Jito has released its open-source restaking service for Solana. Elsewhere, a new Aave proposal is considering adding a toll key to return a portion of the platform’s net surplus revenue to key users. This move could also lead to a reorganization of the Aave protocol, providing new sources of revenue for Aave and its users. Both altcoin prices reacted positively to these important developments.
Jito releases open-source restaking service for Solana
Solana’s march towards restaking took a big step forward on Thursday. Accordingly, infrastructure project Jito Foundation released the code for the network’s first staking and restaking program. Restaking theoretically allows blockchain networks to use the value of other staked assets as a form of collateral to ensure they remain honest. Jito’s as-yet-unchecked code will allow any protocol built on Solana to establish a mechanism to provide economic security to almost any on-chain application or “actively verified service” (AVS). In particular, Jito’s code will allow users to secure AVSs using the crypto asset of their choice.
Jito’s brand of restaking differs from the version popularized by EigenLayer on the Ethereum network, which limits collateral to ETH, certain ETH derivatives and the platform’s native EIGEN tokens. “The flexibility and customization allowed in this architecture will be particularly useful for AVSs, the most important customer of these systems,” said Lucas Bruder, a contributor to the Jito Network. A number of protocols and startups are trying to build reconfiguration services for Solana. Jito’s code release puts it in the lead, but people familiar with the project said they have not implemented the code on the main-net. That will happen later this year.
Important offer from Aave: Fee and token buyback!
Decentralized lending platform Aave could potentially adopt a fee exchange to return some of the platform’s net surplus revenue to its key users. Marc Zeller published a temperature check (“temp check”) on Thursday regarding this move by the altcoin project. He is the founder of the Aave Chan Initiative (ACI), one of the top independent organizations providing services for the Aave DAO. The next step is for the Aave community to provide input on the issue, potentially leading to an instant vote. Zeller made the following statement:
Together with ACI, we believe that the DAO is now ready to explore a further step in the maturity of the protocol, and we want to create new positive dynamics and new synergies in the industry, offering key actors of the Aave ecosystem a clear path for the redistribution of protocol net surplus revenue for governance consideration.
Zeller also stated on social media platform X that the proposal could lead to a reorganization of the Aave protocol, providing new sources of revenue for Aave and its users.
Altcoin prices rose in the red market
As you have been following on Kriptokoin.com, the market has generally moved in the red zone today. However, some tokens managed to enter the green zone. Following these developments, Aave’s native token AAVE jumped from the red zone to the green zone. At the time of writing, AAVE was trading at $95.68, up 2.85% on a daily basis. Jito’s native token JTO was also positively affected by the development. At the time of writing, JTO was changing hands at $2.80, up 4.5% on a daily basis.
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