Jito

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Discover Jito's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Jito?

Jito (JTO) is a governance token launched by the Jito Foundation, which has a significant market capitalization and daily trading volume. The token is part of a broader initiative aimed at promoting economic empowerment and social service within the Jain community.

How is Jito used?

Jito (JTO) is a governance token that plays a crucial role in the Jito Network, a liquid staking platform on Solana. Here are the key ways JTO is used:

  1. Governance: JTO token holders have a direct impact on the decision-making and direction of the Jito Network. They can participate in setting fees for the Jito stake pool, updating delegation strategies, and managing the DAO treasury and fees generated from JitoSOL.

  2. Stake Pool Fees: JTO holders can set fees for the Jito stake pool, influencing the profitability and attractiveness of staking within the network.

  3. Delegation Strategy Updates: Token holders can adjust the parameters of StakeNet programs to optimize network performance and rewards.

  1. Treasury and Revenue Management: The JTO community oversees the DAO's treasury, including JTO tokens and fees generated from JitoSOL.

  2. Protocol and Product Development: Token holders contribute to the ongoing development and improvement of Jito Network's protocols and products.

Overall, JTO is designed to give its holders a significant voice in shaping the future of the Jito Network and its operations.

How do I store Jito?

To store Jito (JTO) tokens, you have several options:

  1. KuCoin Account: You can store JTO tokens directly in your KuCoin account. This is a convenient option if you plan to trade or hold JTO tokens within the KuCoin ecosystem.

  2. Non-Custodial Wallets: You can transfer your JTO tokens to non-custodial wallets, which provide greater control and security over your assets. Trust Wallet is one such option that supports JTO tokens and can be used to manage and store them.

  3. Bitget Wallet: Bitget Wallet also supports JTO tokens and allows you to store and manage them securely.

These options provide flexibility and security for storing your JTO tokens.

How to buy Jito?

To buy Jito (JTO) tokens, follow these steps:

  1. Create an account:

    • On Kraken, create a free account by providing your email address and country of residence.
    • On Coinbase, download the app and start the sign-up process, which includes verifying your ID and adding a payment method.
    • On MEXC, open an account and pass KYC (Verify Identification).
    • On KuCoin, create a free account and secure it with a password and two-factor authentication.
  2. Fund your account:

    • On Kraken, connect a funding method such as a credit card, debit card, or bank transfer.
    • On Coinbase, add a payment method like a bank account, debit card, or wire transfer.
    • On MEXC, use methods like credit card, global bank transfer (SWIFT), P2P trading, or third-party payments (Simplex, Banxa, Mercuryo).
    • On KuCoin, add a payment method to fund your account.
  3. Select Jito (JTO):

  • On Kraken, select JTO from the list of available trading pairs.
  • On Coinbase, search for Jito in the app or on the website and select it for purchase.
  • On MEXC, find JITO in the list of available cryptocurrencies.
  • On KuCoin, choose Jito (JTO) from the spot market.
  1. Enter the amount and complete the purchase:
    • On Kraken, enter the amount you want to spend in your local currency, and the app will convert it to JTO.
    • On Coinbase, enter the amount you want to spend, and the app will automatically convert it to JTO.
    • On MEXC, enter the amount you want to spend, and the platform will facilitate the trade.
    • On KuCoin, enter the amount you want to spend, and the platform will complete the purchase.

After these steps, you will have successfully bought Jito (JTO) tokens.

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History of Jito

Jito, a liquidity staking protocol on the Solana network, was formed in 2021 by Lucas Bruder, an engineer with a background in robotics and Tesla. The protocol officially launched on the Solana mainnet in November 2022, following a successful Series A funding round of $10 million led by Multicoin in August 2022.

In late 2023, Jito issued its governance token, JTO, and performed an airdrop to ecosystem participants, distributing 10% of the total supply. This event significantly boosted the protocol's popularity, leading to a surge in the Total Value Locked (TVL) and making it the second-largest protocol by TVL in the Solana ecosystem.

The airdrop event attracted a large number of active stakers, with the weekly active stakers exceeding 15,000 at its peak. Although there has been a slight decline in recent times, the protocol remains a significant player in the Solana ecosystem.

Jito's innovative approach to staking includes the capture of Maximal Extractable Value (MEV) to reduce network congestion and enhance staking returns. This is achieved through an auction mechanism that encourages validators to run Jito's client, eliminating unproductive transactions and sharing profits between validators and stakers.

The protocol has seen significant growth, especially since October 2023, with the TVL currently standing at around $670 million. Jito's success has been driven by its unique approach to MEV and its ability to provide users with a liquid staking option that can be used across various DeFi protocols.

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How Jito works

Jito, also known as "Joint Token," is a decentralized liquid staking platform built on the Solana blockchain. It allows users to stake their SOL tokens and earn rewards in the form of the native JTO token. Here's a detailed overview of how Jito works:

Stake Pool and JitoSOL

Jito operates through a stake pool mechanism where users can deposit their SOL tokens. In return, they receive JitoSOL tokens, which are unique assets that combine staking rewards and MEV (Maximum Extractable Value) rewards. JitoSOL tokens offer liquidity and allow users to grow their assets through staking and MEV rewards.

MEV Rewards

MEV represents the maximum value a validator can extract by optimizing the order of transactions during block production. Jito's approach to staking is designed to maximize MEV rewards for users. The Jito Stake Pool delegates the deposited SOL tokens to MEV-enabled validators, who earn rewards through transaction arbitrage, re-ordering, and other strategies. These rewards are then redistributed to the stake pool, increasing the yield for JitoSOL holders.

Governance and JTO Token

The JTO token serves as the governance token of the Jito Network. It allows community members to participate in decision-making regarding the direction of the liquid staking protocol. The JTO token is used to set and modify fees for the JitoSOL staking pool, update delegation strategies in StakeNet, and manage the DAO treasury and fees generated from the JitoSOL staking pool.

Security and Decentralization

Jito emphasizes security and decentralization. The JitoSOL token is fully audited and operates on a non-custodial basis, ensuring that users retain control over their deposited SOL and accrued rewards even if Jito disappears. The stake pool distributes the stake among numerous validator nodes, contributing to the decentralization of the Solana network.

Key Features
  • Non-Custodial: Users retain control over their assets.
  • Decentralized: Stake pools distribute the stake among multiple validator nodes.
  • MEV Rewards: Validators earn rewards through transaction optimization.
  • Governance: JTO token holders participate in decision-making.
  • Liquidity: JitoSOL tokens offer liquidity for staked SOL tokens.

Overall, Jito combines the benefits of liquid staking and MEV rewards, providing a unique and efficient way for users to maximize their returns on the Solana blockchain.

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Jito's strengths

Jito (JTO) has several strengths that set it apart from its competitors:

  1. Integration of MEV Rewards with Liquid Staking: Jito offers a unique combination of Maximum Extractable Value (MEV) rewards with liquid staking, enhancing the liquidity of staked assets and providing token holders with additional yields through MEV strategies.

  2. Advanced Liquid Staking Model: Jito's StakeNet protocol is self-sustaining, transparent, and decentralized, allowing protocols to decentralize stake pool operations and leverage on-chain governance for modifications.

  3. Governance Token: JTO token holders have a significant role in influencing key decisions through the Jito Foundation, ensuring a decentralized, transparent, and community-driven approach to governance.

  1. Significant Total Value Locked (TVL) in SOL: Jito boasts a substantial TVL in SOL, indicating widespread adoption and trust within the community.

  2. Integration with Various DeFi Protocols: Jito's utility and value proposition are underscored by its integration with multiple DeFi protocols, enhancing its liquidity and staking rewards.

These strengths position Jito as a pioneering initiative within the Solana ecosystem, offering a compelling use-case for token holders seeking governance influence, liquidity, and additional staking rewards.

Jito's risks

Jito (JTO) is considered a low-risk investment based on InvestorsObserver research. The risk gauge score translates to a low risk investment, indicating that the token is less susceptible to price manipulation. However, other sources emphasize that trading involves risk, which may result in the loss of capital. This is a high-risk investment, and investors should be prepared to lose all the money they invest.

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Did Jito raise funds?

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Jito’s team

  • Lucas Bruder: Co-Founder and CEO of Jito Labs, an engineer who has worked in robotics and Tesla.
  • Anatoly Yakovenko: Co-Founder of Solana Labs, involved in funding and supporting Jito.
  • Zano Shermani: CTO of Jito Labs.
  • Brian Smith: Team member of Jito Labs.
  • Anas Saidi: Team member of Jito Labs.
  • Ashley Williamson: Team member of Jito Labs.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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