The post Jito to introduce restaking on Solana appeared on BitcoinEthereumNews.com.

Developers are one step closer to activating restaking on Solana with the Jito Foundation’s latest code release. On July 25, the Jito protocol published its first code base for unlocking staking and restaking platforms on Solana (SOL). Although the code hasn’t been edited, it could potentially enable any Solana-native protocol to secure decentralized apps with any cryptocurrency. The move would also extend to actively validated services, commonly called AVS.  1. Announcing Jito Restaking: A Next-Gen Infrastructure Platform The Jito Foundation is excited to release the code for Jito Restaking, a hybrid staking, restaking, and LRT module. 🤝 Wtf is that? Lets dive in. ↓ pic.twitter.com/7nDaZdnZIn — Jito (@jito_sol) July 25, 2024 Restaking took off last year when protocols like Ethereum’s EigenLayer (EIGEN) allowed users and protocols to deploy staked digital assets on multiple networks. EigenLayer effectively advanced staking utility and economic security beyond the confines of blockchains or dapps where users originally locked their cryptocurrencies.  Jito piggybacked off this idea but veered away from EigenLayer’s restrictions. Where EigenLayer supports only Ether (ETH), EIGEN, and ETH derivatives, Jito hopes to include a wider array of assets.  “Jito Restaking is fundamentally multi-asset, capable of leveraging staked base assets such as JitoSOL, other liquid staking tokens, or any other SPL token,” the blog post read. The concept of restaking has set Solana’s ecosystem abuzz for months, with several teams and developer groups reportedly working on the mechanism.  At the time of publication, Jito seems to lead the pack with its restaking code. Nothing indicates that Jito has deployed its idea on-chain yet, but releasing the code suggests that it may come soon. Jito’s native token, JTO, grew 8.5% in 24 hours following the news while a downswing swept the broader crypto market. 24-hour JTO price chart on July 25 | Source: crypto.news Source: https://crypto.news/jito-to-introduce-restaking-on-solana/

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Filed under: News - @ July 27, 2024 10:28 am