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Jito Declares War on Coinbase & Binance | Lucas Bruder on the Launch of JTX

50 min

Lucas Bruder, founder of Jito, introduces JTX, a prosumer trading terminal on Solana that aims to compete with centralized exchanges by offering a clean, opinionated user experience with advanced order types like TWAPs and SmartFill. He argues that Solana's execution has drastically improved, thanks to prop AMMs and core protocol work, enabling on-chain price discovery for major assets and tokenized equities. JTX will direct 80% of its fees to the Jito DAO, buying back JTO tokens, and position Solana as a superior venue for trading everything from meme coins to stocks.

Summarized by Podsumo

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✨ Key Takeaways

1

JTX is a prosumer trading terminal targeting users who want a CEX-like experience on Solana, with features such as limit orders, TWAPs, and SmartFill, and no token launch.
2

80% of JTX trading fees will buy JTO and go to the Jito DAO, creating a value accrual mechanism for the token.
3

Solana’s execution has radically improved due to prop AMMs (e.g., BisonFy, Humidify) and core protocol upgrades, enabling tighter spreads than centralized exchanges and native price discovery.
4

JTX will integrate tokenized equities, perps via Phoenix, and prediction markets, with plans to support any asset on Solana.
5

Prop AMMs, using on-chain curves, are more efficient than traditional order books or AMMs, allowing market makers to update prices cheaply and avoid arbitrage.

💬 Notable Quotes

"We are not building for the token that launched five seconds ago. We're building for the one million dollar market cap and up tokens and tokenized equities and majors."
"I think that Solana is not the right environment to run order books. I think it's gonna be prop AMMs for the future, not only on Solana, but basically every chain."
"It's much cheaper to trade majors on Solana. In JTX, every time you make a trade, we will run that same trade on the best centralized exchanges and show you how much money you saved."