Hi all, happy Tuesday! Today, we break down the broader risk-off move in global markets, why select Solana ecosystem tokens are outperforming, and Jito’s launch of JTX, its new institutional-grade trading interface.

Let’s get into it.

BTC closed Monday down 2.5%, underperforming amid a broader risk-off move that also pushed equities and gold lower. Oil, meanwhile, rallied as much as 8% as clashes around the Strait of Hormuz raised concerns over global energy supplies.

Macro conditions could still create further headwinds. Fed Governor Christopher Waller said near-term rate hikes could return to the table if inflation comes in hot. However, this morning’s cooler-than-expected CPI release eased those concerns, with both headline and core inflation declining in June. CME FedWatch now assigns roughly a 17% probability to a hike at the next meeting, down from nearly 42% yesterday.

Despite the market uncertainty, the Solana Ecosystem index showed notable relative strength, led by META (+10%), JTO (+5.5%), and CLOUD (+3.4%).

META’s rally follows continued demand for MetaDAO launches. Two weeks after Laso Finance attracted more than $25 million in commitments before capping its sale at $1 million, Credible Finance drew $6 million within two minutes of opening yesterday and had reached $21M as of this morning. MetaDAO remains crypto’s most credible attempt at realizing the Internet Capital Markets vision through permissionless capital formation and decision markets.

JTO also outperformed ahead of today’s JTX exchange launch, which Toma covers below. Separately, the Jito Foundation proposed JIP-38, which would formally establish Jito as a token-centric network where major protocol revenue flows to the DAO and is governed by JTO holders. The sole exception would be 20% of JTX fees retained to fund the exchange’s development.

Finally, CLOUD remains down more than 70% year to date, but its fundamentals continue to improve. Sanctum is generating nearly $6 million in annualized revenue, implying an FDV-to-sales multiple of roughly 3x, while Sanctum-powered LSTs have grown to over 16 million SOL (about $1.2 billion) and continue to take market share from JitoSOL and mSOL.

Against a weak macro backdrop, the divergence is encouraging: projects with improving fundamentals and identifiable catalysts are still finding buyers.

— Carlos

JTX Goes Live

JTX, Jito's long-awaited self-custodial trading frontend, is scheduled to release today. With Jito tips falling in favor of priority fees and the eventual release of SIMD 123 enabling in-protocol priority fee sharing, Jito has continued to push adoption of its Block Assembly Marketplace (BAM). Since its mainnet rollout in late 2025, BAM has grown to 376 validators, representing 32% of network stake. That adoption is paramount to JTX's execution advantages, because these only apply consistently when orders land in blocks built by BAM validators.

JTX allows Jito to originate order flow and route it into blocks built by BAM validators, whose plugins expose execution primitives designed to improve fill quality. The first live example is the Maker Priority Plugin, which sequences market maker oracle updates to the top of the batch so quotes stay fresher, which should tighten spreads and improve fills for traders on the platform. Over time, Jito can layer additional plugins that current frontends cannot easily replicate, including larger orders with reduced information leakage, fresher oracle-dependent pricing, and more reliable conditional order logic.

JTX launches as a spot-only frontend, giving traders access to the wide range of assets trading on Solana, from tokenized equities to memes. Traders can execute these using a range of order types, including limit orders, TWAPs, and smart fills, alongside stop-loss and take-profit levels. Smart fills combine TWAPs and limit orders to capture sudden moves while retaining the flexibility of a TWAP.

Perps are expected to roll out later this year, with JTX routing orders to Phoenix as the backend. Fully onchain perps are harder to facilitate than spot, since a venue needs reliable cancels, fresh oracle updates, and robust liquidation logic. Phoenix's Spline liquidity addresses part of this by letting market makers quote shaped liquidity without posting a full order at every price level. Phoenix already offers soft guarantees on market maker quote updates through differentiated order types, and BAM can add perps-specific plugins that harden those guarantees further. Together, these should improve the execution environment enough to make larger perp flow more comfortable moving onchain through JTX.

— Toma

JIP-38: Confirm Jito as a Token-Centric Network

Nick Almond published JIP-38, proposing to formally define Jito as a token-centric network where all major protocol revenues flow to the DAO and are governed by JTO holders, with the only exception being 20% of JTX fees retained for JTX development. The proposal would commit 100% of the DAO’s 80% JTX revenue share to programmatic JTO buybacks and burns from launch through at least Q4 2027, executed through a Rev Splitter with transparent onchain reporting. More broadly, it frames JTO as the network’s primary value-capture asset, giving tokenholders exclusive authority to direct revenues toward buybacks, distributions, subsidies, or growth, followed by a full review of all fee streams in Q4 2027.

Phoenix Perpetuals: Market Maker Splines

Ellipsis Labs introduced market maker splines, the core liquidity primitive behind Phoenix Perpetuals. Splines let makers define the shape of their liquidity curve once, then cheaply move its midpoint as fair value or inventory changes, avoiding the cost of constantly canceling and replacing many onchain orders. Phoenix combines these splines with a traditional limit orderbook, matches both by deterministic price priority, and uses simple piecewise-constant liquidity regions so the margin engine can calculate fills efficiently. The design aims to preserve the maker flexibility needed for tight spreads and deep liquidity without giving up fully onchain matching, composability, or risk management.