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Cryptogambling / Solana-based protocol Jito launches governance token JTO

Solana-based protocol Jito launches governance token JTO

Publish Date: 28/11/2023
Video: Say Hello to Solana

Say Hello to Solana

Solana-based liquid staking protocol Jito has announced the launch of its governance token, JTO. It also revealed plans to distribute tokens to early users through an airdrop.

“The Jito Foundation is excited to announce the upcoming launch of the JTO governance token, a significant step in Jito’s evolution. The JTO token will be instrumental in empowering our community members to have a direct impact on the decision-making and direction of the Jito Network,” Jito said in a blog post.

JTO will govern the Jito protocol, allowing voting on upgrades and parameter changes. The airdrop serves as a reward to the Jito community, granting them a voice in the protocol’s future.

Jito has a total supply of 1,000,000,000 JTO. Out of this supply, 59.3 percent will go to the Jito Foundation. Within this allocation, ten percent will be airdropped to the community, and 24.3 percent will be under the direct control of token holders through Realms.

The Foundation will keep 25 percent to support its projects and build partnerships. The exact timing for the JTO airdrop is not revealed yet. The Jito Foundation said a snapshot had been taken on November 25, and the airdrop will depend on user activity before that date.

“Jito’s network has had a strong start, but the mission to enhance the Solana network and staking economy is far from over. The ecosystem development portion of the token allocation is to fund communities and contributors that help drive the expansion of the premier liquid staking protocol on Solana and related network advancements, such as the innovative StakeNet,” said Jito.

Of the entire token supply, 16.2 percent goes to investors, and 24.5 percent is given to core contributors. The airdrop is good news for the SOL token, potentially raising its demand and boosting its price.

According to a Jito post, the airdrop includes 90 million JTO tokens for instant distribution and an extra 10 million JTO that will unlock over the following year.

“JTO airdrop recipients will be able to verify their eligibility on our website. The Jito Foundation will keep you informed once the eligibility checker and airdrop claim tools are live,” said Jito.

Soon, community members can verify their eligibility for the JTO token airdrop on the Jito Network website. A Command Line Interface (CLI) will be available for validators and searchers when the airdrop claim window begins.

Fastest-growing LST on Solana

Jito’s growth in the Solana ecosystem has been significant. JitoSOL stands as the largest and fastest-growing Liquid Staking Token (LST) on Solana, with a Total Value Locked (TVL) of 6.8 million SOL.

The Jito MEV network consists of validators using the Jito-Solana client, contributing to 41 percent of the network stake weight (163 million SOL TVL).

“Recognizing the Jito Network’s influence within the ecosystem, it is time to formalize governance of the network in the hands of those who make it thrive – the widespread community of Jito users and contributors,” said Jito.

Jito, led by independent directors Matt Shaw and Glenn Kennedy, will have Webslinger as its DAO administrator.

“Jito Foundation will be governed by its Constitution, Bylaws and Articles of Association and Memorandum of Association. This post will be updated soon with links to these governance documents,” said Jito in a blog post.

The JTO token allows holders to engage in crucial decisions such as setting JitoSOL stake pool fees, updating delegation strategies, handling the DAO-held JTO treasury and fees from JitoSOL and contributing to ongoing enhancements in Jito’s protocols and products.

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