Jito Foundation撰稿人安德鲁·瑟曼（Andrew Thurman）为新的JTO tokenomics创建了一个模型

Jito是位于Solana生态系统中心的液体堆积和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的撰稿人安德鲁·瑟曼（Andrew Thurman）为新的JTO Tokenomics模型创建了一个模型，其中包括潜在回购代币的想法。

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页提案旨在引发讨论，围绕扩大Jito的治理令牌的实用性，这一对话已经开始在社区中“自然地”“渗透”。 （但是，该文件并不是官方治理建议，瑟曼指出，它并不正式代表Jito基金会，Jitodao或其他相关方的意见。

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是位于Solana生态系统中心的液体堆积和MEV平台。瑟曼（Thurman）认为，随着索拉纳（Solana）使用的增长，协议和道（DAO）继续赚取越来越多的费用，社区应该就如何使这些收入最好的工作而不是简单地增加其国库而达成共识。尽管许多协议在回收价值或通过奖励将其分配给参与者之间是一个选择，但Jito可以制定“回收和奖励”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."

他写道：“吉托处于独特的位置。 “没有太多的defi生态系统的例子，它们产生了与Jito网络一样快的实际价值，其中大多数是当代的Solana项目，具有有限的往绩记录。”

"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.

瑟曼说：“在应用程序/下层层，价值回收（或重新投资生态系统）和价值奖励（对生态系统参与者的重新分配或补偿）仍然是非常新的设计空间，并且关于完成任务的最佳方法有开放的问题。”

Rewarding value: Buybacks and Fee Switches

奖励价值：回购和费用开关

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.

当涉及“回收”价值时，基本上有两个选项：“回购”或翻转“费用开关”，这两者都是旨在以相对直接的方式向用户返回价值。

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."

费用转换（有时甚至是在Uniswap社区的情况下，有时有争议的是，长期以来一直在辩论过直接向Uni代币持有人提供一部分协议费用的想法 - 是一种简单的机制，可以奖励价值对代币持有人的奖励。瑟曼（Thurman）指出了一些有效的示例，例如GMX和Synthetix，但“成功的加密项目通过费用转换进行重新分配价值的示例更少。”

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”回购，包括来自Makerdao，Raydium，Jupiter和Hyproliquid等著名协议。

"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.

瑟曼写道：“回购已成为奖励生态系统参与者的一种流行方法，这可能部分以回购作为传统市场的一种机制的成功为基础。”

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."

也就是说，目前尚无无风险模型或“明确成功的蓝图”来通过回购来奖励社区。瑟曼（Thurman）确实提出了两个可能的“新型重新投资”模型：“回购和易货”和“真正的收益计”。

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.

在回购模型下，Jito Dao将使用其收入的一定百分比来与另一个项目的DAO进行“易货”，以“有利的条款”，并通过“改变行业的握手”而导致长期一致。该提案提供了从公共市场中删除JTO的好处，并通过使用Jito Dao财政部的代币来“软锁”代币，可能会膨胀循环供应。他指出，缺点是对手风险。

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."

同时，从基于以太坊的分散交换曲线借用了“实际产量计”的想法。曲线将CRV治理令牌锁定在托管合同中，该托管合同赚取CRV排放，然后将其部署在各种流动性池中以赚取额外的收益。在瑟曼（Thurman）的模型下，用户将在吉式（Jitosol）或JTO配对池中筹集资金，并投票通过在哪里投资“ DAO的费用流”。

"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网络对仪表的看法不会使网络进入DEX业务。它可以为JTO创造一种新的效用形式，为JTO和Jitosol-Pair标准建立动力。除此之外，它将在Defi方面接近新颖性。在Defi方面，它只有大量的规格系统，但只有一定的实际收益率。”

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基金会贡献者对Thurman的Sokenomics提案做出了回应，他说，该基金会可以在熊市中的回购之间切换，并在优先考虑增长和流动性激励措施时提高收益率。

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，与尝试公平，一致地使用令牌组方案“回收”的价值“在协议和社区发展中回收”价值相比，试图“奖励”价值是一个相当“标准的游戏”。也许最直接的方法只是通过持有相对不相关的投机资产或稳定的资产，或者将其支付以支付赠款，黑客马拉松和其他社区建设工作来使DAO的财政部多样化。

However, Thurman does propose more crypto-native solutions,

但是，瑟曼确实提出了更多的加密本地解决方案，