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Solana Developer MEV Jito Launches Governance Token

source-logo  cryptonews.net 28 November 2023 14:29, UTC

The Jito Foundation team announced the launch of the JTO token, designed to govern and encourage the development of a liquidity protocol based on Solana. The organization plans to issue 1 billion JTO tokens. According to representatives of the foundation, the initial circulating supply will be 115 million tokens.

According to the developers of Jito Labs, the token will allow the community to make decisions that determine the future of the foundation. Community members will be able to influence delegation strategies, manage the treasury of a decentralized autonomous organization (DAO), and contribute to the development of the Jito decentralized finance (DeFi) platform running on the Solana network.

The team allocated 34.3% for the community, 25% for ecosystem development. Investors will receive 16.2%, and the core team will receive 24.5%. The Jito Foundation plans to distribute 10% of the tokens as an airdrop. JitoSOL holders, validators and users of the Jito MEV service will be able to claim the reward. The project team noted that the reward will be distributed in the near future.

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