Solana-based Switchboard Protocol is slated to become the first blockchain oracle network to tap Jito’s growing restaking platform in production. The move brings together two of the largest and most impactful protocols on the Solana network.
Switchboard Protocol is Solana’s largest Oracle network and aggregator, helping to secure around $1.5 billion in value. Jito, which launched its JitoSOL liquid staking protocol in 2022, is a go-to application for Solana stakers and validators.
The move — announced first in August — will help boost the security and trustworthiness of Switchboard’s oracles, services that connect to external data sources to feed real-time information to smart contracts. They’re a critical component of doing just about anything onchain that requires knowledge of the offchain world.
It’s also a major opportunity for kicktesting restaking, the buzzy concept of using already staked assets to secure other applications simultaneously. Not only does this foster staking’s capital efficiency by requiring fewer assets to secure more protocols, it also enables stakers to earn staking rewards from multiple sources.
Restaking was introduced first on Ethereum with the launch of EigenLayer in 2023 and was quickly implemented on other blockchains. Jito was the second Solana-based protocol to introduce restaking following Soylayer in 2024.
Approximately 70% of outstanding SOL is staked, representing a $76 billion market opportunity for restaking, according to Switchboard co-founder Chris Hermida, citing recent price figures. About 1.2 million individual Solana stakers put up capital to secure the network and earn rewards.
Additionally, some theorists say restaking could unlock a host of novel blockchain use cases that were previously not possible.
“Switchboard is a foundational piece of Solana DeFi infrastructure, and we’re excited to see the project integrate Jito (Re)staking to secure their oracle network,” Brian Smith, executive director at the Jito Foundation, told The Block. “We look forward to working with other top Solana teams to to upgrade their product and ship faster using the restaking infrastructure.“
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