Solana MEV developer Jito is preparing to launch its governance token. This token aims to promote both governance and development of the Solana-based liquid staking protocol. There will be a total supply of 1 billion JTO tokens. Meanwhile, the project team also gave the good news of an airdrop.
Solana MEV developer Jito decided to issue tokens
Jito Foundation, the organization supporting a liquid staking protocol based on Solana (SOL), is launching a governance token that will be used to help govern the Jito Network. Jito Labs is building infrastructure designed to mitigate the negative impacts of maximum extractable value on Solana. By launching the token, the Jito Foundation aims to empower “community members to have a direct impact on the decision-making process and direction of the Jito Network,” the organization said in a statement.
Last month, the Solana Foundation said almost a third of its stakes were running through the Jito Labs client. The Jito Foundation also noted in Monday’s announcement that the Jito MEV validator network is currently “used by more than 40% of the staking weight of the Solana network.”
What will the tokenomics of the project be like?
The Solana MEV developer created a total of 1 billion JTO tokens to regulate how the network is governed, including setting fees for the JitoSOL staking pool and overseeing revenue and the DAO treasury. Initially, 115 million JTO tokens will be in circulation. The project team will allocate approximately 34% of the tokens for community growth. Another 25% will be distributed to develop the ecosystem. Additionally, it will allocate 24.5% to core participants. Finally, 16% will be reserved for investors.
There will also be an airdrop for community members
The foundation also said that 10% of the tokens “will be airdropped to Jito community members as a recognition of their contribution to bootstrapping the network and to enable them to participate in governance from day one.” The Foundation stated that community members should be on the lookout for updates regarding the airdrop.
Jito Labs investors include Solana Ventures and Solana Labs co-founder Anatoly Yakovenko. cryptokoin.comAs you follow from , the company raised $10 million in a Series A financing round last year.
As Solana falls, whales carry SOL tokens
More than $120 million worth of Solana (SOL) changed hands in the last 24 hours. Anonymous whale accounts moved tokens in three large transactions. Cryptocurrency transaction tracker Whale Alert detected these on-chain transactions. These moves coincide with the SOL slipping lower from recent record highs.
The first two transactions, recorded within two hours of each other, involved the transfer of 899,999 SOLs worth $50.5 million and 900,000 Solanas worth $50.5 million between unknown wallet addresses. In the third transfer, another whale account moved 336,999 SOLs worth $19.1 million. Whale transferred these tokens directly to leading crypto exchange Coinbase.
🚨 🚨 🚨 900,000 #SOL (50,465,194 USD) transferred from unknown wallet to unknown wallethttps://t.co/BFkE74MUew
— Whale Alert (@whale_alert) November 27, 2023
