Jito Foundation Introduces Governance Token for Enhanced Solana Network Management

The Jito Foundation, known for supporting the Solana-based liquid staking protocol, is set to introduce a new governance token. This token is aimed at enhancing the management and development of the Solana-based Jito Network.

The launch of the governance token, named JTO, marks a significant step for the Jito Foundation. It is designed to give community members a substantial role in decision-making and guiding the direction of the Jito Network. The organization emphasized this move as a step towards empowering its community, allowing them to influence the network’s future directly.

In recent developments, the Solana Foundation revealed that nearly a third of the stake is managed through the Jito Labs client. Following this, the Jito Foundation announced that over 40% of the Solana network’s stake weight is now being utilized by the Jito MEV network of validators.

The Jito Foundation has established a total supply of 1 billion JTO tokens. These tokens are intended to streamline the network’s management processes, including the oversight of fee structures for the JitoSOL staking pool, as well as managing the revenue and the DAO treasury. Of the total supply, 115 million JTO tokens will initially be in circulation.

The token distribution includes 34% allocated for community growth, 25% for ecosystem development, 24.5% for core contributors, and 16% for investors. Moreover, the foundation plans to airdrop 10% of these tokens to Jito community members, acknowledging their role in the network’s initial success and ensuring their participation in governance from the outset.

Investors in Jito Labs include notable entities such as Solana Ventures and Anatoly Yakovenko, co-founder of Solana Labs. Jito Labs previously raised $10 million in a Series A funding round last year, underscoring the growing interest and investment in the Solana ecosystem.