The Jito Foundation Introduces JTO Token for Solana-based Liquid Staking Protocol Governance
The Jito Foundation has announced its plans to create 1 billion JTO tokens to facilitate the governance of its Jito Network, a Solana-based liquid staking protocol. This governance token will oversee tasks such as setting fees for the JitoSOL staking pool, managing revenue, and overseeing the DAO treasury. Initially, 115 million JTO tokens will be in circulation, with allocations for community growth, ecosystem development, core contributors, and investors.
Empowering Community Participation
With the introduction of JTO tokens, the Jito Foundation aims to empower community members to have a direct impact on decision-making and the direction of the Jito Network. By utilizing the Jito MEV network of validators, which is currently being used by over 40% of the Solana network’s stake weight, the foundation seeks to alleviate the adverse effects of maximum extractable value on Solana.
Airdrop and Governance Structure
The Jito Foundation plans to distribute 10% of the tokens as an airdrop to community members who have contributed to bootstrapping the network. The foundation will be governed by its Constitution, Bylaws and Articles of Association and Memorandum of Association. Token holders will have ultimate control over the foundation and can remove both supervisors and independent directors. Regular transparency reports will also be released to keep stakeholders informed.
Influential Investors and Advisors
Jito Labs investors include Solana Ventures and Solana Labs co-founder Anatoly Yakovenko. In a Series A funding round last year, the company raised $10 million with participation from Multicoin Capital, Framework Ventures, Alameda Research, Delphi Digital, and Robot Ventures. Webslinger, an advisory firm specializing in crypto projects, will serve as the DAO administrator.
Hot Take: Jito Foundation Empowers Community Governance with JTO Token
The introduction of the JTO token by the Jito Foundation marks a significant step in empowering community members to participate in the decision-making process and direction of the Jito Network. By utilizing a governance token, the foundation aims to ensure transparency and accountability while stimulating the development of its Solana-based liquid staking protocol. With influential investors and advisors on board, including Solana Ventures and Anatoly Yakovenko, the foundation is well-positioned for success. Through regular transparency reports and a robust governance structure, stakeholders can stay informed and actively contribute to the growth and development of the Jito Network.
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