Jito is a cryptocurrency protocol built on the Solana blockchain. Its primary function is to facilitate liquid staking, a process that allows users to stake their Solana (SOL) tokens without losing access to their funds. By staking SOL on Jito, users receive JitoSOL tokens in return, which represent their staked SOL. This process differs from traditional staking where funds are locked for a specific period.
Beyond the core staking function, Jito also captures Maximum Extractable Value (MEV) rewards. MEV refers to the potential profit that can be gained by strategically placing and executing transactions on a blockchain. By capturing this value, Jito can generate additional rewards for its users, making it an attractive option for those seeking to maximize their returns on staked assets.
The governance token of the Jito protocol is called JTO. Holders of JTO have voting rights on crucial decisions regarding the protocol, such as fee structures, treasury management, and delegation strategies. This decentralized governance model empowers the community to shape the future of Jito.
Jito has gained significant traction in the cryptocurrency market, particularly due to its airdrop of JTO tokens to early users of the JitoSOL platform. This airdrop generated considerable interest and helped to boost the token's price.