Author: Mahe, Foresight News
On July 13, 2026, the Solana ecosystem infrastructure protocol Jito announced the new proposal JIP-38. This proposal clearly defines a rigid value capture clause: the entire revenue share (i.e., 80% of JTX platform fees) received by the DAO from the new trading platform JTX will be used for programmatic buybacks of JTO tokens on the open market and permanent burning. The commitment period is set for at least from JTX's launch until Q4 2027.
JTO's historical high was $5.3. In February this year, it once dropped to $0.21, a decline of over 96%. Currently, JTO has recovered from the bottom to $0.63, having peaked at $0.8853.
The New JTX Trading Platform
Jito is a project in the MEV (Maximal Extractable Value) infrastructure and liquid staking space on Solana. Its core products include JitoSOL (liquid staking token), Block Engine, and the Block Assembly Marketplace (BAM). These products enable validators and stakers to capture MEV more efficiently while providing better block-building services for the Solana network. Over the past few years, Jito has progressively refined its revenue distribution and incentive mechanisms through a series of governance proposals.
In July 2026, Jito announced the launch of the JTX trading platform, further extending its reach from infrastructure to the application layer.
JTX is a self-custody trading platform, initially launching spot and equity-like assets, with perpetual contracts to follow later this year. Early users can gain priority access, permanent usernames, and referral rewards. The launch of JTX is seen as a crucial step for Jito to extend its technical advantages (MEV protection, sequencing capabilities) into the trading scenario, while also opening up a new revenue stream for the DAO.
Amid the long-standing "value accrual" discussion in the crypto industry, where revenue from many projects ultimately flows to the founding teams or associated entity equity, while token holders only enjoy governance rights without direct economic capture, Jito has now clearly taken a stance through JIP-38: the network's primary revenue should flow to the DAO, and JTO token holders should decide its use through hard governance rights.
JIP-38 Core Mechanism
According to the full text of JIP-38 released on the Jito official forum, the proposal first confirms Jito Network as a token-centric network: except for 20% of JTX platform fees allocated for the platform's own reinvestment and development, all other major network revenues (including JitoSOL-related fees, BAM revenue, Block Engine revenue, and JTX's 80% share) flow to the DAO and are governed by JTO token holders. The direction of deployment—whether for value accrual (buyback, burning, or future distribution) or growth investment (subsidies, incentives, expansion)—must be decided through the JIP process via voting by token holders.
For the new revenue stream, the proposal provides the strongest binding commitment: 100% of the DAO's JTX revenue share will be used for programmatic open-market buybacks of JTO, with all purchased tokens permanently burned. This execution period is set for at least one year, with a comprehensive re-evaluation scheduled for Q4 2027. The buyback and burn must be verifiable on-chain.
At the execution level, a Rev Splitter mechanism will be introduced to collect JTX platform fees and programmatically execute the buyback. This mechanism will be actively managed by the Dev Council under a revocable authorization framework, with plans to gradually advance automation and decentralization. The Dev Council must regularly provide epoch reports to the DAO, including fee collection, JTO purchase and burn quantities, and on-chain references.
Non-JTX revenue streams will continue under existing arrangements: the BAM subsidy program will operate as per the previous JIP-37 until its hard deadline in Q3 2026, after which it returns to regular DAO governance. In Q4 2027, relevant analytical entities will submit a full fee stream analysis report (covering buyback performance, growth returns, etc.), and token holders will then decide the next phase's revenue routing scheme through a JIP—this could be comprehensive buyback and burn, a combination of JTX buyback with other growth investments, distribution activation post-buyback, or any other configuration. The final decision-making power remains with JTO holders.
The proposal emphasizes that this initiative does not require the use of existing treasury funds, relying entirely on new revenue streams. Implementation will be advanced through division of labor among the Dev Council, CSD, and Jito Foundation, and governance documentation will be updated simultaneously to reflect the "token-centric" policy.
A Turning Point
The latest data on the JitoSOL website shows that the amount of SOL staked via the protocol has dropped from 18 million in June 2025 to less than 10 million.
The Liquid Staking Token (LST) market on Solana has changed dramatically. Sanctum's multi-token matrix, Jupiter's (JupSOL) zero-protocol-fee model, and the proliferation of Restaking yield mechanisms within the ecosystem are fiercely eroding Jito's market share. Jito's previously effortless staking management fees are drying up. JTX might be a defensive last-ditch effort as its main cash cow collapses.
In addition, the selling pressure from its token unlock has also negatively impacted its price significantly.
Currently, 1.15% of its max supply (11.31 million tokens), valued at over $7.3 million, is unlocked monthly. During periods of severe bear markets, this continuous selling pressure became a significant factor dragging down the token price.
For JTO holders, the buyback directly strengthens the token's value capture attributes. Programmatic buyback and permanent burning will reduce the circulating supply, while the open-market execution method offers transparency and verifiability. If the JTX platform's trading volume and fee revenue meet expectations, the scale of the buyback could potentially form sustained support.
Of course, the proposal also carries dependency risks: the commitment scale is tied to JTX's actual revenue, and JTX is still in its early stages, needing to face fierce competition from other DEXs and trading platforms on Solana.
