Switchboard Protocol Integrates Jito’s Restaking Platform

Solana-based Switchboard Protocol is set to become the first blockchain oracle network to utilize Jito’s growing restaking platform in production. This collaboration merges two significant protocols within the Solana ecosystem.

Switchboard Protocol currently serves as Solana’s largest Oracle network and aggregator, securing around $1.5 billion in value. Meanwhile, Jito launched its liquid staking protocol, JitoSOL, in 2022, becoming the preferred application for Solana stakers and validators.

This integration, first announced in August, aims to enhance the security and reliability of Switchboard’s oracles. These services link to external data sources, providing real-time information to smart contracts—crucial for various on-chain operations that necessitate off-chain knowledge.

Moreover, this presents a significant opportunity to explore restaking, which allows already staked assets to simultaneously secure other applications. This innovation not only increases capital efficiency in staking by utilizing fewer assets for more protocol security but also allows stakers to earn rewards from multiple sources.

Restaking debuted on Ethereum with EigenLayer in 2023 and has since expanded to other blockchains. Following Soylayer’s introduction, Jito became the second Solana protocol to adopt restaking in 2024.

Approximately 70% of SOL is staked, translating to a $76 billion market opportunity for restaking, as noted by Chris Hermida, co-founder of Switchboard. Around 1.2 million individual Solana stakers contribute capital to secure the network and gain rewards.

Furthermore, some experts suggest that restaking could unveil numerous novel blockchain use cases that were previously unattainable.

Brian Smith, executive director of the Jito Foundation, expressed enthusiasm about the collaboration, stating, “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. We look forward to collaborating with top Solana teams to enhance their products and accelerate deployment using restaking infrastructure.”