Jito (JTO), the governance token introduced by the Jito Foundation, aims to empower community members to actively participate in decision-making processes and influence the direction of the Jito Network.
The Jito Network has made substantial strides within the Solana ecosystem , with its JitoSOL being the largest and fastest-growing Liquid Staking Token (LST) on Solana.
Governance
With the launch of JTO, token holders can make key decisions to shape the future of Jito Network so that it continues to evolve and thrive in alignment with the needs of those it serves and of the broader Solana ecosystem. These decisions and initiatives may include:
- Setting fees of the JitoSOL stake pool.
- Updating delegation strategies by controlling the parameters of the StakeNet programs.
- Managing the treasury of JTO tokens held by the DAO and fees generated from JitoSOL.
- Contributing to the ongoing development and improvement of Jito’s protocols and products.
Tokenomics of JTO
The JTO token boasts a total supply of 1 billion tokens. The token distribution is as follows:
- Community Growth: 34.3% – 342,857,143 JTO
The “Community Growth” token allocation is dedicated to growing the Jito community. The first use is a retrospective airdrop for 10% of the total supply to Jito community members as a recognition of their contribution to bootstrapping the network and to facilitate robust governance participation (see additional details below). The remaining tokens (24.3% of the total supply) will be controlled by DAO governance on the Realms platform. The use and pace of distribution for these tokens is up to token holder governance. The goal is to grow Jito Network’s community and utility. - Ecosystem Development 25% – 250,000,000 JTO
Jito’s network has had a strong start, but the mission to enhance the Solana network and staking economy is far from over. The ecosystem development portion of the token allocation is to fund communities and contributors that help drive the expansion of the premier liquid staking protocol on Solana and related network advancements, such as the innovative StakeNet. StakeNet is designed as a self-sustaining protocol for timeless Solana LSTs, which the Foundation intends to open-source for other platforms to use. - Investors 16.2% – 162,142,857 JTO
Jito Labs has been fortunate to have the support of prominent investors in the Solana community since its genesis. Their expertise and strategic guidance have been instrumental in the Network’s growth and development over the last two years. The tokens allocated to investors unlock over 3 years, with a 1-year cliff. - Core Contributors 24.5% – 245,000,000 JTO
A portion of JTO tokens is allocated to Jito’s founders and current and future employees of early contributors to the ecosystem. These tokens vest and unlock over 3 years, with a 1-year cliff.
Impact on the Solana Ecosystem
The launch of the JTO token is not just a milestone for the Jito community but also a significant event for the broader Solana ecosystem. It highlights the growing trend of liquid staking protocols and the increasing role of community governance in the DeFi sector . Furthermore, this move aligns with similar actions taken by other Solana protocols like Pyth Network and Jupiter , which have also airdropped their governance tokens. The airdrop is expected to positively impact the demand for SOL tokens and potentially boost its price.
We can also mention Bonk who airdropped half of it's supply to Solana artists .
The Future of Jito Network
With the launch of JTO, the Jito Network is poised for further growth and innovation. The token allocation is strategically designed to fund communities and contributors that drive the expansion of the premier liquid staking protocol on Solana and related network advancements.
StakeNet: A Key Innovation
An integral part of the Jito Network's future is StakeNet , a self-sustaining protocol for Solana LSTs. This innovative protocol is expected to play a crucial role in the network's ongoing development and success.
Conclusion
The introduction of the Jito (JTO) token on the SwissBorg app marks a significant step forward for the Jito Network. As JTO becomes accessible to a wider audience through SwissBorg, it enhances the potential for community engagement and governance within the Jito ecosystem. This integration not only broadens the reach of JTO but also adds to the robustness of the Solana ecosystem, further cementing Jito's position as a key player in the world of liquid staking protocols. With JTO's strategic tokenomics aimed at community growth, ecosystem development, and rewarding core contributors, its availability on SwissBorg is expected to attract more participants and strengthen the network's impact. This development represents a promising future for Jito Network, emphasising its commitment to innovation, community-driven governance, and the ongoing evolution of the Solana landscape.
You can now buy, sell and exchange Jito (JTO) with 16 fiats, including EUR, CHF, and GBP.
