About Jito

JTO is the governance token associated with the Jito Network, which plays a significant role in enhancing the Solana ecosystem. The network operates a liquid staking pool known as JitoSOL, allowing users to exchange their SOL tokens for JitoSOL. This mechanism not only helps maintain liquidity for SOL but also facilitates decentralized finance (DeFi) opportunities, enabling participants to earn yields through staking. JitoSOL holders benefit from additional rewards generated from transaction revenues linked to maximum extractable value (MEV) extraction, which refers to profit opportunities arising from the specific sequencing of transactions. The Jito Foundation aims to mitigate the adverse effects of MEV by promoting equitable profit distribution and enhancing transparency within the ecosystem. To achieve this, the foundation has developed an open-source validator client that fosters a competitive environment for MEV extraction. This client allows for auctions within each block, where traders can submit bids for the chance to capture the MEV available in that block. The highest bidders gain access to these profit opportunities, thereby creating a structured and competitive marketplace for MEV extraction on the Solana blockchain.