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November 7, 2024 • 4 minute reading time

Jito October Month In Review

Jito Foundation
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Introduction

The Jito Foundation is excited to introduce a new blog series shining a spotlight on all the technical developments, blog articles, governance proposals and creative work occurring around the Jito Network. Tune in every month for a full breakdown of everything that has been announced.

October Highlights

    • Jito (Re)staking Phase 1 launched, filling the $25M deposit cap in a few hours
    • JIP-8: Adopt TipRouter NCN (Protocol Development) governance proposal introduced
    • Helius, Kyros, Staked, and Temporal announced as Jito (Re)staking Partners
    • Midcurve 30 Days Of Grind Challenge went live on October 30th
    • Interview Spotlight with Buffalu, Mert, and Toly
    • Jito Community on X

Jito (Re)staking

Jito (Re)staking Deposits Launch - Phase 1: https://www.jito.network/blog/jito-re-staking-deposits-launch-phase1/

The Jito Foundation launched Phase 1 of Jito (Re)staking on October 30th and the initial $25m global deposit cap was filled in <5 hours! Congratulations to all the NCN, VRT, and NO partners for making the first part of the launch a success. Stay tuned for Phase 2, during which the global deposit caps will be raised!

With Jito (Re)staking, users can boost their staking rewards by providing economic security for key Solana infrastructure. To put it simply, any SPL token can now provide this economic security via a Node Consensus Network (NCN). A user restaking on the platform receives a Vault Receipt Token (VRT) in place that represents their staked assets. 

Governance

On October 24th, JIP-8: Adopt TipRouter NCN (Protocol Development) was shared with the community. The proposal aims to achieve two goals: (1) create a new Jito DAO Treasury contribution for the DAO from MEV tips and (2) decentralize the process of MEV tip distribution by placing it under the control of the DAO. Under the proposed JIP-8, tips generated via the TipRouter NCN would fuel the DAO Treasury contributions, with 2.85% of these tips going to the Jito DAO Treasury and an additional 0.15% going to NCN network participants. This would ensure that operations remain trustless via multiparty and economic security. 

The community is encouraged to go through the proposal on the Jito forum.

Ecosystem Announcements

Helius

Helius Announces Jito (Re)staking Integration: https://www.jito.network/blog/helius-announces-jito-re-staking-integration/

Helius, a leading Solana RPC infrastructure provider, is joining Jito (Re)staking as one of the initial Node Operator (NO) partners, bringing their expertise in high-performance RPC infrastructure to validate transactions and secure Node Consensus Networks (NCNs). 

Kyros

Kyros Announces Jito (Re)staking Integration: https://x.com/jito_sol/status/1841865817916350968

Kyros, a community-governed liquid (re)staking protocol backed by SwissBorg, is planning to launch on Jito (Re)staking. Kyros will create a VRT and delegate to NCNs, which will open up new opportunities for users and help contribute to the security & decentralization of multiple Solana protocols.

Staked

Staked Announces Jito (Re)staking Integration: https://x.com/staked_us/status/1848385091317154249

Staked is joining Jito (Re)staking as a Node Operator! As a NO, Staked will play a key role by validating transactions and securing Node Consensus Networks. With billions of delegated assets, Staked and Kraken are trusted by top investors, exchanges, and wallets to deliver optimal staking rewards reliably and securely.

Temporal

Temporal Announces Jito (Re)staking Integration: https://x.com/temporal_xyz/status/1849178891908165875

Temporal, a next-gen Solana native research and development firm, is joining Jito (Re)staking as a Node Operator.  

Moonwalk Fitness Challenge

Midcurve is hosting a 30 Days of Grind challenge, sponsored by Jito Foundation, on Moonwalk Fitness from October 30th until November 28th! Join the 350 other players already taking part for a chance to win a share of the 200 JTO prize pool.

To join the challenge, simply deposit 0.25 $SOL into the Midcurve game (code#TtoZUuQi), take 5k steps a day for 30 days, and profit!

Game details can be found here. 

Midcurve Films

Breakpoint 2024

Midcurve, the media brand of the Jito Foundation, presented its Breakpoint Singapore 2024 episode in partnership with Solana Mobile! The episode starts with Jito Foundation's Justin Knox chatting with Jito Labs’ co-founder and CTO Zano Sherwani. He then sits down for a candid conversation with Solana co-founder Raj Gokal – among other things they discuss his first chance meeting with Anatoly Yakovenko (co-founder and CEO of Solana Labs). Later, joined by Lucas Bruder (co-founder and CEO of Jito Labs), Anatoly Yakovenko, and Mert Mumtaz (co-founder and CEO of Helius), they explore the future of mobile and social apps.

Watch the full video on Solana’s X page.

Zano x Darren Till

Midcurve also recorded a special episode with UFC fighter Darren Till and Zano Sherwani, co-founder and CTO of Jito Labs.

Watch them grapple, full episode on YouTube. 

Jito Community on X

https://x.com/KaminoFinance/status/1851652986235166776 - Kamino Finance announced two new liquidity vaults as part of the Jito (Re)staking launch

https://x.com/PineAnalytics/status/1847984053871636886 - Pine Analytics broke down Jito (Re)staking and all of its features 

https://x.com/leoding0806x/status/1851588737903509703 - Hong Kong Hackerhouse

https://x.com/smyyguy/status/1849456873226875221 - Dan Smith covers the recent JIP-8 proposal that would introduce a take rate on Jito Tips for DAO

https://x.com/tomwanhh/status/1851967605570949448?s=46 - Jito (Re)staking dashboard built by @tomwanhh