Switchboard launches first Jito node consensus network on Solana

Oracle platform Switchboard becomes the first crypto startup to launch a Jito node consensus network.

The on-chain oracle provider announced on Jan.16 that it was launching the first Jito (JTO) node consensus network on the Solana (SOL) mainnet. 

An NCN functions similarly to an actively validated service, or AVS, on Ethereum (ETH), meaning Switchboard can access a network of node operators on Jito. These node operators help relay on-chain data and secure the network through a staking mechanism.

Jito, the top liquid staking protocol on Solana, allows network participants to leverage staked assets like JitoSOL for rewards and security.

The platform currently has more than $3.09 billion in total value locked. Meanwhile, the Solana ecosystem has approximately $70 billion in staked SOL that users can restake. According to Switchboard, these assets not only contribute to network security but also help reduce costs.

With Jito NCNs, stakers can utilize collateral such as JitoSOL, which can be restaked to generate fresh yield opportunities. In addition to stakers, developers and protocols using Switchboard can benefit from a secure and decentralized network to build and deploy decentralized applications.

Switchboard raised $7.5 million in its Series A funding round in May 2024, with venture capital firms Tribe Capital and RockawayX co-leading. The round also attracted support from Solana Foundation, Aptos, and StarkWare. Other backers of the startup include Mysten Labs, InfStones Global, and Lemniscap, among others.