Solana-based crypto project Jito has allocated 12 million JTO tokens to its initial governance delegates, which include individuals from Coinbase Cloud, the Solana Foundation, and the Jito community.
Jito has named 17 individuals and projects to its governance cohort, including research company Gauntlet, infrastructure platform Chainflow, and marketing agency Flipside.
Jito Earmarks 12M Tokens
The Jito Foundation has announced that it will delegate 12 million JTO tokens ($23.5 million) of voting power to its initial governance cohort. This includes 17 individuals and projects, including individuals from the Solana Foundation, Coinbase Cloud, research company Gauntlet, infrastructure platform Chainflow, Marketing agency Flipside, and the Jito community. The allocation represents roughly 10% of the circulating supply of the JTO token.
“We are pleased to announce the Jito Foundation’s initial cohort of governance delegates! These 17 delegates include representatives from several top crypto companies, service providers, node operators, and development teams.”
The selection of the delegates comes after a public call issued on the 24th of January, one which received an enthusiastic response, including applications from top crypto companies, service providers, node operators, and development teams.
“The Foundation was thrilled and honored with the response, which included applications from several top crypto companies, service providers, node operators, and development teams.”
Regarding the allocation of 12 million JTO tokens, Lucas Bruder, Core Contributor at the Jito Network, stated,
“Historically, governance on Solana has not been as active compared with other chains. “We’re hoping that the Jito Foundation’s delegation program can set a new high water mark for governance on Solana.”
Future Direction Of The Project
The Jito Foundation evaluated and selected delegates based on their perceived alignment with the future of the Jito Network, independence from the Jito team, history of participation when it comes to governance, and expertise in the field. To ensure adequate representation of different opinions, Jito has included representatives from other protocols, developers, node operators, and community members have also been included in the selection.
“The Foundation evaluated delegates based on perceived alignment with the Jito network’s future, independence from the Jito team, history of governance participation, and subject matter expertise. Additionally, we sought to secure a range of views by including other protocol representatives and developers, node operators, and community members in an effort to ensure the interests of all members of the Jito community would be represented.”
The chosen delegates will use their voting power to guide the Jito Foundation’s future direction using its governance forum. The Jito Foundation has also stated that the upcoming votes will include the launch of StakeNet, Jito’s future staking product designed to monitor validators.
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