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Home»ADOPTION NEWS»Solana MEV Developer Jito Launches Governance Token
ADOPTION NEWS

Solana MEV Developer Jito Launches Governance Token

By Crypto FlexsNovember 28, 20233 Mins Read
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Solana MEV Developer Jito Launches Governance Token
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Posted 1 minute ago In ~

Organizations supporting the Jito Foundation Solana brush

-2.22%
The underlying liquid staking protocol releases governance tokens used to manage the Jito network.

Jito Labs builds infrastructure designed to mitigate negative impacts on Solana by maximizing extractable value. By launching the token, the Jito Foundation seeks to empower “community members to directly influence the decisions and direction of the Jito Network,” the organization said in a statement.

Last month, the Solana Foundation said nearly a third of its holdings were run through Jito Labs clients. In an announcement Monday, the Jito Foundation said: said The Jito MEV Network, comprised of validators, currently “leverages more than 40% of the Solana Network’s stake.”

A total of 1 billion JTO tokens have been created as part of an effort to structure how the network is governed, including setting fees for the JitoSOL staking pool, overseeing returns, and DAO treasury. Initially, 115 million JTO tokens will be in circulation. Approximately 34% of tokens are allocated for community growth, 25% for ecosystem development, 24.5% for core contributors, and 16% for investors.

Airdrop for community members

The foundation also said the same thing. 10% of tokens “It was airdropped to members of the Jito community to recognize their contributions to network bootstrapping and ensure they can participate in governance from day one.” Community members should continue to check for updates regarding the airdrop, the foundation said.

Jito Labs’ investors include Solana Ventures and Solana Labs co-founder Anatoly Yakovenko. Last year, the company raised $10 million in a Series A funding round.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal, writing about Disney, Netflix, Warner Bros. and the creator economy, focusing primarily on technological disruption across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a wide range of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.

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