Jitosol斷言其令牌不是安全性

該立場可能會影響與加密相關法律的變化。由於該平台控制了Solana液體蒸發市場的一半

JitoSOL, the leading liquid staking system, has asserted that its token isn't a security, a move that could factor into the evolving narrative of crypto-related law.

領先的液體蒸發系統Jitosol斷言，它的代幣不是安全性，這一舉動可能會影響與加密相關法的不斷發展的敘述。

This position, elaborated upon in a new report by the Jito Foundation, is crucial given JitoSOL's dominance in Solana's liquid staking sector. It currently commands 53.7% of the market, outracing competitors like mSOL (20.3%) and jupSOL (8.8%).

鑑於Jitosol在Solana的液體蒸發部門中的主導地位，Jito基金會的一份新報告中闡述了這一立場至關重要。目前，它指揮了53.7％的市場，使MSOL（20.3％）和Jupsol（8.8％）等競爭對手感到震驚。

With 13.33 million SOL staked, which is approximately 3.4% of Solana's total staked supply, JitoSOL offers a yield enhancement of around 15% through MEV redistribution and Stake Net's decentralized validator delegation. Since its launch in 2022, JitoSOL already boasts 7,906 active stakers holding more than 10 SOL, outperforming Jupiter's 3,451.

Jitosol佔據了Solana總固定供應量的1333萬SOL（約佔Solana總固定供應量的3.4％），通過MEV重新分配和Stake Net的分散驗證者代表團提供了大約15％的收益率。自2022年推出以來，Jitosol已經擁有7,906名活躍的Stakers擁有10多個SOL，表現優於木星的3,451。

While Solana's LST adoption lags behind Ethereum's 42%, Jito'soperability and market share make it a regulatory barometer for liquid staking discussions.

儘管Solana的LST採用落後於以太坊的42％，但Jito'sserability and Market份額使其成為用於液體浸泡討論的調節晴雨表。

Jito's March 2025 report defended JitoSOL's non-security classification by highlighting its non-custodial design and decentralized utility. It claims that the token's value derives from the staked SOL and MEV redistribution, not from any profit-sharing with Jito.

Jito的2025年3月的報告通過強調其非習慣設計和分散的實用程序來捍衛Jitosol的非安全性分類。它聲稱令牌的價值源自固定的SOL和MEV再分配，而不是與Jito的任何利潤分配。

"Crucially, no personal return or "net income" is promised or guaranteed to the Jito Foundation or any third party. Rather, the economic incentives are focused on the performance of the staked SOL and the efficiency of the validator network," the report states.

該報告指出：“至關重要的是，沒有承諾或保證給Jito基金會或任何第三方提供個人回報或“淨收入”。相反，經濟激勵措施的重點是固定的SOL的性能和驗證器網絡的效率。”

This contrasts with protocols like Lido, which have faced criticism for placing administrative risks, such as slashing or smart contract flaws, on users. Jito counters that its multi-sig validator control, typically involving five or more founding team members, and Stake Net's on-chain delegation minimize such vulnerabilities.

這與諸如利多（Lido）之類的協議形成鮮明對比，這些協議因對用戶施加行政風險（例如削減或智能合同缺陷）面臨批評。 Jito反駁說，其多智能驗證器控制，通常涉及五個或更多的創始團隊成員，並且Stake Net的鍊鍊代表團最小化了此類漏洞。

"In the event of slashing, the relative contributions of the stakers to the misbehavior will determine the relative portions of their staked tokens that are slashed. This aligns perfectly with the principle of "economic risk accrues to those who have the power to make the relevant decisions,"" the report adds.

“如果削減了削減，史塔克人對不當行為的相對貢獻將確定其被削減的代幣的相對部分。這完全符合“經濟風險的原則，那些有能力做出相關決策的人的經濟風險原則”，報告補充說。

However, critics might argue that relying on centralized validators in liquid staking creates a "centralized risk" in terms of slashing exposure.

但是，批評家可能會爭辯說，依靠液體蒸發中的集中式驗證者在削減暴露量方面造成了“集中風險”。

Yet, Jito highlights that its open-source Stake Net protocol decentralizes this slashing exposure, tying it closely to the emerging trends of restaking. Moreover, while Ethereum's liquid staking sector has seen an impressive adoption rate of 42%, Solana's sector remains relatively underdeveloped, with only 6.3% penetration. This makes the legal and regulatory clarity of Jito's stance pivotal.

然而，吉托強調說，其開源股份淨額淨協議分散了這種猛烈的曝光，使其與新興的重新生產趨勢緊密聯繫在一起。此外，儘管以太坊的液體蒸發部門的採用率為42％，但Solana的部門仍然相對欠發達，只有6.3％的滲透率。這使得吉託的立場關鍵的法律和法規清晰度。

Jito's AVSs: A Restーキング Engine for Optimal Yield

Jito的AVSS：一種恢復引擎，以實現最佳產量

In July 2024, Jito unveiled its restaking network, offering users the opportunity to further increase their benefits by acquiring "actively verified services" (AVSs).

2024年7月，Jito推出了其重新製作網絡，為用戶提供了通過獲得“積極驗證的服務”（AVSS）進一步增加其收益的機會。

Drawing inspiration from Ethereum's EigenLayer protocol, this approach aims to boost the efficiency of staking while circumventing the threat of centralization.

從以太坊的特徵層協議中汲取靈感，這種方法旨在提高靜止的效率，同時避免集中化的威脅。

Validators who choose to utilize Jito's infrastructure can either focus on maximizing returns for stakers or contribute to securing new decentralized services through their restaked assets.

選擇利用Jito基礎架構的驗證者可以專注於最大化Stakers的回報，或者通過其已安排的資產來確保新的分散服務。

The integration of Maximal Extractable Value (MEV) has also been instrumental in enhancing the attractiveness of JitoSOL.

最大萃取值（MEV）的整合也有助於增強吉質的吸引力。

In 2024, a validator utilizing Jito's MEV-optimized client was able to secure a $311,000 "tip" on a single transaction. These earnings are then reallocated to JitoSOL token holders, leading to larger dividends and consolidating Jito's supremacy in Solana's liquid staking landscape.

在2024年，使用Jito的MEV優化客戶端的驗證器能夠在一次交易中獲得311,000美元的“提示”。然後將這些收入重新分配給Jitosol代幣持有人，從而導致更大的股息，並在Solana的液體蒸餾景觀中鞏固了Jito的至高無上的貢獻。

However, JitoSOL's price stability remains a subject of concern, especially in light of mSOL's 2023 depegging occurrences that were later rectified by arbitrage.

但是，Jitosol的價格穩定性仍然是一個令人關注的主題，尤其是鑑於MSOL的2023年Depegggging事件，後來被套利糾正。

Moreover, there are inherent slashing risks. If validators within Jito's pool were to misbehave, users would inherit the corresponding penalties, although Stake Net's on-chain scoring mechanism serves as a beacon, alerting and penalizing poorly performing nodes.

此外，存在固有的削減風險。如果Jito池中的驗證者表現不佳，則用戶將繼承相應的罰款，儘管Stake Net的鏈上評分機制可作為信標，並提醒和懲罰性能不佳的節點。

This legal maneuver comes amid a broader theme of regulatory ambiguity in crypto. Despite the U.S. Securities and Exchange Commission's (SEC) stance that most liquid staking tokens could be classified as securities, market participants are still navigating this legal terrain.

這種法律機動是在加密中的監管歧義的更廣泛主題中出現的。儘管美國證券交易委員會（SEC）的立場表明，大多數液體含有代幣可能被歸類為證券，但市場參與者仍在瀏覽這一合法地形。

The lack of clear-cut standards for classifying liquid staking tokens is evident, and the implications of this legal gray area are still unfolding.

缺乏對液體含有代幣進行分類的明確標準很明顯，而且這個合法的灰色區域的含義仍在展開。

In March 2024, the SEC sued crypto exchange Binance and its CEO Changpeng Zhao for allegedly operating an unregistered exchange and offering unregistered securities, including liquid staking products.

2024年3月，SEC起訴加密貨幣交易所（Crypto Exchange Binance）及其首席執行官Changpeng Zhao據稱經營未註冊的交易所並提供未註冊的證券，包括液體蒸發產品。

The SEC's complaint stated that Binance offered "Binance Pay," a service that enables users to pay with

美國證券交易委員會的投訴指出，Binance提供了“ Binance Pay”，這項服務使用戶能夠與