Growth · Solana MEV / LST
Jito JTO
MC ~$275–317M
Price ~$0.55
Buyback commitment 100% DAO rev share, binding through Q4 2027
Composite33.1 #25 of 25
Buyback yield0.0%
P/S25.0× sector 13.9×
Below 1y peak62% 2.6× to reclaim
Float51% FDV $580.8M
Fwd P/S y357.3× base case
Moat58 judgement
Innovation45 judgement
Moat 58. The Solana block-engine position is genuinely entrenched infrastructure. The liquid-staking half is competitive and much less defensible.
Innovation 45. Combining MEV capture with liquid staking was smart sequencing on Solana, but both halves are established patterns.
Innovation 45. Combining MEV capture with liquid staking was smart sequencing on Solana, but both halves are established patterns.
Measured from live data, except Moat and Innovation which are hand-set judgements · snapshot 2026-08-23 · full model →
What it does
Jito runs the MEV infrastructure that ~95% of Solana stake uses, JitoSOL (dominant Solana LST), and the newer JTX trading terminal / BAM (Block Assembly Marketplace). It's core Solana infrastructure with a diversified fee base.
Fundamentals
- Jito-MEV runs on 95%+ of Solana stake.
- JitoSOL is the dominant Solana LST.
- BAM at 33% of Solana stake and growing.
- Q2 2026 revenue $1.28M (down 45% as MEV tips collapsed — this is the buy-the-dip setup).
- JTX terminal is untested at scale but a potentially significant new fee line.
Tokenomics
- JIP-38 (July 2026) commits 100% of DAO revenue share from JTX (= 80% of platform fees) to open-market JTO buybacks and permanent burns, binding through Q4 2027.
- Hard, mechanical, time-bound commitment — not discretionary.
Catalysts (6–12mo)
- JTX platform ramp — if it gains any real fee traction, the buyback denominator scales fast.
- MEV tip recovery if Solana volumes rebound.
- Solana ETF flows.
Risks
- MEV tips secularly declining.
- JTX must actually gain traction to justify the buyback economics.
- Competes with Jupiter for terminal share.
Buy. Contrarian pick — you're paid to wait via mechanical burns, and any Solana volume rebound is direct leverage. The binding JIP-38 commitment makes this fundamentally different from discretionary DAO promises.
How it compares to its peers
| Yield / Staking | Mkt cap | Revenue/yr | Growth/yr | Bull y3 rev | P/S | Fwd P/S y3 | Buyback |
|---|---|---|---|---|---|---|---|
| Ether.fi | $575.6M | $38.7M | 36% | $56.2M | 14.9× | 8.0× | 2.1% |
| Lidopeer | $299.0M | $37.5M | 29% | $88.9M | 8.0× | 4.8× | 5.9% |
| Jito | $298.0M | $11.9M | -36% | $17.7M | 25.0× | 57.3× | 0.0% |
| Pendle | $284.0M | $20.0M | -6% | $53.2M | 14.2× | 16.0× | 5.7% |
| Rocket Poolpeer | $36.2M | $0 | -19% | $0 | — | — | — |
| Renzopeer | $25.8M | $1.9M | -39% | $1.2M | 13.6× | 34.3× | 7.5% |
| Marinadepeer | $10.9M | $4.5M | -23% | $9.2M | 2.4× | 4.0× | 12.1% |
Sector median P/S is 13.9×. Jito trades at 25.0× — above the median, worth 44% if it re-rated to it. Peer revenue growth runs at a median of -19% a year, with 5 of 7 shrinking — so this multiple sits inside a contracting sector.