Developers are closer to activating restaking on Solana with the Jito Foundation’s new code release on July 25, 2024. The Jito protocol published its first code base, potentially enabling Solana-native protocols to secure decentralized apps with any cryptocurrency.
Restaking gained traction last year with Ethereum’s EigenLayer, which allowed staked assets to be deployed on multiple networks. Unlike EigenLayer, which supports only Ether (ETH), EIGEN, and ETH derivatives, Jito aims to include a wider array of assets. The blog post noted, “Jito Restaking is fundamentally multi-asset, leveraging staked base assets such as JitoSOL or any other SPL token.”
This move could significantly impact Solana’s ecosystem, which has been buzzing with excitement. Following the announcement, Jito’s native token, JTO, saw an 8.5% increase in 24 hours, despite a broader market downswing.
Releasing the code hints that the deployment might be imminent. Strategically, this development could enhance the utility and security of decentralized applications on Solana, marking a significant milestone for the network’s evolution.
