Key Takeaways

Jito’s new tokenomics update failed to attract bulls in the market. Will ongoing buybacks improve the altcoin’s recovery odds? 

Solana’s [SOL]-based liquid staking protocol, Jito [JTO], has announced revamped tokenomics for its governance token.

In a statement, the project said that it bought back $1 million worth of JTO between 22nd August and 1st September. 

The project added, 

“The CSD will continue using TWAP buybacks near term while developing additional mechanisms, such as an auction system, to automate $JTO value accrual.”

The Jito DAO, the entity running the buyback program, will also receive 6% of all Jito Block Engine fees to accumulate more tokens and reduce the supply, stating that it could benefit tokenholders. 

“The Jito Foundation is committed to ensuring that protocol fees accrue directly to $JTO token holders as optimally as possible.”

Market remains muted

Despite the bullish catalysts, the market sentiment remained muted. In fact, the Weighted Sentiment improved slightly but was still red overall.