Figment is excited to announce support for restaking on Solana via Jito. Figment was an early user of Jito’s Solana MEV validator client and is excited to support the team as it launches Solana staking.
Restaking on Solana: A Game-Changer
Restaking has emerged as a hot topic in the staking world, representing an evolution in how we think about shared security and capital efficiency. While restaking has gained traction on networks like Ethereum already, Restaking on Solana has been nascent until now. Enter Jito (Re)staking, a protocol set to innovate the Solana ecosystem.
What is Jito (Re)staking?
Jito (Re)staking is a multi-asset staking protocol designed for Node Consensus Networks (NCNs) on Solana. At its core, it allows users to stake virtually any SPL token or combination of tokens to secure new on-chain products and services. Here are the key features that make Jito (Re)staking stand out:
- Vault Receipt Tokens (VRTs): Jito tokenizes staked assets as VRTs, enhancing liquidity and composability.
- Customizable Parameters: NCNs can tailor staking parameters, slashing conditions, and economic incentives to fit their specific needs.
- Modular Design: Vaults, operators, and NCNs have the flexibility to choose their partners based on risk tolerance.
- Granular Slashing Control: Vaults can manage their exposure to slashing events with precision. NCNs will be able to set custom slashing parameters that will be clearly defined on-chain prior to vault integration.
- Asset Safety Priority: All program funds are securely held within the vault program.
Why does Jito (Re)staking matter?
- Ecosystem Growth: By allowing any SPL token to be used for restaking, Jito opens up new possibilities for projects to add utility and value to their tokens. Both new and existing Solana dApps will be able to easily bootstrap a validator set and token staking
- Enhanced Security: Leveraging existing on-chain economies for security eliminates the need for new projects to bootstrap their own validator sets.
- Capital Efficiency: Users can potentially earn higher rewards by securing multiple services with the same assets.
- Accelerated Development: With reduced barriers to entry, we can expect to see an influx of innovative applications and services on Solana.
- Flexible Risk Management: The granular control over slashing exposure allows for more nuanced risk strategies.
Figment’s plans to support Jito (Re)staking
At Figment, we’re committed to supporting innovations in the staking space. That’s why we’re excited to announce our plans to support Solana Restaking through Jito.
Our collaboration aims to:
- Provide our clients with access to Jito’s cutting-edge restaking opportunities.
- Contribute to the security and growth of the Solana ecosystem.
- Explore new ways to optimize rewards for our stakers while supporting innovative projects.
- Leverage our expertise in staking to help shape the future of restaking on Solana.
As Jito (Re)staking enters its audit and formal verification phase, we at Figment are gearing up to integrate this groundbreaking protocol into our suite of staking services. We believe that Jito (Re)staking represents a significant step forward for Solana and the broader blockchain ecosystem. Stay tuned for more updates on our collaboration with Jito and the opportunities it will bring to our clients.
