Jito (Jto) is the liquid staking service for Solana that distributes MEV (maximum extractable value) rewards to holders. It is a major contributor to the Solana ecosystem through its JitoSOL liquid staking pool and its collection of MEV products.
It enables users to exchange their SOL for JitoSOL. In return, holders maintain SOL’s liquidity and DeFi opportunities while earning yield from staking. It uniquely provides its holders with additional rewards from transaction revenue associated with MEV extraction on Solana.
The Jito Foundation was established to minimize the negative impacts of MEV, and to equitably distribute the profits and increase transparency. It published an open source validator client formed to create a competitive market for MEV extraction.
The client supports auctions within each block for the opportunity to capture that block’s MEV. All the traders submit bids, and the highest bidders within each block can harvest the available MEV.
JTO is the native cryptocurrency of the Jito network. It enables token holders to make key decisions to shape the future of Jito Network. It continues to evolve and grow in alignment with the needs of its users, holders, and stakeholders in the Solana ecosystem.
JTO is the Jito Governance Token. It will empower community members to have a direct impact on the decision-making and direction of the Jito Network.
Working of Jito Token
The decisions and initiatives that are supported by the Jito network include:
- Setting fees for the JitoSol stake pool.
- Updating delegation strategies by controlling the parameters of the StakeNet programs.
- Managing the treasury of JTO tokens, DAO’s held, and the fees generated from JitoSOL.
- Contributing to the ongoing development and improvement of Jito’s products and protocols.
The Jito Foundation is excited for token holders to lead Jito’s growth as they engage in the governance process under the direction of Jito Network.
Jito Tokenomics
The JTO token had an initial supply of 1,000,000,000 JTO distributed among investors, core contributors, ecosystem development, and community growth.
Token Information
The total supply and maximum supply of the JTO token are 1,000,000,000 tokens, and the circulating supply is 115,000,000 tokens.
Uses of Jito
The JTO token enables users’ active participation in shaping the future of the Jito Network by engaging in its governance. Token holders are allowed to contribute to the management of the JitoSOL staking pool, update delegation strategies, and actively participate in the development of Jito.
JITO Airdrop
The team has recently shared a detailed breakdown of the eligibility criteria for the JTO token airdrop allocation.
Qualification for Jito Airdrop
Initially, Jito gave out points for SOL staked platforms, i.e., stake pools. These points will facilitate the calculation of token allocation. A snapshot of the same was taken on November 25, 2023.
The people who are eligible for the airdrop include validators that ran the Jito-Solana client, and MEV searchers or traders that leverage Jito Network’s on-chain programs are also eligible for the airdrop.
Claiming the Jito Airdrop
The airdrop claim window has been open since 11:00 a.m. ET on December 7, 2023.
The eligible airdrop recipients are able to claim their JTO tokens for 18 months, starting from the token generation date. Eighteen months after the token generation date, unclaimed tokens will be transferred in a permissionless manner to the DAO treasury’s Realms wallet.
Claiming Process
JitoSOL Users
Eligible recipients can initiate the JTO token claim at the company website, which has been started since the date mentioned above.
Jito Solana Validators
They can use an open source CLI, which is located on the github page of the Jito Foundation, to claim their unlocked and locked tokens started on the token generation date.
Validators are required to sign the transaction with their identity key pair. While claiming, the JTO token will be deposited into an associated token account. Each validator’s identity owns these accounts. Validators can then use the special token program to transfer tokens to another wallet to use in governance.
50% of the token allocation is available to claim at genesis, and the remaining 50% will unlock linearly over 12 months, with vesting starting on the token generation date.
Jito MEV Searchers
Jito MEV searchers can also leverage the open source command line tool, which is located at github. It can be used to claim their unlocked and locked tokens starting on the token generation date.
Here, 50% of the token allocation is available to claim at genesis, while the remaining 50% will unlock linearly over 12 months, with vesting starting on the token generation date.
Conclusion: Disclaimer issued by the team for users
They strongly advise their community members to exercise caution and warn against potential scams. They also asked their members to check the mint address to see if it matches the address mentioned on the company website/ documents or not.
It is suggested to the members that they ensure any webpage related to the Jito network has a jito.network domain. It also states that Jito Network community moderators will never message any user first or ask for any personal information.
They made it clear that the Jito Foundation is not offering any giveaways, NFTs, or other items besides the airdrop on its official website. There are the possibilities of imposters misusing JTO tokens and malicious NFTs. It is important to verify the contract address before buying any JTO tokens. For any queries, users can also reach out to their Discord and Telegram channels.
FAQs
Where can a user buy JITO?
JTO tokens are traded on centralized crypto exchanges. The most popular exchange is Binance, and the other common options are Hotcoin Global and BingX.
Which is the most active trading pair?
The most active trading pair involving JTO is JTO/USDT.
Which wallet best supports the storage of JTO tokens?
The wallets that support JTO token storage are Phantom, Solflare, and Slope.
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Source: https://www.thecoinrepublic.com/2024/01/14/eligibility-criteria-and-claiming-process-for-holders-of-jto/