Switchboard is becoming the first Jito NCN!
Switchboard is launching the first Jito node consensus network (NCN) on Solana mainnet, powering users to participate in enhancing network security and robustness. Mainnet beta will be available over the coming weeks, subject to completion of security audits.
What are Jito NCNs?
Jito NCNs allow for networks to rely on decentralized groups of node operators to run their service safely and securely, you can think of them like cloud providers in Web2. For oracles like Switchboard, that means there’s a network of node operators incentivized to quickly and securely bring data on chain. They’re similar to Eigenlayer Active Validation Services (AVS)
As part of this, Jito NCNs allow for economic incentives to help secure the network, vs just trusting a single node operator as an example. Notably, this means Switchboard will be able to tap into a larger number of node operators, including the ones that already participate within the Jito ecosystem, to help ensure data and network integrity. Additionally, these economic incentives allow users that hold supported collateral, like JitoSOL to (re)stake to the network and contribute to decentralization and security!
Why is this a big deal?
Historically, protocols have needed to pay a large incentive to help secure the network. Jito NCNs allow taking supported collateral, for example JitoSOL, and restaking it for additional opportunities to earn yield. This unlocks significant capital currently tied up in staking — approximately $70 billion on Solana alone as of last week. This capital can then be used within restaking ecosystems, effectively lowering the cost of economic security and making Jito NCNs more secure than alternative solutions.
For stakers, it’s an opportunity to earn yield* while contributing to the decentralization and security of the Switchboard NCN. For a developer or protocol relying on Switchboard, it creates a more secure, decentralized and efficient oracle network to build on top of.
Launching the first Jito NCN represents a significant step for Switchboard and oracles alike. We’re excited about the mainnet beta and to welcome in the new era of (re)staking!
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*The following information is provided for informational purposes only and does not constitute an offer or solicitation to purchase or sell any securities, tokens, or any sort of investment product in any jurisdiction. Staking is subject to significant risks.
