The price of Jito (JTO), the digital currency of the Jito Network, has skyrocketed by 10% in the past day, now reaching $3.88 and pushing its total value over $450 million.

Jito's price recently hit an all-time high above $5, but then dipped to $3.15 before bouncing back. Since its low in April, Jito has already gained more than 20% and is now aiming to break through the $4.0 barrier. If successful, it could set the stage for a new record high.

Meanwhile, there's been a notable increase in open interest in Jito across major exchanges like Binance, OKX, and Bitget. This surge in open interest, ranging from 20% to 45%, is an important metric for traders and analysts. It indicates strong market sentiment and potential for further price increases, signaling confidence among traders and investors.

Jito Network plays a crucial role in the Solana ecosystem, offering services like the JitoSOL liquid staking pool and various MEV products.

Investors can convert their SOL into JitoSOL, which keeps SOL liquid while earning staking rewards and sharing transaction revenue from MEV extraction on Solana.

MEV, or Maximum Extractable Value, refers to profit opportunities from transaction execution order. Jito Foundation aims to address MEV challenges, ensuring fair profit distribution and transparency.

Additionally, Jito has introduced an open-source validator client to promote competition in MEV extraction.

In conclusion, Jito (JTO) is experiencing significant growth, with potential for further increases and a new all-time high on the horizon. The surge in open interest and the network's role in the Solana ecosystem add to its promising outlook.