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Jito Staked SOL is the the first liquid staking derivative on Solana to include MEV rewards.
Tracks the price of SOL while accruing staking and Maximum extractable value (MEV) rewards. Yield is accrued in the price so it will steadily appreciate vs. SOL. Unlike traditional tokens, JitoSOL maintains a fixed quantity in your wallet while its exchange rate to SOL continuously increases.
The Jito Foundation was created to minimize the negative impacts of MEV, equitably distribute the profits and increase transparency. Jito published an open source validator client designed to create a competitive market for MEV extraction. The client enables auctions within each block for the opportunity to capture that block’s MEV. Traders submit bids, and the highest bidders within each block can harvest available MEV.
JitoSOL was launched by the Jito Network in November 2022.
Liquid staking, as offered by Jito Staked SOL, allows users to stake their SOL tokens while retaining liquidity. This means that participants do not have to lock up their assets in a traditional staking mechanism, which often renders the assets illiquid for a period. Instead, users receive a derivative token that represents their staked SOL, enabling them to participate in other decentralized finance (DeFi) activities without sacrificing their staking rewards.The inclusion of MEV strategies is a significant aspect of Jito Staked SOL. MEV refers to the maximum value that can be extracted from block production in excess of the standard block rewards and gas fees. By leveraging these strategies, Jito Staked SOL aims to optimize returns for stakers beyond what traditional staking methods offer.An important feature of Jito Staked SOL is its ability to track the price of SOL while accruing both staking and MEV rewards. This mechanism is designed to ensure that the yield is integrated into the price of the derivative token, allowing it to appreciate relative to SOL over time.Jito Staked SOL employs a multifaceted approach to security and value accrual, leveraging the robustness of the Solana blockchain. It introduces a non-custodial liquid staking service, which means users retain control over their assets without needing to entrust them to a third party. This method enhances security by minimizing the risk associated with centralized custodians.
