SOL-based Liquid Staking Protocol Launches Governance Token for Jito Network
The Jito Foundation, a company that builds infrastructure to address the negative impacts of maximum extractable value on Solana, has announced the launch of a governance token for the Jito Network. This token will enable community members to directly influence decision-making and the direction of the network. According to the foundation, the Jito MEV network of validators is currently being utilized by over 40% of Solana’s stake weight.
1 Billion JTO Tokens Created for Network Management
A total of 1 billion JTO tokens have been created to manage the Jito Network. These tokens will be used for tasks such as setting fees for the JitoSOL staking pool, overseeing revenue and the DAO treasury. Initially, 115 million JTO tokens will be in circulation. The distribution includes allocations for community growth, ecosystem development, core contributors, and investors.
Airdropping Tokens to Community Members
The foundation plans to airdrop 10% of the tokens to Jito community members as a recognition of their contribution and to ensure their participation in governance from day one. Community members are advised to stay updated on the airdrop details. Notable investors in Jito Labs include Solana Ventures and Anatoly Yakovenko, co-founder of Solana Labs.
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RT Watson is a senior reporter at The Block with expertise in U.S.-based companies, blockchain gaming, and NFTs. With experience covering entertainment at The Wall Street Journal and corporate news in Brazil at Bloomberg, RT has conducted interviews with various individuals across different industries.
Hot Take: Jito Foundation Empowers Solana Community with Governance Token
The launch of the governance token by Jito Foundation for the Jito Network on Solana is a significant step towards empowering the community and ensuring their active participation in decision-making processes. With over 40% of Solana’s stake weight utilizing the Jito MEV network, the foundation’s efforts to mitigate negative impacts on Solana are gaining traction. The allocation of tokens for community members through airdrops further strengthens their role in governing the network. This development showcases the commitment of Jito Foundation to foster a decentralized and inclusive ecosystem on Solana.
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