Jito Staked SOL (JitoSOL) is a liquid staking token that represents staked SOL plus staking rewards in the Jito pool. It is a low-cap, fully collateralized asset backed 1:1 and redeemable for SOL, allowing users to earn staking rewards and MEV rewards while maintaining liquidity and flexibility in DeFi protocols.
Jito Staked SOL (JitoSOL) is a liquid staking token that represents staked SOL plus staking rewards in the Jito pool. It is a low-cap, fully collateralized asset backed 1:1 and redeemable for SOL. JitoSOL can be used in various ways:
- Liquidity Pools: JitoSOL can be used in liquidity pools on platforms like Orca or Kamino, allowing users to earn additional rewards.
- Borrowing and Leverage: JitoSOL can be used as collateral to borrow against and leverage positions, potentially increasing rewards but also requiring repayment with interest.
- Trading: JitoSOL can be traded, but its value may diverge from SOL due to staking rewards being "cooked into" its price. This means the amount of JitoSOL received for SOL will decrease over time.
- Unstaking: To "unstake," users need to have JitoSOL in their wallet or sell/swap it on Jupiter.
Overall, JitoSOL provides liquidity and flexibility to staked SOL, allowing users to participate in DeFi activities while still earning staking rewards.
To store Jito Staked SOL (JitoSOL) tokens, you can follow these steps:
- Deposit SOL into the Jito pool: Stake your Solana (SOL) tokens with Jito, which will give you JitoSOL tokens in return.
- Check your wallet: After staking, verify that you have received JitoSOL tokens in your wallet.
- Monitor your JitoSOL value: The value of JitoSOL tokens will increase over time due to staking rewards and MEV rewards. This increase in value is reflected in the JitoSOL to SOL ratio, which can be found on the Jito website.
- Redeem or sell JitoSOL: You can either unstake your JitoSOL to redeem your initial deposit and staking rewards or sell JitoSOL directly on a decentralized exchange (DEX).
By following these steps, you can effectively store and manage your JitoSOL tokens.
To buy Jito Staked SOL (JITOSOL) tokens, you can follow these steps:
Choose an Exchange: JITOSOL tokens can be traded on decentralized exchanges. The most popular exchange to buy and trade Jito Staked SOL is Meteora, where the most active trading pair JITOSOL/SOL has a significant trading volume.
Connect Your Wallet: Navigate to the exchange website, connect your wallet, and enter the payment token (USDC, SOL, etc.) along with JitoSOL in the "You Receive" section.
Set Up the Trade: Ensure you have the correct tokens and amounts. Click "Swap" to execute the trade immediately. Check the trade price and ensure there is no slippage warning for poor execution.
Alternative Options: You can also buy JITOSOL directly from Orca, which is integrated into Jupiter for better liquidity and execution.
Staking Option: Another way to obtain JITOSOL is by staking Solana tokens on the Jito Network, which rewards you with JITOSOL tokens that accrue value through staking rewards over time.
By following these steps, you can successfully purchase Jito Staked SOL tokens.