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Solana network’s staking protocol JITO Network made the long-awaited airdrop announcement on November 27 through its official blog. Jito Foundation introduced the platform’s native token as JTO and announced November 25 as the final snapshot date for users who have transacted on the platform. What are the details of the airdrop? Let’s take a look.
How Will the Process Unfold?
Jito, serving within the Solana ecosystem, defines a token called JitoSOL in exchange for SOL deposited by users on the platform. This token, given at a 1:1 ratio, is known as the largest Liquid Staking Token (LST) in the Solana network. In the airdrop announcement by Jito Network, no details were given about the claim date or the token’s market launch date.
At the time of writing, the platform’s total locked value was worth 6.8 million Solana, and the upcoming JTO token will enable users and investors to have a say in the network’s governance. The DAO will determine ecosystem staking income fees, and strategy updates will be carried out by monitoring the parameters of StakeNet programs.
JTO Token Distribution
Out of the total supply of 1 billion JTO, 59.3% will be controlled by the Jito Foundation. This will be distributed as follows: 100 million JTO tokens, which is 10% of the supply, will be allocated for the airdrop to platform users, who will be able to claim their rewards through a point system based on their stake amount, staking duration, and transactions within the ecosystem.
24.3% of the JTO token supply will be directly controlled by token holders through Realms, meaning users will have a say in transactions such as trading. The remaining 25% overseen by the Foundation will be transferred to the Jito Foundation to better manage the process and strengthen strategic relationships.
The Jito Foundation is managed by two independent directors, Matt Shaw and Glenn Kennedy, and the DAO management of the foundation will be handled by Webslinger, a consultancy firm serving the crypto market. Token holders will have ultimate control over the foundation, including the authority to dismiss appointed auditors and administrators.
- Staking platform JITO announces awaited airdrop.
- Details on JTO token and governance shared.
- Strategic control and distribution of JTO tokens outlined.