Solana-based liquid staking protocol Jito has announced the launch of its governance token, JTO. It will be airdropping tokens to its early users.
JTO will be used to govern the Jito protocol, including voting on protocol upgrades and parameter changes. The airdrop is a way for Jito to reward its community for its support and to give them a say in the future of the protocol.
The Jito token (JTO) has a total supply of 1,000,000,000 JTO. Out of the total supply of tokens, 59.3% will be allocated to the Foundation. This allocation will be further divided, with 10% being airdropped to the community and 24.3% being directly controlled by token holders through Realms.
The remaining 25% will be retained by the Foundation to support its initiatives and foster strategic partnerships. The specific timeframe for the JTO airdrop remains undisclosed. The Jito Foundation has indicated that a snapshot was taken on November 25, and the airdrop will be based on user activity leading up to that date.
Out of the total tokens, 16.2% will be allocated to investors, while 24.5% will be allocated to core contributors. The airdrop is also a positive development for the SOL token, as it will increase demand for the token and could help boost its price.
The JTO airdrop is a significant event for the Jito community and for the Solana ecosystem as a whole. It is a sign of the growing popularity of liquid staking protocols and the increasing importance of community governance in the decentralized finance (DeFi) space.
Other Solana protocols, like Pyth and Jupiter, have also made the same movement and airdropped their governance tokens.