Jito Foundation撰稿人安德魯·瑟曼（Andrew Thurman）為新的JTO tokenomics創建了一個模型

Jito是位於Solana生態系統中心的液體堆積和MEV平台。

Jito Foundation contributor Andrew Thurman has created a mock-up for a new model of JTO tokenomics, which includes an idea for potentially buying back tokens.

Jito Foundation的撰稿人安德魯·瑟曼（Andrew Thurman）為新的JTO Tokenomics模型創建了一個模型，其中包括潛在回購代幣的想法。

Thurman's 12-page proposal is intended to spark discussion around expanding the utility of Jito's governance token, a conversation that has already begun to "percolate naturally" in the community. (The document, however, is not an official governance proposal and Thurman notes it does not officially represent the opinions of the Jito Foundation, JitoDAO or other related parties.)

瑟曼（Thurman）的12頁提案旨在引發討論，圍繞擴大Jito的治理令牌的實用性，這一對話已經開始在社區中“自然地”“滲透”。 （但是，該文件並不是官方治理建議，瑟曼指出，它並不正式代表Jito基金會，Jitodao或其他相關方的意見。

Jito is a liquid staking and MEV platform that sits at the center of the Solana ecosystem. Thurman argues that as the protocol and DAO continue to earn more and more fees as Solana use grows, the community should come to consensus on how to put these revenues best to work rather than simply growing their treasuries. While many protocols face a choice between recycling value or distributing it to participants via rewards, Jito could develop a “recycling & rewards” strategy.

Jito是位於Solana生態系統中心的液體堆積和MEV平台。瑟曼（Thurman）認為，隨著索拉納（Solana）使用的增長，協議和道（DAO）繼續賺取越來越多的費用，社區應該就如何使這些收入最好的工作而不是簡單地增加其國庫而達成共識。儘管許多協議在回收價值或通過獎勵將其分配給參與者之間是一個選擇，但Jito可以製定“回收和獎勵”策略。

"Jito is in a unique position," he wrote, noting the Jito DAO receives 4% of all JitoSOL staking rewards as a programmatic fee, representing just one form of its revenue. "There are not many examples of DeFi ecosystems which have generated as much real value as quickly as the Jito Network, and most of them are contemporary Solana projects with a limited track record to learn from."

他寫道：“吉托處於獨特的位置。 “沒有太多的defi生態系統的例子，它們產生了與Jito網絡一樣快的實際價值，其中大多數是當代的Solana項目，具有有限的往績記錄。”

"At the app/infra layer, value recycling (or reinvesting in growing the ecosystem) and value rewards (redistribution or compensation for ecosystem participants) are both still very much new design spaces, and there are open questions about the best way to accomplish either goal," Thurman said.

瑟曼說：“在應用程序/下層層，價值回收（或重新投資生態系統）和價值獎勵（對生態系統參與者的重新分配或補償）仍然是非常新的設計空間，並且關於完成任務的最佳方法有開放的問題。”

Rewarding value: Buybacks and Fee Switches

獎勵價值：回購和費用開關

When it comes to "recycling" value, there are essentially two options: "buybacks" or flipping a "fee switch," both of which aim to return value to users in a relatively direct way.

當涉及“回收”價值時，基本上有兩個選項：“回購”或翻轉“費用開關”，這兩者都是旨在以相對直接的方式向用戶返回價值。

Fee switches — while sometimes contentious, like in the case of the Uniswap community, which has long debated the idea of giving a portion of protocol fees directly to UNI token holders — are a simple mechanism to reward value to token holders. Thurman points out a few working examples like GMX and Synthetix, but argues there are "fewer examples of successful crypto projects redistributing value via a fee switch."

費用轉換（有時甚至是在Uniswap社區的情況下，有時有爭議的是，長期以來一直在辯論過直接向Uni代幣持有人提供一部分協議費用的想法 - 是一種簡單的機制，可以獎勵價值對代幣持有人的獎勵。瑟曼（Thurman）指出了一些有效的示例，例如GMX和Synthetix，但“成功的加密項目通過費用轉換進行重新分配價值的示例更少。”

By comparison, there are more examples of "successful" buybacks in crypto, including from prominent protocols like MakerDAO, Raydium, Jupiter and Hyperliquid.

相比之下，有更多的示例在加密中“成功”回購，包括來自Makerdao，Raydium，Jupiter和Hyproliquid等著名協議。

"Buybacks have emerged as a popular method for rewarding ecosystem participants, perhaps in part modeled on the success of buybacks as a mechanism in traditional markets," Thurman wrote.

瑟曼寫道：“回購已成為獎勵生態系統參與者的一種流行方法，這可能部分以回購作為傳統市場的一種機制的成功為基礎。”

That said, there isn't yet a risk-free model or "unambiguously successful blueprint" for rewarding the community through buybacks. Thurman does put forward two possible "novel reinvestment" models: "Buyback and Barter" and "Real Yield Gauges."

也就是說，目前尚無無風險模型或“明確成功的藍圖”來通過回購來獎勵社區。瑟曼（Thurman）確實提出了兩個可能的“新型重新投資”模型：“回購和易貨”和“真正的收益計”。

Under the buyback-and-barter model, the Jito DAO would use a certain percentage of the fees it earns to “barter” with another project’s DAO for "favorable terms" and lead to long-term alignment through "an industry-altering handshake." This proposal offers the benefit of removing JTO from public markets and "soft-locking" the tokens rather potentially inflating the circulating supply by using tokens from the Jito DAO treasury. The downside is counterparty risk, he noted.

在回購模型下，Jito Dao將使用其收入的一定百分比來與另一個項目的DAO進行“易貨”，以“有利的條款”，並通過“改變行業的握手”而導致長期一致。該提案提供了從公共市場中刪除JTO的好處，並通過使用Jito Dao財政部的代幣來“軟鎖”代幣，可能會膨脹循環供應。他指出，缺點是對手風險。

Meanwhile, the "real yield gauges" idea is borrowed from Curve, an Ethereum-based decentralized exchange. Curve locks CRV governance tokens in an escrow contract that earns CRV emissions, which are then deployed in various liquidity pools to earn extra yield. Under Thurman's model, users would instead stake funds in a JitoSOL or JTO-paired pool and vote on where to invest "the DAO’s fee stream."

同時，從基於以太坊的分散交換曲線借用了“實際產量計”的想法。曲線將CRV治理令牌鎖定在託管合同中，該託管合同賺取CRV排放，然後將其部署在各種流動性池中以賺取額外的收益。在瑟曼（Thurman）的模型下，用戶將在吉式（Jitosol）或JTO配對池中籌集資金，並投票通過在哪裡投資“ DAO的費用流”。

"The Jito Network’s take on gauges would not be getting the Network into the DEX business. It could create a new form of utility for JTO, build momentum for JTO and JitoSOL-pair standards. More than that, it would be close to a novelty in terms of DeFi. There’s plenty of gauge systems, but only a handful utilize real yield."

“ JITO網絡對儀表的看法不會使網絡進入DEX業務。它可以為JTO創造一種新的效用形式，為JTO和Jitosol-Pair標準建立動力。除此之外，它將在Defi方面接近新穎性。在Defi方面，它只有大量的規格系統，但只有一定的實際收益率。”

A Jito Foundation contributor who goes by drnick responded to Thurman's tokenomics proposal, stating the foundation could switch between buybacks in bear markets and yield boosting when it prioritizes growth and liquidity incentives.

Drnick的Jito基金會貢獻者對Thurman的Sokenomics提案做出了回應，他說，該基金會可以在熊市中的回購之間切換，並在優先考慮增長和流動性激勵措施時提高收益率。

Recycling models

回收模型

In comparison to trying to "reward" value to token holders fairly and consistently using tokenomic schemes, "recycling" value in protocol and community development is a rather "standard play," Thurman noted. Perhaps the most straightforward methods are simply diversifying a DAO's treasury, either by holding relatively uncorrelated speculative assets or stablecoins or by spending it down to pay for grants, hackathons and other community-building efforts.

Thurman指出，與嘗試公平，一致地使用令牌組方案“回收”的價值“在協議和社區發展中回收”價值相比，試圖“獎勵”價值是一個相當“標準的遊戲”。也許最直接的方法只是通過持有相對不相關的投機資產或穩定的資產，或者將其支付以支付贈款，黑客馬拉松和其他社區建設工作來使DAO的財政部多樣化。

However, Thurman does propose more crypto-native solutions,

但是，瑟曼確實提出了更多的加密本地解決方案，