Memecoins
Solana Meme Coin Jito Surges 9% on Retaking Update
Solana meme token Jito (JTO) has seen significant gains with its price up 9% after the platform announced the code for its re-staking program. The platform said it would be a hybrid next-generation staking and re-staking module. The community has rallied behind the program, pushing its price against a general downturn.
Jito announces re-staking code
Jito has unveiled the code for its retaking module, a move that has caused a frenzy within the community. According to the press release, it will consist of the Vault program and Re-play program working together to provide a scalable infrastructure for managing staked assets and actively validated services (AVS).
Both frameworks highlight a flexible mechanism including economic security for on-chain and off-chain activities.
“Jito Resttaking can be considered both a staking and restaking product, capable of adding utility to tokens, securing mechanisms, providing an insurance fund, scaling base layers, or creating a risk safety net for almost any pre-existing network with automated, yet centralized processes – all using a highly customizable interface designed for AVSs.
The platform’s multi-asset retaking allows users to leverage staking-based assets and also enables staking conditions with caps to reduce risk. The Vault program will manage the creation of liquid retaking tokens, support SPL as an underlying asset, create delegation strategies, and deploy capping and staking conditions.
On the other hand, the retaking program created and managed AVS and its operators, coordinated AVS operators and chests, and managed the distribution of rewards, among others.
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JTO Price Increase
The crypto community has been drawn to staking and resttaking models in recent months, which has sparked a surge in investment. This has attracted global participants to the space amid growing interest. Jito’s recent initiative has followed a similar trajectory, with its price increasing by over 9%. While prices of
BitcoinEthereum and other crypto assets fell as bulls rallied behind JTO, pushing weekly gains to 17%.
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David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in emerging technologies and has an eye for breaking news. Staying abreast of trends, David has reported on several niches including regulation, partnerships, crypto assets, stocks, NFTs, and more. Outside of financial markets, David enjoys cycling and horse riding.