Jito Launches its Governance Token: Who Can Claim JTO?
On November 27, the Jito Foundation team announced the launch of its governance token, JTO, aiming to enhance community engagement.
Jito Labs specializes in developing the MEV infrastructure within the Solana ecosystem, offering pioneering solutions in liquid staking and holding the title of Solana's most prominent project in this category.
JitoMEV's validator network governs 41% of the TVL (Total Value Locked) in Solana's network. With 6.59 million SOL locked in JitoSOL (derivatives on the Jito platform), Jito holds the sixth position among liquid staking projects.
Among its notable backers are Multicoin Capital and Solana Ventures. In August 2023, Jito Labs secured a $10 million investment in its Series A funding round.
JTO Use Cases
JTO, serving as a governance token, transcends mere speculative use, playing a vital role in the project's functionality.
The launch of JTO enables token holders to make key decisions to shape the future of Jito Network so that it continues to evolve and thrive in alignment with the needs of those it serves, and of the broader Solana ecosystem,as stated in the project's blog.
Additional applications of JTO include:
- Determining fees for the JitoSOL liquid staking provider.
- Overseeing the specifications of the StakeNet programs.
- Managing the JTO tokens stored in the DAO and the commissions earned from JitoSOL.
The Jito Foundation, acting as the overseer, offers streamlined solutions for DAO member interaction. Token holders will possess complete authority over the Jito Foundation, including the power to overhaul its top management.
JTO Allocation. Source: jito.network
The total JTO supply is set at 1 billion tokens, with the following allocation plan:
- 250 million JTO for ecosystem development, aimed at funding communities and contributors aiding the project’s growth.
- 245 million JTO for the team, encompassing employees, partners, and other internal project contributors. These tokens will be evenly distributed across three years, commencing one year post-airdrop.
- 162 million JTO for investors, to be similarly distributed over three years, beginning a year after the airdrop.
- 343 million JTO for community growth, with 100 million designated for the airdrop and the remainder managed by DAO governance on the Realms platform.
It's crucial to highlight that 90% of the airdrop-allocated tokens will be immediately accessible on the distribution day, with the remaining 10% unlocking over a year.
Who Can Claim the Tokens?
The Jito Foundation is set to reward early project users who accumulated Jito Points. The JTO tokens will be granted to JitoSOL holders, Solana validators who utilized Jito Solana’s MEV clients, and users of Jito’s MEV services. The quantity of JTO allocated to each recipient will correlate with their contribution to the project's evolution.
The crucial snapshot, capturing project activity, was taken on November 25, 2023. This indicates that interactions with the project after this date won't impact eligibility for JTO tokens.
Kudos to those who have interacted with Jito! And for those who missed the opportunity – there's no need for concern. We've recently covered promising opportunities within the Solana ecosystem. Don't hesitate to check out the link and bookmark the article for future reference.