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The JTO Airdrop for the Jito Network’s governance token, JTO, began on December 7th. The token price surged over 600%, reaching a peak of $2.4 before correcting to $1.93 at 18:00 GMT. JTO is closely associated with the Solana ecosystem and allows holders to make important decisions regarding the future of the Jito Network.
To be eligible for the JTO token airdrop, participants had to stake with Jito starting from November 25th, 2023. This included platform users such as validators, traders, and MEV searchers. The airdrop allocation is divided into different tiers based on engagement, with the majority going to stakers.
Once the airdrop goes live, eligible participants can claim their tokens on Jito’s website by connecting their wallet. It’s worth noting that unclaimed tokens will be moved to the project’s treasury after 18 months. Binance, a popular exchange, listed the JTO token and trading began at 16:30 UTC.
Jito is focused on enhancing staking and validating on the Solana network. It addresses issues that can arise with traditional blockchains, such as spamming transactions to generate fees. Jito achieves this by creating a pool of SOL tokens, staking and validating them using its network, and converting them into JitoSOL.
The Jito Foundation oversees Jito Labs and is responsible for managing the JTO token. It launched the token to facilitate governance within the Jito Network and is involved in tasks such as setting fees for the JitoSOL staking pool and managing revenue. The total supply of JTO tokens is 1 billion, with an initial circulation of 115 million tokens.
Jito Labs, the company behind the Jito Foundation, was established in 2021 and has experienced rapid growth. It launched its staking platform in March 2023 and received Series A funding in August 2022 from prominent crypto-VCs.