RIADeFiPublished by Ketju Research
Not approved · Staking

Ketju memo: Jito (jitoSOL)

Not approvedPublished by Ketju Research

This memo sets out what the holder owns, who controls it, how holders could lose money, and whether a position can be sold. The advisor decides any client action and amount. Not investment, legal, tax, or compliance advice.

Summary

Ketju does not approve Jito (JitoSOL): we could not verify who holds the pool's manager authority, its signers or its threshold, or whether the deployed program matches an audited commit. We found no flaw in the design. On-chain queries settled the largest concern in Jito's favor: the validator-selection (`staker`) authority is the on-chain, algorithmic Jito Steward program, and no human multisig holds it. The `manager` authority is likely a Squads vault, but we have not confirmed it despite reading public docs, retrying with a headless browser and decoding on-chain state. A large, widely held protocol should be able to produce these standing facts. Their absence is the reason for the verdict, and Ketju will not wait on them indefinitely. JitoSOL is an SPL Stake Pool claim on SOL that the on-chain StakeNet Steward delegates, earning consensus rewards plus MEV tips. StakeNet targets equal allocations across the top 400 eligible validators and excludes validators in the network superminority. Marinade mSOL now delegates through a yield-ranked auction to only dozens of validators, so JitoSOL has the broader target.

Review triggers

  • Ketju will not approve it until a reproducible on-chain snapshot shows at least 300 delegated validators, no validator above 1% of JitoSOL active stake, and acceptable hosting concentration for one full ten-epoch cycle
  • Any selected validator enters Solana's top-33.3% superminority and is not removed automatically
  • A DEX sale at the proposed size costs more than 50 basis points while delayed unstake is unavailable or takes more than one epoch
  • Any JitoSOL principal loss, unaccounted exchange-rate decline, or unreconciled MEV distribution shortfall
  • Management, withdrawal, MEV or priority-fee terms change without an executed governance record
  • A current SPL Stake Pool, Steward, Validator History or Interceptor deployment does not match a published audit
  • An admin or parameter authority changes without a public governance and authority update

Facts

Verdict
Not approved
Type
Staking
Chains examined
Solana
Instruments
JITOSOL
Reviewed
Last confirmed

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