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"The reason we're [building JägerMonkey] is that TraceMonkey is very fast for code that traces well, but for code that doesn't trace, we're stuck with the interpreter, which is not fast," explained Mozilla developer David Mandelin. "The JägerMonkey method JIT will provide a much better performance baseline, and tracing will continue to speed us up on code where it applies."
The project is just underway and interested developers can download the code from Mozilla's version control repository.