YEREVAN (CoinChapter.com) — JTO Airdrop commenced on Dec. 7, sending the token price flying up over 600%, according to DEXTools, peaked at $2.4, and corrected to $1.93 at 18:00 GMT. In short, JTO is a governance token associated with the Jito Network, a significant contributor to the Solana ecosystem.
JTO Airdrop Went Live – Binance Jumped In
To be eligible for the JTO token airdrop, participants must stake with Jito starting Nov. 25, 2023. Eligibility included platform users, such as validators, traders, and MEV searchers. The airdrop allocation is divided into different tiers based on engagement, with 80% going to stakers, 15% to validators, and 5% to MEV searchers.
Once the airdrop goes live, eligible participants can claim their tokens on Jito’s website by connecting their wallet, after which Jito will transfer the earned tokens. It’s important to note that unclaimed tokens will be moved to the project’s treasury after 18 months.
Binance exchange listed the token, announcing the trading will begin at 16:30 UTC.
What is Jito and How Does It Run on Solana
JTO token allows its holders to make key decisions that influence the future direction of the Jito Network, particularly within the Solana ecosystem. Such decisions could include setting fees for the JitoSOL stake pool, updating delegation strategies, managing the treasury of JTO tokens held by the DAO, and contributing to developing Jito’s protocols and products.
Jito primarily enhances staking and validating on the Solana network. Traditional blockchains sometimes have incentives for stakers that can be detrimental to the entire chain, like spamming transactions to generate fees. Jito addresses this by creating a pool of SOL tokens, which it stakes and validates using its network. It converts SOL into JitoSOL, which represents SOL on the network, and passes back rewards to the users.
Jito Foundation and Jito Labs
The Jito Foundation, which oversees Jito Labs, is responsible for managing the JTO token. It launched the JTO token to facilitate governance within its Jito Network. It also includes tasks such as setting fees for the JitoSOL staking pool, managing revenue, and overseeing the DAO treasury.
The total supply of JTO tokens is 1 billion, with an initial circulation of 115 million tokens. The allocation plan includes 34% of tokens for community growth. Also, 25% is for ecosystem development, 24.5% is for core contributors, and 16% is for investors.
Jito Labs, the company behind the Jito Foundation, started in 2021 and has rapidly grown since, launching its staking platform in March 2023. It received Series A funding in August 2022 from several crypto-VCs, including Multicoin Capital and Framework Ventures.
