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December 11, 2024 • 6 minute reading time

Jito November Month In Review

Jito Labs
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Solana HFT

Introduction

The Jito Foundation’s November Month In Review is back in action with a packed calendar of announcements. From JIP-10 to Jito (Re)staking deposit caps being raised and many, many Midcurve interviews, there’s something here for each and every one of you. Follow along every month for a full breakdown of everything happening around the Jito Network.

November Highlights

  • Jito (Re)staking Deposit Cap Raised to $50M
  • Jito Market launch on Kamino
  • JitoSOL Powering Coinbase cbBTC Liquidity 
  • Incentivized Vault with Sky USDS
  • Incentivized Vault with Hivemapper HONEY
  • Governance: JIP-7 & JIP-10 Updates
  • Interview Spotlight 
  • Jito Community on X

Jito (Re)staking

Jito (Re)staking Deposit Caps Raised to $50M: https://x.com/jito_sol/status/1858505448623652942

After a successful launch of Jito (Re)staking Phase 1, the global deposit cap was raised to $50M.

Jito (Re)staking is a multi-asset staking protocol for Node Consensus Networks (NCNs) on Solana. It allows users to stake any SPL assets, receive liquid Vault Receipt Tokens (VRTs), and earn rewards from multiple networks. By combining the benefits of liquid staking with the flexibility of supporting various NCNs, Jito (Re)staking aims to enhance capital efficiency and create new opportunities in the Solana ecosystem. 

Governance

JIP-7

JIP-7 Realms Proposal: https://gov.jito.network/dao/Jito/proposal/FmDtogWJdbBC8uZenjBDdgEDjfbvb1rTHdvcY9FL2fMq

Mid-November, JIP-7 was passed with a total of 11,456,747 ‘Yes’ votes. JIP-7 proposed a 2M JTO grants program for Node Consensus Networks on Jito (Re)staking. With three grant tiers and initial liquidity provision by MetaDAO the aim is to incentivize developers of NCNs to utilize Jito (Re)staking.

JIP-10

JIP-10 Announced Staking Mechanism for JTO Within Jito (Re)staking: https://x.com/jito_sol/status/1859629102115750060

On November 21st, JIP-10: Decision Market on Whether to Adopt JTO in the TipRouter NCN (Protocol Development) was shared with the community. The proposal outlines a staking mechanism for JTO within the (re)staking network. Staked JTO will provide economic security for the distribution of Jito tips across Solana via the TipRouter. This works in parallel with JitoSOL for higher aggregate security. The staked JTO and JitoSOL vaults would each receive 15bps of Jito tips on all Solana transactions. The remaining 2.7% goes to the Jito DAO treasury.

Ecosystem Announcements

Sky (formerly MakerDAO)

Sky Launches USDS on Solana: https://x.com/jito_sol/status/1858905707656913176

Sky (formerly MakerDAO) launched the first DeFi-native stablecoin on Solana. Early LP depositors will earn USDS incentives from Sky, along with JTO funded by the Jito Foundation. Incentives were set to $5k USDS and 2k JTO weekly for the USDC/JitoSOL LP.

Hivemapper

JitoSOL x HONEY Incentivized Vault: https://app.kamino.finance/liquidity/Ab2npsSMYE38A8yyqvJ7S4wFDnpCVmFuYTKUcfpAL65W

Hivemapper, building the future of DePIN on Solana, launched an incentive vault on Kamino using JitoSOL as the base pair. During the month, HONEY/JitoSOL LP depositors received both HONEY and JTO rewards, that is 120k HONEY and 2.8k JTO to match. By pairing with JitoSOL this liquidity vault enables participants to also receive Solana staking & MEV rewards. 

InfStones Global

InfStones Global Announces Jito (Re)staking Integration: https://x.com/InfStones/status/1852402248724213973

InfoStones Global, an established validator with extensive experience across EigenLayer, Symbiotic, and Babylon, is joining Jito (Re)staking as one of the Node Operators. InfStones brings proven expertise in shared security to Solana while providing a seamless staking experience.

Kamino

Jito Market Announced In Collaboration With Kamino: https://x.com/jito_sol/status/1853496192304374235

Jito Market was launched on Kamino to create an isolated lending market for highly capital-efficient SOL borrows, enabling new strategies such as 10x leverage on JitoSOL looping. Due to popular demand, weekly incentives have been raised to 18k JTO!

Phantom JitoSOL Quest: https://x.com/jito_sol/status/1854209642106155116

On November 6th, the Jito Foundation announced a JitoSOL quest in partnership with Phantom. Bringing liquid staking to the masses via one of the most popular apps on the app store. During this event, eligible questers will receive a share of 200k JTO tokens + a commemorative NFT.

Coinbase cbBTC Using JitoSOL: https://x.com/jito_sol/status/1854625099883679747

The JitoSOL/cbBTC pool provides significant deep liquidity for cbBTC, a wrapped version of Bitcoin backed 1:1 by BTC held in custody by Coinbase, providing millions of Bitcoin holders access to secure and deep liquidity on Solana.

MIDCURVE FILMS

Building A Brand With Jito Labs CEO Lucas Bruder: https://www.youtube.com/watch?v=LeOb7__ponY

Midcurve, the media brand of the Jito Foundation, had a busy month releasing episodes with some incredible people, building the future of Solana. November’s guests include:

• Caitlin Cook from Moonwalk Fitness
• Gordon Grant, an independent trader
• Lucas Bruder co-founder and CEO of Jito Labs
• Anatoly Yakovenko co-founder and CEO of Solana Labs
• Mert Mumtaz, CEO of Helius Labs
• Chris Heaney, CTO of Drift Protocol
• David Brickell, Head of Distribution at FRNT Financial
• Alex Scott from Superteam UAE

Lucas, Toly and Mert

“The Big Three Talk About The Future Of Solana” - https://www.youtube.com/watch?v=9lUPh-_ZMUU

Gordon Grant

“Most Interesting Man” - https://www.youtube.com/watch?v=txHFCivHTds

Chris Heaney

“Top 5 Books That Founders Need To Read | Part 1” - https://www.youtube.com/watch?v=hn5O7Gl-dp0

Caitlin Cook

“From Fat To Fit With Moonwalk and Midcurve” - https://www.youtube.com/watch?v=UKmq4p9Fcz8

Alex Scott

“Building Solana in Dubai with Superteam UAE” - https://www.youtube.com/watch?v=CIsxxomBc9U

David Brickell

“What Is Macro Telling Us - A Look At Institutional Interest In Digital Assets” - https://www.youtube.com/watch?v=Aih9UaiESJ4

Farhaj Mayan

“Building Better Builders” - https://www.youtube.com/watch?v=OVuQzukG-h8

Windfall

“Make DeFi Fun Again w/ Windfall” - https://www.youtube.com/watch?v=JlMLSIEvE8Y

Jito Community on X

https://x.com/RenzoProtocol/status/1859020505925513560 - Renzo introduced a new Jito (Re)staking NCN Series X Spaces, with the first episode featuring Andrew from the Jito Foundation talking TipRouter. Read the intern’s notes here: https://x.com/midcurvemedia/status/1860061953684615219

https://x.com/PineAnalytics/status/1860043731757596942 - Pine Analytics wrote a thread on kySOL the liquid restaking token built on Jito (Re)staking

https://x.com/Austin_Federa/status/1859636468118876468 - Austin admiring the Stakenet history map on the Jito website (https://www.jito.network/stakenet/history/)

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