Jito coin is the official cryptocurrency belonging to the Jito platform, a liquid staking protocol on Solana. Accordingly, this protocol will allow users to stake SOL tokens and receive liquid staking JitoSOL tokens.
If you want to learn more detailed and interesting information surrounding Jito coin, stay tuned for upcoming content with AZcoin.
What is Jito?
Jito is a liquid staking protocol that allows users to stake SOL and receive liquid staking tokens JITOSOL, for various use cases to maximize profits. Notably, Jito integrates MEV rewards to help users achieve more optimal returns compared to traditional solutions.
Jito’s ultimate goal is to create a win-win system where everyone can benefit from the inefficiencies of the Solana ecosystem. Users can earn additional profits from JITOSOL through lending and yield farming on various DeFi platforms within the Solana ecosystem.
What makes Jito stand out?
Jito’s highlights come from its main components, including:
- JITOSOL: JITOSOL is the liquid staking token of Jito, obtained by staking SOL into the protocol. It allows holders to participate in profit-generating activities such as lending and yield farming on DeFi platforms within the Solana ecosystem. The value of JITOSOL increases based on accumulated profits, ensuring that holders always receive returns.
- MEV (Miner Extractable Value): MEV refers to the profit from arranging the timing of transactions on the Solana blockchain. When there are price discrepancies between DEXs, traders can exploit opportunities to buy low and sell high, along with liquidating large accounts on lending platforms. Jito manages and distributes MEV profits through an auction system.
- StakeNet: Consists of two main components:
- Validator History Program: Specializes in storing the history of all validators on the Solana network, providing transparent and cryptographically verified records of past actions.
- Steward Program: Uses the on-chain history of validators to calculate scores and the number of tokens that can be delegated to them.
How does Jito work?
To describe how Jito works is relatively simple, it usually follows the following specific process:
- Step 1: Users stake SOL into the protocol and receive JITOSOL at a 1:1 ratio. With JITOSOL, users can participate in every activity in the Solana ecosystem.
- Step 2: Jito sends users’ SOL to MEV-enabled validators. At this point, validators can participate in block space auctions and receive MEV rewards.
- Step 3: The MEV rewards earned by the validators are redistributed to the users.
- Step 4: The JITOSOL held by users accumulates both APY returns and MEV rewards.
Jito’s team, investors, and partners
Development team
According to what we learned from the project, we have the following outstanding names:
- Lucas Bruder: Plays the role of Co-Founder and CEO of the project.
- Brian Smith: Plays the role of COO of the project.
- Zano Sherwani: Plays the role of CTO of the project.
Investors and partners
Regarding investor information, the Jito project has successfully raised capital from Series A with a capital raised of 10 million USD from large funds such as Solana Ventures, Delphi Digital, MGNR,…
Regarding information about partners, according to the project announcement itself, we know that the project receives support from Solana, Orca, Raydium,… and more.
What is the Jito coin?
Jito coin is the official cryptocurrency of the Jito platform, owning it allows community members to have a direct impact on the direction of the Jito network.
Specifications
- Token Name: JITO
- Ticker: JTO
- Blockchain: Solana
- Token Standard: SPL
- Contract: jtojtomepa8beP8AuQc6eXt5FriJwfFMwQx2v2f9mCL
- Token type: Utility & Governance
- Total Supply: 1.000.000.000 JTO
- Circulating Supply: 115.000.000 JTO
Distribution rate
Currently, Jito coins are being allocated according to the following ratio:
- Community Growth: 34.3%
- Ecosystem Development: 25%
- Core Contributors: 24.5%
- Investors: 16.2%
Jito coin Use Cases
Jito coin is being used for the following two specific cases:
- Staking to receive rewards.
- Participate in project management work.
Where to trade a Jito coin?
Currently, the Jito coin is not listed on any specific exchange yet, so we cannot recommend the best crypto exchange site for you.
Where should Jito coins be stored?
Jito coin follows the SPL standard, so when holding it you can store it in wallets that support this standard, such as Phantom Wallet, Coin98 Wallet, Backpack,…
Conclusion
So we have also succeeded in sharing with you the most general and interesting information about the Jito coin. Thank you for taking the time to follow and see you again in new content at AZcoin.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
