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The Solana-based crypto project, Jito (JTO), has appointed the new 17 delegates to its governance, including individuals from Coinbase Cloud, the Solana Foundation, and its own community.
Jito Foundation has allocated 12 million JTO for the new 17 delegates as cumulative voting power.
Summary
Jito: the crypto project announces 17 governance delegates including Coinbase Cloud, Solana Foundation, and others
The liquid crypto staking platform, Jito, announced today 17 new delegates to its governance, including individuals from Coinbase Cloud, the Solana Foundation, and its own community.
We are pleased to announce the Jito Foundation’s initial cohort of governance delegates!
— Jito (@jito_sol) February 12, 2024
These 17 delegates include representatives from several top crypto companies, service providers, node operators, and development teams.https://t.co/kbvF71ymY6
“We are pleased to announce the initial cohort of delegates to the governance of the Jito Foundation! These 17 delegates include representatives from various cryptocurrency companies, service providers, node operators, and development teams.”
In practice, the Jito Foundation evaluated the delegates based on perceived alignment with the future of the Jito network, independence from the Jito team, history of participation in governance, and expertise in the field.
Not only that, to ensure a range of opinions, other protocol representatives and developers, node operators, and community members have also been included in the selection.
In the list of 17 new delegates to the governance of Jito, therefore, there are people from Coinbase Cloud, such as Andrew Allen, and from the Solana Foundation, such as Ben Hawkins. Furthermore, the list also includes the research company Gauntlet, the infrastructure platform Chainflow, and the marketing agency Flipside.
Jito: 12 million JTO allocated for governance delegates like Coinbase Cloud and Solana Foundation
The Jito Foundation has also declared to have allocated 12 million JTO tokens as cumulative voting power that will be distributed fairly among the 17 delegates. This amount represents 10% of the circulating supply of JTO tokens.
In this regard, Lucas Bruder, Core Contributor of Jito Network, said:
“Historically, Solana’s governance has not been as active compared to other chains. We hope that the Jito Foundation’s delegation program can establish a new benchmark for governance on Solana.”
The delegates will use their voting power to guide the future direction of the project through the governance forum.
The public staking project and the price of JTO
Jito is a liquid staking project developed on Solana that allows you to stake your SOL on the protocol, and earn JitoSOL, which can then be used to optimize your profits by receiving MEV rewards.
Its current Total Value Locked (TVL) is over 868 million dollars. In the ranking of Top DeFi Projects on Solana Blockchain, Jito is in fourth place with 2.65k UAW.
With a total market capitalization of over 250 million dollars, the Jito (JTO) token is ranked 194th in the overall crypto ranking.
The price of JTO is currently $2.14, up +20% in the last seven days, but still down -20% compared to a month ago.