Solana Meme Jito coin soars 9% amid update
Solana meme coin Jito (JTO) recorded significant gains, with its price soaring 9% after the platform announced the code for its update upgrade program. The platform noted that it will be a next-generation betting and top-up module. The community rallied around the program, raising its price amid the overall decline.
Jito has released the code for its upgrade module, a move that has sent the wider community into a frenzy. According to the release, it will consist of a Vault program and an upgrade program working together to provide a scalable infrastructure for managing betting assets and actively verified services (AVS).
âJito Restaking can be viewed as a betting and replenishment product capable of adding token utilities, protection mechanisms, providing an insurance fund, scaling baselines, or creating risk protection for virtually any existing network with automated but centralized processes - all using an extremely customizable interface built with AVS needs in mind.â
Funding a multi-asset account on the platform allows users to leverage on rate-based assets and allows for lower limits to reduce risk. The Vault Program will be in charge of creating liquid top-up tokens, maintaining SPL as the underlying asset, creating delegation strategies, and implementing restriction clauses.
On the other hand, the Refresh Program would create and manage AVS and its operators, coordinate AVS and Vault operators, and handle the distribution of rewards among others.
In recent months, the cryptocurrency community has been attracted to betting and top-up models, which has led to increased investment. This has attracted participants from all over the world to the space amidst growing interest. Jito's recent move has followed a similar path and its price has risen by over 9%. While the prices of bitcoin, Efirium and other crypto assets fell, bulls rallied behind JTO
