Jitosol断言其令牌不是安全性

该立场可能会影响与加密相关法律的变化。由于该平台控制了Solana液体蒸发市场的一半

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.

领先的液体蒸发系统Jitosol断言，它的代币不是安全性，这一举动可能会影响与加密相关法的不断发展的叙述。

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%).

鉴于Jitosol在Solana的液体蒸发部门中的主导地位，Jito基金会的一份新报告中阐述了这一立场至关重要。目前，它指挥了53.7％的市场，使MSOL（20.3％）和Jupsol（8.8％）等竞争对手感到震惊。

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占据了Solana总固定供应量的1333万SOL（约占Solana总固定供应量的3.4％），通过MEV重新分配和Stake Net的分散验证者代表团提供了大约15％的收益率。自2022年推出以来，Jitosol已经拥有7,906名活跃的Stakers拥有10多个SOL，表现优于木星的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.

尽管Solana的LST采用落后于以太坊的42％，但Jito'sserability and Market份额使其成为用于液体浸泡讨论的调节晴雨表。

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月的报告通过强调其非习惯设计和分散的实用程序来捍卫Jitosol的非安全性分类。它声称令牌的价值源自固定的SOL和MEV再分配，而不是与Jito的任何利润分配。

"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.

该报告指出：“至关重要的是，没有承诺或保证给Jito基金会或任何第三方提供个人回报或“净收入”。相反，经济激励措施的重点是固定的SOL的性能和验证器网络的效率。”

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.

这与诸如利多（Lido）之类的协议形成鲜明对比，这些协议因对用户施加行政风险（例如削减或智能合同缺陷）面临批评。 Jito反驳说，其多智能验证器控制，通常涉及五个或更多的创始团队成员，并且Stake Net的链链代表团最小化了此类漏洞。

"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.

“如果削减了削减，史塔克人对不当行为的相对贡献将确定其被削减的代币的相对部分。这完全符合“经济风险的原则，那些有能力做出相关决策的人的经济风险原则”，报告补充说。

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

但是，批评家可能会争辩说，依靠液体蒸发中的集中式验证者在削减暴露量方面造成了“集中风险”。

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，吉托强调说，其开源股份净额净协议分散了这种猛烈的曝光，使其与新兴的重新生产趋势紧密联系在一起。此外，尽管以太坊的液体蒸发部门的采用率为42％，但Solana的部门仍然相对欠发达，只有6.3％的渗透率。这使得吉托的立场关键的法律和法规清晰度。

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

Jito的AVSS：一种恢复引擎，以实现最佳产量

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推出了其重新制作网络，为用户提供了通过获得“积极验证的服务”（AVSS）进一步增加其收益的机会。

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

从以太坊的特征层协议中汲取灵感，这种方法旨在提高静止的效率，同时避免集中化的威胁。

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.

选择利用Jito基础架构的验证者可以专注于最大化Stakers的回报，或者通过其已安排的资产来确保新的分散服务。

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

最大萃取值（MEV）的整合也有助于增强吉质的吸引力。

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优化客户端的验证器能够在一次交易中获得311,000美元的“提示”。然后将这些收入重新分配给Jitosol代币持有人，从而导致更大的股息，并在Solana的液体蒸馏景观中巩固了Jito的至高无上的贡献。

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的价格稳定性仍然是一个令人关注的主题，尤其是鉴于MSOL的2023年Depegggging事件，后来被套利纠正。

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，存在固有的削减风险。如果Jito池中的验证者表现不佳，则用户将继承相应的罚款，尽管Stake Net的链上评分机制可作为信标，并提醒和惩罚性能不佳的节点。

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.

这种法律机动是在加密中的监管歧义的更广泛主题中出现的。尽管美国证券交易委员会（SEC）的立场表明，大多数液体含有代币可能被归类为证券，但市场参与者仍在浏览这一合法地形。

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

缺乏对液体含有代币进行分类的明确标准很明显，而且这个合法的灰色区域的含义仍在展开。

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起诉加密货币交易所（Crypto Exchange Binance）及其首席执行官Changpeng Zhao据称经营未注册的交易所并提供未注册的证券，包括液体蒸发产品。

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

美国证券交易委员会的投诉指出，Binance提供了“ Binance Pay”，这项服务使用户能够与