Jito Launches Governance Token, JTO, via Airdrop to JitoSOL Users

Jito launched its governance token, JTO, in December 2023 via an airdrop of at least 4,900 tokens apiece to around 10,000 crypto wallet addresses

Jito (JTO) launched its governance token in December 2023 with an airdrop of at least 4,900 tokens to around 10,000 crypto wallet addresses.

The airdrop saw nearly 10% of the total supply of JTO tokens, which are capped at one billion, being distributed to users of its liquid staking token JitoSOL as a way to recognise their contribution to the growth of the network.

A further 24.3% of tokens are allocated to support community growth and are controlled through the project’s decentralised autonomous organisation (DAO).

The remaining tokens are allocated to investors, the Jito team and to fund ecosystem development.

Among the criticisms of maximum extractable value (MEV) are that it reduces the fairness of trades, and impacts the security and performance of blockchains.

JTO token holders can contribute to key decisions about the future of the network including setting staking fees, how to spend tokens in the treasury (held by the DAO), and the ongoing development of the protocol.

On its first day of trading JTO saw more than $US1.1 billion in trading volume. It reached an all-time high of just over $US6 on the day of launch, but was changing hands at around $US2.50 to $US3.50 shortly after. The token’s value fell to around $US1.50 by the start of January 2024.

After rising to around $US2 in February 2024, the token’s value began to increase again amid a broader crypto market rally. It reached a high of around $US5 at one point between March and May, before beginning to decline once more.

At the time of writing, JTO was trading at $US2.13, and is down around 75% from its all-time high. The coin currently has a market capitalisation of $US226 million, with around 123 million tokens available for trading.

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