Jito is a liquid-staking rewards DeFi network that runs on the Solana ecosystem. Users stake the coin for MEV rewards after the blockchains have been optimized. Therefore, the users get both MEV and staking rewards from staking on the network. The network has a native coin called JTO that participates in governance and buying goods and services on the network.
It uses proof-of-stake, like the base ecosystem, Solana, to validate transactions. Users enjoy such benefits as added security, ease of transaction, cheap transactions, and cash benefits from MEVs and staking.
A Bit About Jito
Jito is an ecosystem that solves underlying MEV issues in blockchains on Solana. MEV, which stands for Maximum Extractable Value, is the value that validators can extract on blockchains by just inserting, reordering, and censoring transactions. Jito is making liquid staking easy on Solana by creating a high-performance infrastructure.
Jito Foundation created the project to enhance the health and efficiency of its network. The team at Solana Labs found that it could increase the efficiency of the blockchain by enhancing the value of its blockchains. It created a DeFi product to spread stakes across the network. The native coin, JTO, can be used for network governance and to make purchases across the Solana ecosystem.
Jito is a stake-rewards solution. It is a one-of-a-kind project to help enhance the health and efficiency of the Solana network. It helps decentralize Solana by spreading stakes across the ecosystem. It also encourages validators to redistribute their MEV profits.
JTO, the native coin, pays for all the efforts and tasks on the Jito network. Since it is based on the Solana network, it can also be used to make purchases on it, like the SOL token. Jito uses the features of the Solana network, including authentication and verification. It is safe to use for both staking and making purchases.
Utility of Jito?
As said earlier, Jito is a DeFi service that increases the liquidity of staking on the Solana network. It deals with inefficiencies in the Solana blockchain. JTO is its native token that holders use for transactions on this network along with purchases. Holders of the coin benefit from making speedy transactions at a lower cost than they would while using SOL.
Second, JTO is currently trading across various crypto exchanges. Any increase in the value of the coin will lead to an increase in their investments. Validators also get quick rewards, with the option of redistributing them across the network for additional rewards.
Third, holders enjoy added security for their money. JTO uses the Solana two-layered blockchain, and transactions are authenticated by the proof of stake. These security features do not affect the lightning-fast connection it offers for its transactions.
Jito Price detailsSOL Contract address: jtojtomepa8beP8AuQc6eXt5FriJwfFMwQx2v2f9mCL
›› Details & Tokenomics
Advantages of Jito+ With its lightning-fast connection, JTO can handle over 50,000 transactions per second.
+ Users pay incredibly low fees, usually less than 0.01 USD for each transaction they make.
+ The DeFi service helps enhance the efficiency of the Solana network by improving how data is stored on blockchains.
+ The use of proof-of-stake (POS) helps maintain security while maximizing rewards for nodes that are doing the validation.
+ Jito increases the staking liquidity on the Solana network, which makes it profitable and cheaper.
Disadvantages- The JTO coin is relatively new and not accepted by most merchant, meaning the holders are likely to exchange it to use it beyond the Solana network.
- Validators on the network have to get chosen or assigned validation tasks to enjoy the additional MEV rewards.
- The project is primarily meant to enhance the efficiency of the Solana network and has few other great features for the financial market.
- The JTO airdrop favored small and medium users as opposed to large holders, which caused jitter in the market at large as the majority of its investors.
- The Jito points rewards require holders to constantly stake, participate in DeFi, and refer others to earn.
Costs▪ Rated at 10/10
JTO has a lower transaction cost than the base SOL coin. Expect to pay less than one cent per transaction (about 0.005 USD) compared to between 0.01 and 0.05 USD for SOL.
It also has lower costs than popular coins like Ethereum, which cost up to 80 USD per transaction during peak hours. The coin is not affected by inflation like SOL, which means that the transaction cost does not change significantly.
Reputation and Buzz▪ Reputation rated at 8/10
▪ Buzz rated at 7/10
JTO builds on the reputation of Solana to bring in users. Solana is among the top five cryptocurrencies in the market. Its strong reputation has pushed the growth of the Jito project since they are both interwoven into one.
Second, Jito has received support from many leading crypto exchanges that host Solana. Some of these crypto exchanges that supported its airdrop include Bitget and Coinbase. The concept behind its creation also appeals to many players in the DeFi services industry, as it provides real benefits to organizations using the Solana network for their financial management.
Third, JTO has lower transaction costs and offers real opportunities to make cash through staking. It is pulling many people on the Solana network to give it a try, which has created a positive word across leading crypto forums and users.
How will JTO tokens be allocated at the airdrop?
80% of the Jito token will be available to community members who meet the set eligibility requirements. 15% of the tokens will go to the validators and 5% to MEV searchers. The total airdrop accounts for 10% of the 100,000,000 JTO total supply.
What are MEV rewards?
MEV rewards stand for maximal extractable value. It refers to the rewards validators get for inserting and reordering transactions within a block. These tasks enhance the efficiency of the blockchain, making them a vital ‘maintenance’ routine.
History of Jito
April 2023 – Jito Foundation launches Jito Staking xNFT on Backpack. It helps users manage their staking positions and offers added visibility into the rewards program through their Backpack wallet.
June 2023 - Jito starts the JitoSOL Referral Program, where holders can now earn rewards for bringing their friends on board. They get a unique affiliate link through which users join the network.
November 23, 2023 – The launch of the Jito Governance Token. The token, designated as JTO, helps the JTO community make smarter decisions and transactions on the network with ease.