Jito December Month In Review
Introduction
Happy New Year! 2024 was a big year for the Jito Network and we have each and every one of you to thank. đź’š
Just how big of a year was it? Solana transactions soared, along with MEV capture rates, as memecoins gained significant mindshare. JitoSOL, now the largest LST on Solana, demonstrated its strength by growing TVL +129% YoY, from ~6.3M SOL on January 1st, 2024 to ~14.5M SOL on January 1st, 2025. Meanwhile the Jito (Re)staking platform, a multi-asset staking protocol for Node Consensus Networks, launched in Q4, and to date has secured over $50M in deposits! 🥂
Now on to the Jito Foundation’s December Month In Review where we’ll cover some co-marketing announcements as well as a plethora of governance updates. Be sure to check the Interview Spotlight at the end which showcases all new Midcurve Podcast episodes.
December Highlights
- Governance Updates
- Ecosystem Announcements
- Interview Spotlight
- Jito Community on X
Governance
JIP-8: Adopt TipRouter NCN (Protocol Development)
The JIP-8: Adopt TipRouter NCN (Protocol Development) proposal was successfully passed with a total of 14,265,051 Yes and 269 No votes. As a quick recap, JIP-8 once implemented will enable TipRouter Node Consensus Network (NCN) to handle MEV tip distribution on the Jito network.
Key points:
- MEV tip distribution to be decentralized and managed by the DAO
- Implements a 3% fee on MEV tips (2.7% to DAO treasury, 0.3% to NCN participants)
- Uses economic security through staked assets to ensure reliable operation
- Grants the DAO various powers including upgrade authority and fee rate control
JIP-9: Adopt Interceptor Liquidity Defense
JIP-9: Adopt Interceptor Liquidity Defense was successfully passed with a total of 10,729,443 Yes votes and 2,851,024 No votes. The proposal outlines the implementation of a program designed to protect JitoSOL's liquidity pools from trading patterns that can negatively impact its stability.
Jito Delegates’ Call #7
The Jito Delegates gathered for their 7th call to discuss topics related to four JIPs. JIP-8: Removing deposit caps, adding weights to VRTs, JIP-9: Interceptor program to protect JitoSOL, JIP-10: Add $JTO economic security to TipRouter NCN, and JIP-11: Shortening governance process.
The full recording to the 7th Jito Delegates’ Call can be found here: https://x.com/jito_sol/status/1866945113810764189
JIP-12: JTO Vault Parameters Proposal
On December 12th, Gauntlet shared JIP-12: JTO Vault Parameters Proposal with the community. The proposal defines parameters for the TipRouter's JTO staking vault management and JTO VRTs' integration into Jito DAO governance. Key features include accepting all JTO vault managers by default with no deposit caps, requiring auto-compounding for all JTO VRTs, and setting initial 1:1 governance weight ratios for VRTs exceeding $5M market cap. The proposal is contingent on JIP-10’s passing.
JIP-13: 2025 Incentive Budget
The 2025 Inventive Budget via JIP-13 was shared with the community on the Jito forum. The proposal requests 14 million JTO tokens for liquidity mining spend in 2025. The funds will be managed by a 4/5 Jito Foundation multisig to grow JitoSOL mints and DeFi deposits, with unused tokens returned at year-end. Performance will be tracked through two public review posts and measured by TVL growth and protocol metrics.To recap, the 2024 budget included 7.5M JTO of which 6.3M was returned. Similarly, the Jito Foundation will return any unspent tokens at the end of the year, and if the program is overall deemed to be successful, will likely initiate DAO proceedings for a 2026 liquidity mining budget.
Read the full proposal on the Jito forum: https://forum.jito.network/t/jip-13-2025-incentive-budget/516
Ecosystem Announcements
Streamflow
On December 18th, Streamflow launched their STREAM token via Kamino vaults. To help bootstrap liquidity the Jito Foundation added JTO incentives to the STREAM/JitoSOL vault on Kamino. Depositors can earn a share of 40,000 STREAM and 2,200 JTO for the first month!
Pudgy Penguins
The long awaited PENGU token was released on December 17th by the Pudgy Penguins team. In collaboration with Kamino & Jito Foundation, over the next month, all PENGU/JitoSOL vault depositors will earn a share of 375,000 PENGU and 2,500 JTO! And Jito got its very own 1:1 🫡
Magic Eden
The Magic Eden ME token was released on December 10th. As part of the initial liquidity bootstrapping event, ME/JitoSOL vault depositors are eligible to earn a share of 5,500 ME and 5,500 JTO until January 10, 2025. Please see the Kamino website for additional vault details.
N1Chain
N1Chain, a new product-focused blockchain L1 enabling all code & apps onchain, will launch with a validator set made up of Jito NCN validators. N1 will be the first L1 with virtually unlimited scale, and ultra-low latency allowing devs to focus on building their apps as if they were building normal web2 apps. To learn more about how N1 works, consider reading the documentation: https://docs.n1.xyz/
Sky (formerly MakerDAO)
Sky (formerly MakerDAO) launched USDS, the first major DeFi-native stablecoin on Solana, in November. Now LP providers in the JitoSOL/USDS Raydium pool are eligible to receive 200 JTO and 5,000 USDS when providing liquidity via Kamino.
MIDCURVE FILMS
“Building Through Chaos” with Zano Sherwani (co-founder and CTO of Jito Labs) & Chris Heaney (co-founder and CTO of Drift Protocol)
Full episode: https://www.youtube.com/watch?v=uG7ZDv-WLZ8
“You Win Or You Learn” with Zano Sherwani
Full episode: https://www.youtube.com/watch?v=P6QtE93qF0o
“The Vision For Jito” with Lucas Bruder (co-founder and CEO of Jito Labs)
Full episode: https://www.youtube.com/watch?v=EpTcKs8QOvw
Jito Community on X
https://x.com/tradetheflow_/status/1868982632702525851 - @tradetheflow_ wrote about the bullish case for Solana (Re)staking and how early it still is compared to the restaking market on Ethereum.
https://x.com/jito_sol/status/1872729841499332724 - Lucas Bruder (co-founder and CEO of Jito Labs) received a shoutout from a chat commenter and Jordi Alexander (@gametheorizing) during a Steady Lads livestream.
https://x.com/jito_sol/status/1874161100872155136 - The @jito_sol account prepared a 2024 year in review thread
https://x.com/jito_sol/status/1874124202652885289 - Recap video of JitoSOL's TVL growth throughout 2024