Jito Foundation unveils governance token, JTO, for its Solana liquid staking protocol, planning to mint 1 billion tokens initially circulating 115 million. Token allocation: 34% community growth, 25% ecosystem development, 24.5% core contributors, and 16% investors.
The Jito Foundation, a significant player in the Solana (SOL) ecosystem, has introduced a governance token named JTO for its liquid staking protocol on Solana. They aim to create 1 billion JTO tokens, with 115 million currently in circulation. This strategic step is geared towards decentralizing Jito Network’s governance, involving vital tasks like managing the JitoSOL staking pool, overseeing revenue, and handling the DAO treasury.
Jito Foundation’s Token Distribution and Governance Model in Simple Terms
The Jito Foundation carefully plans how it shares JTO tokens: 34% for helping the community grow, 25% for developing the ecosystem, 24.5% for those who contribute a lot, and the last 16% for investors. They’re also giving 10% to the Jito community through airdrops, so the community stays involved.
The Jito Foundation wants everyone to be part of decisions, making governance modern and including the community more. Jito Labs, part of the foundation, works on making Solana safer from potential issues. Their Jito MEV network, used by over 40% of Solana, shows how strong and reliable the network is.
To keep things open and accountable, the Jito Foundation has two independent directors and a supervisor from FFP Corporate Services. Webslinger, a crypto advisory firm, helps manage things. What’s cool is that people with tokens have the power to remove the supervisor and directors, making sure the foundation always listens to what the community wants.
Jito Labs’ Strong Backing and Jito Foundation’s Transparent Governance Model
Jito Labs gains significant support from the crypto community, with investments from Solana Ventures and Anatoly Yakovenko, Solana Labs co-founder. A recent $10 million Series A funding round, led by Multicoin Capital and Framework Ventures, cements Jito Labs’ position in the Solana ecosystem. Support from Alameda Research, Delphi Digital, and Robot Ventures reflects broad industry endorsement for Jito’s initiatives.
The governance model of the Jito Foundation, anchored by its Constitution, Bylaws, Articles, and Memorandum of Association, promises further details in the future, emphasizing transparency and stakeholder engagement. Regular transparency reports will be a staple, ensuring all actions and decisions are open for scrutiny by stakeholders.
The introduction of JTO tokens by the Jito Foundation marks a significant leap in the evolution of the Solana-based liquid staking protocol. By empowering community members and stakeholders in governance, the foundation sets a new standard for decentralized network management. With substantial support from key industry players and a clear commitment to transparency and community involvement, the Jito Foundation is poised to play a pivotal role in shaping the future of the Solana ecosystem.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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