- Jito Foundation has launched an open-source restaking service for Solana, allowing any asset to be used for economic security.
- Restaking is set to enhance Solana’s DeFi ecosystem and expand security functionality.
The Jito Foundation has made a significant advancement in Solana’s blockchain capabilities by releasing the code for its staking and restaking program. This development is an important step for the Solana network, introducing its first-ever restaking service and expanding the economic security options for on-chain applications.
The Restaking Revolution
Restaking is a process where blockchain networks utilize the value of other staked assets as collateral, ensuring honesty and security across the network. Jito’s open-source code allows protocols on Solana to set up mechanisms that provide economic security for actively validated services (AVSs) using any crypto asset, a notable difference from EigenLayer’s Ethereum-based model, which limits collateral to ETH, ETH derivatives, and EIGEN tokens.
Lucas Bruder, a Jito Network contributor, emphasized the flexibility of this architecture. “The flexibility and customization allowed in this architecture will be especially useful for the most important customer of these systems – the AVSs,” Bruder stated.
What Restaking Has Done for Ethereum
Restaking has already proven its potential on the Ethereum network, primarily through EigenLayer. Since its mainnet launch in June 2023, EigenLayer has become the second-largest protocol in DeFi, with a total value locked (TVL) of $15 billion. EigenLayer‘s restaking services have provided a robust security framework for Ethereum, using staked ETH and its derivatives as collateral to secure various applications.
This success on Ethereum highlights the potential benefits for Solana. With Jito’s open-source restaking code, Solana can now offer similar, if not more versatile, security options for its protocols. This move will likely attract more developers and projects to Solana, enhancing its DeFi ecosystem and overall network security.
Jito’s Restaking Components
Jito’s restaking service consists of two primary components: the vault program and the restaking program.
The vault program is responsible for minting, burning, and delegating Jito’s liquid restaking tokens (LRTs). It supports any Solana Program Library (SPL) tokens as…