Jito Labs Raises USD 10M from Multicoin Capital and Framework Ventures to Build Performant MEV Infrastructure For Solana

Austin Federa Usa state Texas city Alameda Austin, state Texas city Multicoin CEO Digital Interface BLOCK Maxim Framework MEV

11.08.2022 - 19:17

Reading now: 289

cryptonews.com:

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

Austin, TX, United States, 11th August, 2022, Chainwire

Jito Labs, an MEV infrastructure company building performant systems to scale Solana, has completed a USD 10M Series A. The round was led by Multicoin Capital and Framework Ventures with participation from Alameda Research, Solana Ventures, Delphi Digital, MGNR, Robot Ventures, and 18decimal. Notable angels Anatoly Yakovenko, Brian Long, Armani Ferrante, Austin Federa, Edgar Pavlovsky, and Nitesh Nath also participated.

The Series A brings the company's total financing to USD 12.1M. Jito Labs will use the capital for recruitment and product development and to support the first third-party validator client for Solana, Jito-Solana. This is expected to open source later this month pending the completion of a Neodyme audit.

Jito Labs is developing a suite of trading and validator tools that make MEV more democratic and accessible to traders and validators on the Solana network. Jito-Solana helps node operators earn more revenue and better utilize their hardware. It also features the first native spam-mitigation system for Solana, which helps improve network reliability. Jito-Solana also interfaces with Jito’s Block Engine, a proprietary system designed to build the most profitable and efficient blocks for the network.

“Solana is built by the most talented team in the space, but trading bots spamming transactions has resulted in a degraded experience for users and traders. The tooling we’re building at Jito will help Solana scale to support millions of users,” said Lucas, co-founder of Jito Labs. “We are backed by some of the most strategic investors in the Solana ecosystem and