- With the most recent code release from the Jito Foundation, developers can now activate restaking on Solana one step closer.
The first code base for the Jito protocol, which unlocks staking and restaking platforms on Solana Solana sol 3.86% Solana, was published on July 25. It is possible that any Solana-native protocol might use this unmodified code to secure decentralized apps using any cryptocurrency.
The change would also apply to actively verified services, or AVS as they are often known.
When Ethereum’s EigenLayer (EIGEN) and other protocols made it possible for users and protocols to distribute staked digital assets across several networks, restaking became popular last year. EigenLayer successfully expanded the use cases for staking usefulness and financial security beyond of the boundaries of dapps and blockchains, where consumers had previously locked their cryptocurrency.
Jito echoed this notion while avoiding EigenLayer’s limitations. Jito aims to cover a larger range of assets, whereas EigenLayer only supports Ethereum, EIGEN, and ETH derivatives (eth 3.15%).
According to the blog article, Jito Restaking is essentially multi-asset, able to leverage staked basis assets like JitoSOL, other liquid staking tokens, or any other SPL token.
For months, the idea of restaking has generated a lot of excitement in the Solana ecosystem, and various teams and developer organizations have apparently been working on the technique.
Jito appears to be leading the field with its restaking code as of the time of writing. Although the release of the code implies that Jito may soon implement its concept on-chain, nothing currently shows that it has. In the 24 hours that followed the announcement, Jito’s native token, JTO, increased by 8.5% while the overall cryptocurrency market saw a decline.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
