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Home»EXCHANGE NEWS»Jito DAO is considering a $29 million liquidity mining investment from the Treasury.
EXCHANGE NEWS

Jito DAO is considering a $29 million liquidity mining investment from the Treasury.

By Crypto FlexsMay 14, 20242 Mins Read
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Jito DAO is considering a  million liquidity mining investment from the Treasury.
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Jito DAO, a Solana-centric liquid staking solution, is considering spending more than $7.5 million of its existing JTO tokens for liquidity mining. At current prices, this figure would be worth about $29 million. This represents 3.1% of the total 240 million JTO held in the DAO Treasury.

This is the second governance proposal to Jito DAO after the JTO airdrop in December last year. The proposal was made by DeFi research firm Gauntlet. Gauntlet has terminated its connection with Aave’s DAO due to incompatibility.

According to DeFilama, Jito is known to operate Solana’s largest liquid staking solution with Total Value Locked (TVL). 78% of Solana validators run a Solana validation fork known as Jito-Solana. The protocol is primarily responsible for allocating maximum extractable value (MEV) rewards as tips provided by traders to validators, with the expectation that the trades of JitoSOL liquid staking token holders will be successful.

One thing to note is that the MEV collected by validators through Jito has recently surpassed the MEV delivered to Ethereum validators.

The specific growth pattern for TVL is due to the points mechanism, which is responsible for earning distributions from on-chain users during JTO airdrops and injecting funds into the protocol.

After completing the points-based incentives, Jito paid a negligible amount towards the incentive scheme. Solana’s liquid staking companies, Marinade and Blaze, are maximizing their incentive-related investments.

According to Gauntlet, Jito must allocate a certain amount of money from its treasury to various liquidity mining ideas. Three team members from Jito Foundation and two team members from Jito Labs manage the funds.

Governance proposals have not received a response, but will remain active for one month, after which they will be forwarded to the DAO’s voting platform.

Jito Foundation representative Ian Unsworth approves the governance proposal.

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