On November 28, according to official news, Jito, the liquid staking protocol on Solana, announced the launch of the governance token JTO and released airdrop information. It is understood that the total amount of JTO airdropped is 100 million, of which 90 million JTO will be distributed in this airdrop and 10 million JTO will be distributed next year.
allocation information
The total supply of Jito token JTO is 1 billion, with an initial circulating supply of 115 million (total supply minus foundation allocation and locked supply), and an initial floating supply of 583 million (total supply minus locked supply).
Among them, the community growth plan will receive 34.3%. As part of the growth plan, 10% of the total amount will be retroactively airdropped to the community, and the remaining 24.3% will be controlled by the DAO governance on the Realms platform. How quickly these tokens are used and distributed depends on the governance of token holders. The goal is to grow the community and utility of Jito Network.
25% of JTO is used for ecological development, which is partly to fund the community and contributors and help drive the expansion of the premier liquid staking protocol on Solana and the advancement of related networks, such as the innovative StakeNet. Investors receive 16.2% of the tokens, with an unlocking period of 3 years. In addition, 24.5% of tokens will be allocated to core contributors including Jito’s founders and current and future employees who are early contributors to the ecosystem.
Airdrop details
10% of the total amount will be used for community airdrops, totaling 100 million, including 90,000,000 JTO tokens distributed immediately and an additional 10,000,000 JTO tokens to be unlocked next year.
Eligibility for the JTO token airdrop depends on users’ contribution to the development and growth of the Jito network over time. Including long-term JitoSOL holders, users using JitoSOL on various DeFi protocols, Solana validators running the Jito-Solana MEV client, and users actively using Jito Network’s MEV products.
The snapshot of the airdrop is as of November 25, 2023. The previous JitoSOL points campaign has ended and points will no longer be updated.
Currently, users who are eligible to receive JTO airdrops can check their Jito points on jito.network . The eligibility checker and airdrop claiming tool will be available soon, and BlockBeats will continue to monitor updates.
What is Jito?
Jito is a liquidity staking service on Solana that distributes Maximum Withdrawable Value (MEV) rewards to holders. Users deposit SOL into Jito's liquidity staking pool and obtain JitoSOL. The pledged SOL will be entrusted to validators that support MEV. After the validators auction block space and obtain MEV rewards, these MEV rewards serve as additional APY Reallocated to the pledge pool. In addition to receiving staking rewards, users' JitoSOL will also accumulate MEV rewards.
According to the official website, the annualized rate of return for staking SOL is 6.92%. Jito's "product" JitoSOL is the largest and fastest growing liquid staking token (LST) on Solana. As of now, Jito's TVL is close to 6.8 million SOL, with more than 50,000 stakers.
The holders of the governance token JTO released this time can participate in setting the fees of the JitoSOL equity pool, update the delegation strategy by controlling the StakeNet parameters, manage the income of the DAO treasury and JitoSOL of the JTO token, and make contributions to the enhancement of the Jito Network. contribute.
In addition, the Jito Foundation organizes and coordinates the decisions of the token holder community, including enhancing the staking economy through JitoSOL and related products, and improving the Solana Network Foundation structure to enhance the power of the Jito network. Token holder decision-making will be seamlessly transferred from DAO governance to off-chain infrastructure and relationships with strategic contributors. As the network grows, the Foundation enables the Jito Network to operate at greater scale and speed.
The Foundation will receive 59.3% of the total supply, of which 10% will be airdropped and 24.3% will be directly controlled by token holders through Realms. The remaining 25% will be donated to the foundation to fund these efforts and lead large-scale strategic relationships. The foundation is led by two independent directors (Matt Shaw and Glenn Kennedy), and the DAO administrator is Webslinger, a consulting firm for crypto projects. Token holders have ultimate control over the foundation and the right to remove supervisors and directors. The Foundation will provide regular transparency reports.
The Jito Foundation will be governed by a governance charter. Links to governance documents will be announced at a later date.
