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Lightspeed Newsletter: Jito DAO’s $1.76B StakeNet question
The post Lightspeed Newsletter: Jito DAO’s $1.76B StakeNet question appeared on BitcoinEthereumNews.com. Howdy! Big news! Lightspeed is hiring a podcast host to work alongside the inimitable Mert Mumtaz. If you’re down to receive 17 Slack messages from me in the hour before this newsletter is due asking you to explain how Solana works, this job could be perfect for you. Apply to join one of the industry’s most exciting media brands here. Jito DAO’s $1.76B StakeNet question Jito DAO is weighing whether to change delegation management of its $1.76 billion stake pool from Jito Labs to a new software named StakeNet. If the new program is implemented and succeeds, the newly-formed DAO could be in for a hefty payday. The proposal is still in a discussion period. When users of Solana’s delegated-proof-of-stake system delegate their SOL to Jito’s stake pool, they receive JitoSOL, a liquid staking token (LST) that can be used in things like DeFi. Jito’s staking pool holds roughly 10.6 million staked solana, equivalent to around $1.76 billion at current prices. Yesterday’s governance proposal would shift the management of this stake pool to Jito Labs-developed StakeNet, which is a piece of software meant to automate JitoSOL delegation. Jito Labs CEO Lucas Bruder wrote a lengthy blog post about StakeNet in January. One top-line takeaway is that Solana stake pools are currently centralized, requiring things like off-chain bots to decide where staked Solana should go, but StakeNet lets an on-chain program delegate staked SOL. More concisely: It boosts decentralization. Jito has become a core piece in how Solana works. The rapid expansion of its JitoSOL product — particularly at the expense of the once-dominant mSOL issued by Marinade — is notable. At around the time of FTX’s collapse in November 2022, JitoSOL held less than 5% of Solana’s LST market share, according to a Dune Analytics dashboard. Today, JitoSOL has by…
The post Lightspeed Newsletter: Jito DAO’s $1.76B StakeNet question appeared on BitcoinEthereumNews.com.
Howdy! Big news! Lightspeed is hiring a podcast host to work alongside the inimitable Mert Mumtaz. If you’re down to receive 17 Slack messages from me in the hour before this newsletter is due asking you to explain how Solana works, this job could be perfect for you. Apply to join one of the industry’s most exciting media brands here. Jito DAO’s $1.76B StakeNet question Jito DAO is weighing whether to change delegation management of its $1.76 billion stake pool from Jito Labs to a new software named StakeNet. If the new program is implemented and succeeds, the newly-formed DAO could be in for a hefty payday. The proposal is still in a discussion period. When users of Solana’s delegated-proof-of-stake system delegate their SOL to Jito’s stake pool, they receive JitoSOL, a liquid staking token (LST) that can be used in things like DeFi. Jito’s staking pool holds roughly 10.6 million staked solana, equivalent to around $1.76 billion at current prices. Yesterday’s governance proposal would shift the management of this stake pool to Jito Labs-developed StakeNet, which is a piece of software meant to automate JitoSOL delegation. Jito Labs CEO Lucas Bruder wrote a lengthy blog post about StakeNet in January. One top-line takeaway is that Solana stake pools are currently centralized, requiring things like off-chain bots to decide where staked Solana should go, but StakeNet lets an on-chain program delegate staked SOL. More concisely: It boosts decentralization. Jito has become a core piece in how Solana works. The rapid expansion of its JitoSOL product — particularly at the expense of the once-dominant mSOL issued by Marinade — is notable. At around the time of FTX’s collapse in November 2022, JitoSOL held less than 5% of Solana’s LST market share, according to a Dune Analytics dashboard. Today, JitoSOL has by…
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