In order to list the VanEck JitoSOL ETF, a fund created to hold the Solana-based liquid staking cryptocurrency JitoSOL, Nasdaq has submitted a proposed regulation modification.
With a view to help secure a proof-of-stake network, users can stake tokens using liquid staking. In exchange, they will receive a transferable token that symbolises the assets and prizes they have staked.
Brian Smith, president of the Jito Foundation, said that if the fund is approved, staking incentives will be included in the fund’s net asset value rather than being paid out separately.
Each token owned by the trust would represent the underlying deposited SOL as well as any staking yield accumulated on the Solana network because JitoSOL automatically compounds rewards.
The exchange requested permission to list and trade shares of a trust that would directly hold JitoSOL in accordance with Nasdaq Rule 5711(d), which regulates trust shares based on commodities.
JitoSOL, a liquid staking coin created by the Jito Network and backed by SOL, is placed in a Solana network staking pool. Without having to manage onchain staking or operate validators directly, it enables holders to get staking benefits through a transferable token.
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