Jito Declares War on Coinbase & Binance | Lucas Bruder on the Launch of JTX
7/15/2026 · 50 min · transcript via whisper
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Key topics
— JTX is a prosumer trading terminal designed to bring institutional-grade execution to retail traders on Solana, featuring clean UX, professional order types (TWAPs, SmartFill), and comparison of on-chain execution against centralized exchanges like Kraken and Coinbase.
— Proprietary AMMs (Prop AMMs) have dramatically improved execution on Solana; they function like order books with on-chain market-maker logic, enabling spreads under one basis point on major pairs and eliminating the need for constant arbitrage to discover price.
— Solana tokenized equities are gaining adoption via platforms like Backpack, Xstocks, and Ondo; volume occasionally exceeds meme coin trading, signaling a shift away from Solana's earlier reputation as a meme-coin chain.
— Solana protocol improvements include SIMDs for doubled disinflation and resource-based burn mechanics tied to transaction volume, which should reduce token emission and increase SOL scarcity as more assets and trading activity come on-chain.
— JTO tokenomics: 80% of JTX trading fees accrue to the DAO, with all fees swapped for JTO (not USDC or other assets) and returned to the DAO; the remaining 20% funds reinvestment.
— Planned rollout: waitlist opens January 14–15 with gradual access based on referral count; roadmap includes spot trading launch, followed by perpetuals (Phoenix perps), prediction markets, and equities features unavailable elsewhere.
Market & price signals
— Solana is trading around $78 while Bitcoin is at $64,000 and Ether at $1,800. Bruder argues SOL is uniquely undervalued relative to protocol iteration speed, pending tokenomics improvements, and incoming tokenized-equity volume. On-chain execution for major pairs (SOL/USDC, BTC/USDC) now achieves sub-basis-point spreads via Prop AMMs, consistently beating centralized-exchange pricing. JTO has a fully-diluted market cap around $600–700 million, compared to Solana's ~$40–60 billion.
Actionable insights
— Monitor Solana's upcoming protocol SIMDs (disinflation acceleration and transaction-based burn) for potential deflationary mechanics that could reduce SOL supply pressure as on-chain trading volume grows.
— Evaluate JTX's "good trade" feature (live comparison of on-chain vs. centralized-exchange pricing) when it launches; if Solana consistently beats major CEX execution, it signals sustainable price discovery on-chain and potential competitive moat for Solana-native trading.
— Consider SOL's valuation relative to competing L1s if Prop AMMs and tokenized equities attract material trading volume; protocol iteration velocity on Solana currently outpaces other ecosystems, but real execution advantages must translate to user adoption and fee accrual before tokenomics unlock value.
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— BitGet just launched Stocks 2.0, letting you trade tokenized equities directly with USDT inside the same app for crypto, with dividends and corporate actions reflected automatically; trade at bankless.cc/bitget-stocks. Not investment advice.
— The DeFi Report, hosted by Michael Nadeau, publishes weekly 30-minute episodes analyzing portfolio holdings, market structure, entry targets, and Bitcoin/Ether fair value across the cycle; new episodes every Wednesday on thedefireport.io/bankless.