The Jito Foundation has released the latest version of its code, which brings developers one step closer towards activating restaking in Solana.
The Jito Protocol was signed on July 25. published Its first code base to unlock staking platforms and restaking on Solana.SOL). If the code was not altered, any Solana protocol could use it to protect decentralized apps using any cryptocurrency.
This would include active validation services (also known as AVS).Â
Last year, restaking became popular when Ethereum’s EigenLayer allowed protocols and users to distribute staked digital assets across multiple networks. EigenLayer has advanced the staking utility, economic security and beyond blockchains or Dapps.Â
Jito piggybacked on this concept but did not follow EigenLayer’s limitations. EigenLayer only supports Ether.ETHJito aspires to offer a wider range of asset classes, including EIGEN and ETH derivatives.Â
“Jito Restaking is fundamentally multi-asset, capable of leveraging staked base assets such as JitoSOL, other liquid staking tokens, or any other SPL token,” Read the entire blog.
Restaking is a concept that has been a hot topic in the Solana ecosystem for several months. Several teams of developers are reportedly working to develop it.Â
Jito appears to be leading the way with its code for restaking at the time this article was published. Jito is yet to deploy its concept on-chain, however the code released suggests it could be coming soon. Jito native token JTOFollowing the announcement, the cryptocurrency market experienced a downward trend.
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Source: crypto.news