Jito Launches its Open-Source Restaking Service for Solana

TL;DR

• Jito’s open-source restaking service launches on the Solana blockchain.

• Restaking allows blockchain networks to use the value of other staked assets as collateral. 

Jito’s Open-Source Restaking Service Now Live on Solana

The Jito Foundation announced the launch of of its restaking service on the Solana blockchain. Restaking is gaining popularity in the Web3 ecosystem as it allows blockchain networks to leverage the value of other staked assets as collateral to ensure they're staying honest.

The code should allow protocols building on the Solana blockchain to set up a mechanism for providing economic security to nearly any on-chain application. Furthermore, Jito’s code would enable users to actively validated service (AVS) using whatever crypto asset they choose.

While commenting on this latest development, Lucas Bruder, a contributor at Jito Network, said,

"The flexibility and customization allowed in this architecture will be especially useful for the most important customer of these systems - the AVSs." 

Several protocols and startups are looking to build restaking services for Solana. Jito remains one of the leaders in the space but its code is yet to be implemented on the mainnet. Its native JTO token is up by more than 9% in the last 24 hours and is trading at $2.95.