The first cryptocurrency startup, utilizing the Oracle platform Switchboard, debuts its Jito node consensus network.
On January 16th, the provider of blockchain oracles revealed plans to debut the initial Jito (JTO) node consensus network directly on the Solana (SOL) primary network.
In essence, an NCN operates in a manner comparable to an Ethereum-based Actively Validated Service (AVS). This means that Switchboard utilizes a network of operator nodes on Jito, who facilitate the transmission of on-chain data and ensure network security by employing a staking system.
On the bustling Solana network, Jito stands out as the leading liquid staking solution. Network contributors can capitalize on their locked-up assets such as JitoSOL, earning incentives and bolstering network protection in the process.
At present, the combined worth secured on this platform exceeds 3.09 billion dollars. Simultaneously, the Solana system holds around 70 billion dollars worth of SOL tokens that users can reinvest. As reported by Switchboard, these assets not only bolster network security but also lower costs by doing so.
1) By employing Jito NCNs, stakers gain the ability to leverage collateral like JitoSOL, which in turn can be reinvested to procure new earning possibilities. Apart from stakers, developers and projects utilizing Switchboard are also advantaged by a secure and distributed network that allows them to construct and deploy decentralized applications more effectively.
In May 2024, Switchboard successfully secured $7.5 million in its first round of funding, Series A. Tribe Capital and RockawayX took the lead in this round, with additional investments coming from Solana Foundation, Aptos, StarkWare, Mysten Labs, InfStones Global, Lemniscap, and other undisclosed investors.
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2025-01-16 22:54