction orders without disadvantaging other network participants.

Jito's roadmap and future plans revolve around ecosystem development and enhancing its DeFi offerings, including improvements to its borrowing and lending protocols and the creation of liquidity pools in partnership with other entities. The project also emphasizes community engagement and growth through the distribution of its governance token, JTO, via airdrops and reward programs.

What is JitoSOL?

JitoSOL is a token you receive when you stake Solana (SOL) through the Jito platform, designed to represent the staked SOL and earn rewards through Jito's liquid staking and MEV (Maximum Extractable Value) strategies.

How does JitoSOL accrue value?

JitoSOL's value increases over time as it earns MEV rewards and staking rewards, proportionate to the amount of SOL staked in the Jito protocol.

Can I trade or transfer my JitoSOL tokens?

Yes, JitoSOL tokens can be traded, transferred or used in DeFi, allowing you to maintain liquidity even while your SOL is staked within the Jito ecosystem.

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