Jito DAO is discussing whether to change the delegated management of its $1.76 billion Solana staking pool from Jito Labs to the new software StakeNet. The proposal is still under discussion.
Jito's staking pool holds about 10.6 million Solana, through which users receive JitoSOL, a liquid staking token that can be used for DeFi. The StakeNet software developed by Jito Labs is designed to automate the delegation of JitoSOL and increase the degree of decentralization.
The JitoSOL product has rapidly expanded to account for around 45% of the Solana liquid staked token market, compared to less than 5% when the FTX crashed in November 2022. Blockworks Research analyst Hayden Tsutsui pointed out that only about 6% of Solana staked is currently in the form of liquid staked tokens, compared to 38% of ETH staked.
Jito DAO considers moving $1.76 billion staking pool to StakeNet
2024-05-30 21:07:57
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