Switchboard: The first re staking oracle protocol in the Solana ecosystem (Attached with participation tutorial) In the past few years, there have not been many airdrop projects in the Solana ecosystem that have truly brought wealth effects, and Jito is one of them. In December 2023, Jito launched the governance token JTO and airdropped 10% of the token shares to the community, followed by the launch of Binance. Currently, the FDV still exceeds $2 billion. Jito is one of the most important MEV infrastructure in the Solana ecosystem, and also the largest liquidity pledge agreement. Its JitoSOL has become the mainstream liquidity pledge asset in the Solana ecosystem, and the Jito Restaking agreement launched in 2024 has ushered Solana into the era of restacking. Re staking is one of the most promising innovative concepts in this cycle, pioneered by EigenLayer in the Ethereum ecosystem, and subsequently introduced by Jito into Solana. The Jito staking framework consists of two main components: a staking program and a vault program, which can be viewed as two independent entities that collaborate to provide a flexible and scalable infrastructure for creating and managing: staking assets, vault receipt tokens (VRT), and Node Consensus Network (NCN). Among them, VRT is a term used by Jito in the field of liquid staking tokens, similar to the EigenLayer ecosystem's LRT (Liquid Restaking Tokens). NCN (Node Consensus Network) is similar to EigenLayer's Active Verification Service (AVS), used to support entities that rely on Jito re staking solutions. The project we are going to introduce today is the first oracle protocol in the Solana ecosystem that enables large-scale, multi asset re staking based on Jito NCN Switchboard @switchboardxyz Simply put: Switchboard=oracle+Jito staking (Restaking) The Switchboard model is very innovative, allowing any Jito asset holder to earn SWTCH token rewards through re staking, while providing security for the oracle network. This is also the world's first oracle protocol that supports cross asset re pledging, and a major innovation in the Solana ecosystem. Switchboard announced last night that it will use Fragmetric Vault to initiate re staking on Jito. Currently, there are two ways to participate in Switchboard NCN re staking and obtain SWTCH tokens: one ️⃣ Participate through Jito two ️⃣ Participate through Fragmetric (Fragmetric has not yet been issued) Fragmetric is Jito's provider of staking agreements and has recently secured $7 million in financing, making it one of the next potential projects in the Solana ecosystem! Official announcement: https://(((x.com)))/switchboardxyz/status/1899467859052371978 2、 How to participate? How to obtain rewards? Method 1 ️⃣： Re pledge through Jito 1. Enter Jito Vault https://www.jito.network/zh/restaking/vaults/ 2. Select the corresponding asset and find the matching vault 3. After depositing, you will receive VRT as proof 4. VRT's asset certificates can be used in the DeFi ecosystem, while also earning additional income Method 2 ️⃣： Re staking through Fragmetric (unissued coins) This approach has multiple expectations: SWTCH token+Fragmetric future airdrop opportunities 1. Open it https://app.fragmetric.xyz/restake/ Select 'Remake' in the upper left corner, and then choose one of the following two assets: fragSOL or fragJTO. After depositing the token, press' Remake '. 2. FragSOL or fragJTO assets can be redeemed at AmericaTAKE at any time, but it should be noted that there are three different periods of approximately 10 days for unbinding. 2. Fragmetric will optimize profits by allocating assets to platforms such as Jito, providing users with staking profits, MEV rewards, and NCN rewards. Assets staked on Fragmetric will receive locked SWTCH tokens and F Points (which may be Fragmetric's future airdrop vouchers!) 3. Fragmetric has just completed a $7 million seed round of funding, led by Finals Capital and Hashed, with individual investors including Sol founder Tony Lily Liu, Chairperson of Sol Foundation Jito founder Lucasr, Backpack founder Tristan Wintermute co-founder Yoann, from an investment perspective, is equivalent to bringing in all the people involved in the core protocols of the Sol ecosystem, with good organizational skills. 3、 Project and Track Overview The importance of the oracle race track The oracle is one of the infrastructures of blockchain, with generally high valuations, such as: Chainlink: The earliest oracle that has evolved into a cross chain data transmission standard. Band Protocol (BAND): Based on the Cosmos ecosystem, it supports cross chain oracle data. API3: Untrust APIs and connect real-world APIs with blockchain. Pyth Network (PYTH): A high-precision, high-frequency market data provider serving Solana, BNB Chain, and more. After quickly examining the four stages of track development and comparing relevant data, it can be seen that Switchboard has the highest level of decentralization. Switchboard utilizes the feature of cross asset re staking to promote the decentralization upgrade of oracle security and economic models. 2. Project situation Switchboard is a permissionless, customizable, and multi chain oracle protocol that provides real-time data support for DeFi, NFT, and GameFi. The oracle+re staking model has opened up a new paradigm, and Switchboard, as the first oracle protocol in the Solana ecosystem to adopt Jito NCN (Node Consensus Network), is driving decentralized data infrastructure into a new stage. By deeply integrating with Jito Restaking, it not only enhances data security, but also allows users to earn additional rewards by restacking Jito assets (such as JitoSOL) while protecting the Switchboard oracle network. Currently, we have protected assets worth over 4 billion US dollars and provided services to multiple well-known dApps, including MONAD. Financing situation: June 2021: Completed a seed round financing of $3.5 million. May 2023: Completed $7.5 million Series A financing. Accumulated financing of $11 million, with investors including Tribe Capital, RockawayX, CMS Holdings, Sui developer Mysten Labs, Bixin Ventures, and others. 3. Project Mode and Highlights Switchboard is utilizing Jito Network's Node Consensus Network (NCN) to first implement the "re staking oracle" mode on Solana, opening up a new mode of combining oracle and re staking, which is the first time for oracle. 1. Overview of Innovation Models Prophet+Re staking: Switchboard is the first oracle protocol to achieve large-scale, multi asset re staking through Jito NCN. It utilizes Jito's infrastructure to not only decentralize the protection of oracle nodes, but also allows anyone to re stake assets supported by Jito, earning SWTCH token rewards to enhance network security. This is the first innovative attempt in the field of oracle machines. The role of Jito NCN: Jito NCN is a decentralized infrastructure layer designed specifically for the Solana ecosystem, providing secure and efficient data services by incentivizing distributed node operators. Its advantages are similar to decentralized alternatives to Web2 cloud services, and it is deeply integrated with scenarios such as oracle machines, cross chain communication, DeFi staking, etc. 2. Core working principle Incentive driven data on chain: Using Jito NCN's incentive mechanism, Switchboard can ensure fast, secure, and anti manipulation data on chain. This mechanism is similar to Eigenlayer's Active Verification Service (AVS), but focuses on Solana's decentralized data verification. Re staking mechanism: Users can protect Switchboard oracle nodes by staking Jito assets (such as JitoSOL). Pledge not only provides security for the network, but also allows participants to receive additional SWTCH rewards. Asset tokenization: Jito converts pledged assets into VRT, which not only proves users' staking behavior, but can also be flexibly used in the DeFi ecosystem, further enhancing asset utilization and liquidity. The decentralized advantage of TipRouter NCN: Switchboard's oracle also utilizes TipRouter NCN to decentralize and protect MEV tip distribution, ensuring diversity and security in the data supply chain. In this tweet, it can be seen that Solana is utilizing Jito (Re) staking to build a unique oracle solution that enables Solana developers to easily access on chain and off chain data https://(((x.com)))/jito_sol/status/1891880407953502426 3. Mode highlights and advantages -Re staking rewards and increased security: JitoSOL holders can protect the oracle network by re staking, which allows them to earn both staking profits and SWTCH rewards. The re pledged assets provide decentralized security for data supply, significantly reducing manipulation risks. -Relying on Jito's powerful infrastructure: Switchboard utilizes Jito's extensive pledged assets and high-performance node network to minimize the risk of single point of failure. Through Jito NCN, the oracle network achieves efficient and distributed data on chain and verification, improving overall security and speed. -Multiple benefit model: In addition to receiving staking benefits, users can also earn additional SWTCH token rewards by participating in re staking. In the future, any assets supported by Jito may be used to protect the Switchboard network, thereby expanding user revenue opportunities. -Lowering the threshold for participation: Any JitoSOL holder can easily participate with just one click, without the need for complex operations. The open, permissionless model ensures broad community participation and network security. The deep integration of Switchboard and Jito Network not only provides a new security mechanism for the Solana oracle ecosystem, but also creates more opportunities for SOL to participate and benefit, which is a major breakthrough in decentralized oracle security and economic models. Official website: https://switchboard.xyz/ Twitter: https://(((x.com)))/switchboardxyz