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The Ultimate Jito Thesis | Shayon Sengupta
Mar 28, 2025
Shayon Sengupta, an investment partner at Multicoin Capital, dives into the intriguing Jito thesis and its implications for Solana. He explores novel approaches to JTO token valuation beyond traditional buybacks, discussing the significance of miner extractable value (MEV) for layer 1 networks. Sengupta also highlights the evolution of governance within the Gito DAO and the importance of transaction inclusion for blockchain adoption. With insights into Gito's competitive landscape, this conversation sheds light on the future of decentralized networks and their community engagement.
52:06
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Quick takeaways
- The Jito thesis emphasizes Solana's unique market cap valuation for the JTO token, focusing on revenue from transaction fees and staking.
- Token buybacks in JITO DAO present strategic complexities, balancing market cycles against investor assurance and long-term financial strategies for growth.
Deep dives
Valuation Framework for JTO Token
The valuation framework for the JTO token is primarily assessed in terms of Solana's market cap rather than in US dollars, reflecting its unique positioning within the Solana network. This framework considers JITO's revenue sources, including transaction fees and staking revenues, to ascertain the potential cash flows that could be generated for the JTO token. Notably, the report emphasizes that the revenues will be modeled in SOL terms, reflecting the operational dynamics of the Solana ecosystem. By focusing on fee streams due to JITO DAO from various business lines, the methodology aims to provide a clearer perspective on JTO's intrinsic value amid market fluctuations.
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