Jito (JTO) 资产报告

Shayon Sengupta
Tushar Jain
2025年3月4日 | 4 minute read

过去三年,Multicoin Capital 通过旗下的对冲基金和风险基金,在 Jito Network 原生代币 JTO 上获得了相当大的持仓。

以下是我们 45 页资产报告的执行摘要。您可以点击“阅读完整报告”按钮,下载完整的报告和分析,包括我们的估值模型和价格目标。

执行摘要

Jito 已成为 Solana 经济机器的重要组成部分,我们认为其系统是 Solana 网络上处理交易和生成区块的关键基础设施。 我们对 Jito(及其原生代币 JTO)的信心,深深植根于 Jito 在质押者、验证者、前端和用户之间创建的结构性锁定机制,以及其在交易供应链中的主导地位。 简而言之,它处于一个让 Solana 保持高效运转的多边网络的核心位置。

如今,Jito 是一个集成软件系统,由三个核心部分组成:

交易处理和区块生成架构(即 Jito-Solana 验证者客户端,以及相关产品中继器 (Relayer)分片流 (Shredstream)区块引擎 (Block Engine)交易打包 (Bundles)); 质押架构(即 JitoSOL,Jito 的流动性质押代币,以及 Stakenet,Jito 自主、去中心化的质押委托算法);以及 再质押架构(即节点共识网络,包括小费路由器 (TipRouter)保险库 (Vaults))。

我们已经将 MEV 作为编写了,广泛地将 MEV 视为资产账本估值的框架。 在整个 2024 年,MEV 获取和再分配让堆栈不断升级。 我们预计这一趋势将在可预见的未来持续下去。 随着加密货币市场结构的成熟,我们认为 JTO 将是这一发展趋势的最大受益者之一。

目前,Solana 是使用最广泛、生产力最高的公链网络,从 2024 年第四季度开始,其在交易收入数据来自 Dune Analytics,图表不包括小费)和交易量数据来自 DefiLlama)方面,一直远远超过所有其他主要区块链网络。从那时起,Solana 的 REV(实际经济价值)随着数十亿交易量的增长而大幅提升,而且 Solana 上超过一半的交易费用都是通过 Jito 系统处理的。

Jito 1 数据来源:Blockworks Research,2025 年 3 月 3 日

除了价值获取使堆栈不断升级之外,我们认为 JTO 是获得针对 Solana 上互联网资本市场

围绕激烈竞争状态的交易执行,对于无需许可、高性能的分布式资产账本的正常运作至关重要。 Solana 要实现其“纳斯达克速度的区块链” 这一最初愿景,唯一的途径就是以低延迟处理大量的入站流量和出站流量。 Jito 在这方面发挥了关键作用,它根据时间偏好对 Solana 的交易进行细分,同时稳定网络,并防止因对交易纳入的巨大需求而导致的网络拥塞。

随着系统的扩展,Jito 的一系列产品在维护 Solana 上用户体验方面发挥了重要作用。 在撰写本文时,Solana 上超过 94%都运行着 Jito-Solana 客户端,该客户端在市场高波动事件期间,以持续较低的中位数费用,为交易确认提供了急需的可靠性。 我们认为,这为应用层带来了指数级增长的可能——支持了像高性能衍生品交易所(能够优先处理做市商撤单,从而实现更窄的点差,如Drift)、依赖大规模低成本代币转移的去中心化物理基础设施网络 DePIN(如io.netRenderHivemapperGEODNETHelium)、新的现货资产发行和交易平台(如JupiterClearpoolsBackpack)等应用场景。

Jito 的每一项产品都互相促进。 StakeNet 质押委托系统和 JitoSOL 质押池鼓励验证者运行 Jito-Solana 客户端。 运行 Jito-Solana 客户端使验证者能够通过构建更具盈利性的区块,赚取更高的收益并分配给质押者。 再质押有助于使收益分配去中心化,同时为 JitoSOL 和 JTO 增加独特的效用,进一步激励用户使用,同时为质押者带来额外收益。

Jito 2

作为 Solana 上 MEV 获取和分配的核心,我们预计 Jito 将在 Solana 产生的经济价值中占据越来越大的份额——交易打包小费、质押奖励和再质押收益提供了多种价值累积途径。 根据本报告估值部分所讨论的假设和模型,我们针对 JTO 的乐观目标价格为 11.63 美元,是截至 2025 年 3 月 3 日 7 天时间加权平均价格 (TWAP) 2.61 美元的 4.43 倍。

Jito 是 Solana 爆炸式增长的主要受益者,其代币是 JTO。

披露:查看我们的报告在模型中包含的假设,对于理解我们确定此目标价格的依据,以及在乐观目标价格之外取得其他成果的潜力非常重要。

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