PR with Payload
Summary:
Jito proposes a Balancer Gauge for a jitoSOL/wSOL and jitoSOL/stETH pool on Arbitrum, with uncapped emissions. Both pools are yield bearing and will be considered core pools.
References/Useful links:
Website: https://www.jito.network/
Documentation: https://www.jito.network/docs/jitosol/overview/
Twitter: https://twitter.com/jito_sol
Protocol Description:
Jito is the liquid staking service for Solana that distributes MEV (maximum extractable value) rewards to holders. The Jito Stake Pool enables users to stake their Solana tokens in exchange for a liquid stake pool token (JitoSOL). The JitoSOL token provides liquidity while earning a combination of staking rewards and MEV rewards.
Motivation:
Jito is seeking to establish a presence on EVM, utilizing Wormhole technology, with jitoSOL/wSOL and jitoSOL/wstETH pools on Arbitrum as its main liquidity sources to further enrich liquidity for jitoSOL on EVM. This move aims to enhance the trading experience across the Ethereum ecosystem, making it more accessible for users while generating additional value to the Jito community.
Specifications:
JitoSOL can be unstaked in between two and four days. Additionally, JitoSOL-SOL is the second most liquid trading pair on Solana, with $30m in TVL as of today across 7 pools.
Governance:
Jito DAO governance is managed by a Discourse forum for conversation, and a Realms interface for executing votes (the Solana equivalent of Snapshot and most popular governance platform on the chain). Links: https://gov.jito.network/ and https://forum.jito.network/
The Jito Network and Jito Foundation are controlled by the DAO. It has a constitution with the formal powers but basically the DAO controls all assets in Realms (revenue + JTO), JitoSOL delegation strategy and fees.
A delegation program was started in January with 17 delegates granted 12mm JTO to kickstart governance. There are regular public calls on topical issues.
The first JIP recently passed, changing the JitoSOL Stake Pool delegation parameters. Forum discussion and vote.
Jito hopes to continue increasing governance participation and several more JIPs are expected in the next month.
Oracles:
Pyth is the primary oracle, though there are a handful of Switchboard oracles as well.
Audits:
jitoSOL is built on the stake pool program developed by Solana Labs. The program has been supporting numerous implementations since the network launched and three firms have completed audits (reports).
Liquid staking non-custodial so Jito does not have access to funds deposited in jitoSOL. Even if Jito were to disappear, holders could still withdraw their SOL from validators along with accumulated rewards.
Jito does have control over validator selection and fees. Jito manages this risk by using a multi-sig operation with over 5 members of the founding team. The majority of the team needs to agree for any changes to take place. Jito will work to diversify the members over time to include other respected constituents from Solana.
Centralization vectors:
JitoSOL is built on the stake pool program developed by Solana Labs. The program has been supporting numerous implementations since the network launched and three firms have completed audits (reports).
Liquid staking is non-custodial so Jito DAO or contributors do not have access to funds deposited in JitoSOL. Even if Jito contributors were to disappear, holders could still withdraw their SOL from validators along with accumulated rewards.
The JitoSOL Stake Pool program is currently controlled by a multisig containing several Solana ecosystem contributors. This multisig implements the delegation strategy chosen by DAO. This will migrate to StakeNet so it’s programmatically controlled during Q2.
Jito DAO proposals can be vetoed by a Security Council of five individuals via Emergency Actions. After performing any Emergency Action, the Security Council must issue a full transparency report to explain what was done and why such Emergency Action was justified. The DAO is able to curtail or eliminate the Security Council’s power to perform Emergency Actions via approval and implementation of a Jito Improvement Proposal. A handful of the current Security Council members are pseudonymous.
Value:
The jitoSOL/wSOL and jitoSOL/wstETH pools on Balancer are intended to serve as a primary liquidity source for the jitoSOL tokens on Arbitrum.
Specifications:
jitoSOL on Arbitrum:0x83e1d2310Ade410676B1733d16e89f91822FD5c3
Wrapped SOL on Arbitrum: 0x2bcC6D6CdBbDC0a4071e48bb3B969b06B3330c07
jitoSOL/wstETH Arbitrum pool on Balancer:
Child: Vyper_contract | Address 0xfA7C98b893b26e99EFb53110B1B72FFAaC607b69 | Arbiscan
Root: ArbitrumRootGauge | Address 0x6Bf6fb94027FDe38B40C7ADC154AA32C36174C8E | Etherscan
jitoSOL/SOL Arbitrum pool on Balancer:
jitoSOL/SOL
Child: Vyper_contract | Address 0xAa5A381b23667902ad6EdBd060B3A9bb7Caeb24B | Arbiscan
Root: ArbitrumRootGauge | Address 0x7542967F91fD6EE8433A41B22C2be8972A002CA5 | Etherscan
Technical Specification:
Transaction: The Balancer Maxi LM Multisig eth:0xc38c5f97B34E175FFd35407fc91a937300E33860 will interact with the GaugeAdderv4 at 0x5DbAd78818D4c8958EfF2d5b95b28385A22113Cd and call the addGauge function with the following arguments:
gauge(address): 0x6Bf6fb94027FDe38B40C7ADC154AA32C36174C8E
gaugeType(string): Arbitrum
gauge(address): 0x7542967F91fD6EE8433A41B22C2be8972A002CA5
gaugeType(string): Arbitrum