Solana-Based Staking Protocol Jito Launches Governance Token

Jito Foundation, backing a liquid staking protocol on the Solana blockchain, is introducing a governance token aimed at facilitating the management of the Jito Network. 

Jito Labs, a subsidiary of Jito Foundation, specializes in constructing infrastructure to mitigate the adverse effects of maximum extractable value on Solana’s ecosystem.

With the launch of the governance token, the Jito Foundation aims to empower community members, granting them a direct role in decision-making processes and steering the trajectory of the Jito Network.

According to a statement from the organization, the Jito MEV network of validators is now handling over 40% of the total stake on the Solana network. This highlights the growing significance of Jito Labs within the Solana ecosystem, with the Solana Foundation reporting that nearly a third of the stake is flowing through the Jito Labs client.

The Jito Foundation has issued a total of 1 Billion JTO tokens, intending to use them to organize and oversee various aspects of network management. This includes determining fees for the JitoSOL staking pool, monitoring revenue, and managing the DAO treasury. 

Initially, 115 Million JTO tokens will be in circulation, with 34% allocated for community growth, 25% for ecosystem development, 24.5% for core contributors, and 16% for investors.

In a move to acknowledge the contribution of the Jito community to the network’s bootstrapping, the foundation announced that 10% of the tokens would be airdropped to community members. This allocation is designed to ensure community participation in governance from the outset, and further details on the airdrop will be communicated through updates.

Jito Labs has garnered support from notable investors, including Solana Ventures and Anatoly Yakovenko, co-founder of Solana Labs. The company raised $10 Million in a Series A funding round last year, reflecting the growing confidence in its mission to enhance the Solana ecosystem and foster community involvement in its governance.

Magic Eden Initiates Closed Beta For Multi-Blockchain Wallet

Magic Eden, a Solana-based NFT marketplace, is embarking on a crypto journey across various blockchains by launching its crypto wallet browser extension in closed beta. The wallet aims to be versatile, providing compatibility with four blockchains: Bitcoin, Ethereum, Solana, and the Ethereum scaling network Polygon, which aligns with Magic Eden’s commitment to fostering a cross-chain crypto future.

The forthcoming Magic Eden wallet, currently in closed beta, will feature self-custody capabilities. This implies that users will have complete control over their crypto assets and will be responsible for safeguarding a seed phrase—a secure passphrase comprising numerous words—to ensure the integrity and security of their holdings.

The closed beta phase signifies a crucial step toward Magic Eden’s vision of creating a seamless and inclusive crypto experience that spans multiple blockchains. By supporting major blockchains like Bitcoin and Ethereum, alongside Solana and Polygon, Magic Eden aims to cater to a diverse user base seeking flexibility and accessibility in the rapidly evolving blockchain ecosystem.

As the Magic Eden wallet navigates this closed beta stage, users will be able to explore its functionalities and experience the benefits of managing assets firsthand across different blockchains within a single interface. This initiative aligns with the broader industry trend of enhancing interoperability and breaking barriers between distinct blockchain networks.

As the crypto landscape continues to evolve, initiatives like Magic Eden’s multi-blockchain wallet contribute to the ongoing narrative of building bridges between diverse blockchain ecosystems, offering users greater choice and flexibility in managing their digital assets.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.