BlockBeats News, on November 28th, according to official sources, Jito, a liquidity staking protocol on Solana, announced the launch of its governance token JTO and released information about an airdrop. It is reported that the total amount of JTO airdrop is 100 million, of which 90 million JTO will be distributed in this airdrop, and 10 million JTO will be distributed next year.

Allocation Information

The total supply of Jito token JTO is 1 billion, with an initial circulating supply of 115 million (total supply minus foundation allocation and locked supply), and an initial floating supply of 583 million (total supply minus locked supply).

The Community Growth Plan will receive 34.3%, with 10% of the total amount being distributed to the community through retrospective airdrops as part of the growth plan, and the remaining 24.3% being controlled by DAO governance on the Realms platform. The use and distribution of these tokens will depend on the governance of token holders. The goal is to develop the community and utility of Jito Network.

JTO's 25% is used for ecological development, which is to support the community and contributors, and help promote the expansion of the primary liquidity staking protocol on Solana and the progress of related networks, such as the innovative StakeNet. Investors receive 16.2% of the tokens, with a lock-up period of 3 years. In addition, 24.5% of the tokens will be allocated to core contributors, including Jito's founders and current and future employees of early ecosystem contributors.

Airdrop Details

10% of the total supply is allocated for community airdrop, totaling 100 million tokens, including 90,000,000 JTO tokens to be immediately distributed and an additional 10,000,000 tokens to be unlocked next year.

The eligibility for JTO token airdrop depends on the user's contribution to the development and growth of the Jito network over time. This includes long-term JitoSOL holders, users who use JitoSOL on various DeFi protocols, Solana validators running the Jito-Solana MEV client, and users actively using MEV products on the Jito Network.

The snapshot for the airdrop will end on November 25, 2023. The previous JitoSOL points activity has ended and points will no longer be updated.

Related reading: "Quick view of Solana's DeFi potential and yield farming strategy"

Starting from January 1, 2023, each JitoSOL in the user's wallet will accumulate 1 point per day. Trading on supported DEXs can earn double points.

Currently, users who are eligible to receive the JTO airdrop can check their Jito points on jito.network. The eligibility checker and airdrop claiming tool will be launched soon, and BlockBeats will continue to follow up on updates.

What is Jito?

Jito is a liquidity staking service on Solana that distributes Maximum Extractable Value (MEV) rewards to holders. Users deposit SOL into Jito's liquidity staking pool and receive JitoSOL. The staked SOL is delegated to validators who support MEV. After the validators auction block space and receive MEV rewards, these rewards are redistributed back into the staking pool as additional APY. In addition to staking rewards, users' JitoSOL also accumulates MEV rewards.

According to the official website, the annualized yield for pledging SOL is 6.92%. Jito's "product" JitoSOL is the most abundant and fastest-growing liquidity staking token (LST) on Solana. As of now, Jito's TVL has approached 6.8 million SOL with over 50,000 pledgers.

Related reading: "Looking for Solana's new dark horse in the ecosystem".

Solana Labs CEO Anatoly Yakovenko also praised Jito, "JITO has a good way to maximize the benefits of MEV to the entire network while minimizing its negative externalities..."

The governance token JTO released this time allows its holders to participate in setting the fees of the JitoSOL equity pool, update delegation strategies by controlling StakeNet parameters, manage the DAO treasury and income of JTO tokens, and contribute to the enhancement of Jito Network.

In addition, the Jito Foundation organizes and coordinates the decision-making of the token holder community, including enhancing the staking economy through JitoSOL and related products, improving the Solana Network Foundation structure, and strengthening the power of the Jito network. The decisions of token holders will seamlessly transition from DAO governance to off-chain infrastructure and relationships with strategic contributors. As the network grows, the foundation enables the Jito network to operate at a larger scale and speed.

The foundation will receive 59.3% of the total supply, of which 10% will be airdropped, 24.3% will be directly controlled by token holders through Realms. The remaining 25% will be donated to the foundation to fund these efforts and lead large-scale strategic relationships. The foundation is led by two independent directors (Matt Shaw and Glenn Kennedy), and the DAO administrator is a consulting firm for a cryptocurrency project Webslinger. Token holders have ultimate control over the foundation and have the power to remove supervisors and directors. The foundation will provide transparency reports regularly.

Jito Foundation will be governed by the Articles of Association. The link to the governance document will be announced in the future.

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