Jito is a governance token for the Jito Network, which is designed to revolutionise liquid staking within the Solana ecosystem by integrating Maximum Extractable Value (MEV) rewards. It is geared towards empowering community members for decision-making within the network.
Jito operates as a liquid staking protocol on the Solana blockchain, utilising MEV technology to offer additional rewards to users. Users deposit SOL into the Jito stake pool, receiving JitoSOL. The pool delegates SOL to MEV-enabled validators who auction blockspace and redistribute MEV rewards to the pool, providing extra Annual Percentage Yield (APY) alongside traditional staking rewards.
Potential use cases for Jito include:
Jito also sees applications in protocols like Renzo and partnerships with entities like Maple Finance for diverse DeFi solutions.
Jito was co-founded by Lucas Bruder and Zano Sherwani, with its origins in 2021 as a response to MEV opportunities on Solana. Significant milestones include the launch of Jito Labs' staking service in 2022 and the development of StakeNet in 2023 to decentralise stake pools. By 2024, Jito achieved a Total Value Locked (TVL) of over 12M SOL, marking its substantial growth. The protocol has seen technological evolution and market integration, becoming a prominent player in Solana's liquid staking ecosystem.