Solana Meme Coin Jito Surges 9% Following Restaking Update

Solana-based meme coin Jito (JTO) experienced a 9% price increase after the platform unveiled the code for its new restaking program.

This program introduces a hybrid staking and restaking module designed to enhance the scalability and security of staked assets and Actively Validated Services (AVS).

The program consists of two components:

The Vault Program and the Restaking Program.

The Vault Program focuses on creating Liquid Restaking Tokens, supporting SPL as the underlying asset, and implementing delegation strategies and risk management measures.

The Restaking Program manages AVS and its operators, coordinates vaults, and distributes rewards.

This restaking feature allows users to leverage staked assets, providing additional utility and security measures for both on and off-chain activities.

The announcement has attracted significant interest from the crypto community, resulting in a 9% price surge for Jito and a 17% increase in its weekly gains, even as broader cryptocurrency markets saw declines.

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