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Jito (JTO), scheduled to be listed on Binance on December 7th, what is it? What is its purpose? In this article, we’ll delve into detailed information.
What is Jito?
JITO enables stakers to earn rewards through Solana staking by working with an open-source Solana validator client and grants the authority to handle MEV (Maximal Extractable Value) using cutting-edge MEV software packages.
What is the Purpose of the Jito Network?
The Jito network is the largest provider of liquid stake tokens (LST) for Solana. It is crucial for Jito to encompass the maximum extractable value (MEV).
MEV refers to the maximum value that a validator can obtain by including, excluding, or modifying the order of transactions in the block production process. Therefore, MEV encompasses both the rewards a validator can earn through transaction fees and any additional rewards they can earn by controlling the order of transactions. In other words, MEV is the process of optimizing blockchain blocks to create the most profitable and efficient blocks for the network.
What is the JTO Token?
The JTO token is a governance token that allows community members to have a direct influence on decision-making and direction within the Jito network. Consequently, those who hold this token can use it for:
JitoSOL Stake Pool: Adjusting and changing fees. StakeNet: Updating delegation strategies. Product: Contributing to the development and improvement of Jito’s product portfolio. Economy: Managing the DAO treasury and fees earned from JitoSOL. Tokenomics:
The token currently has a supply of 1,000,000,000 tokens:
34.3% for Community Growth
25% for Ecosystem Development
24.5% for Contributors
16.2% for Investors
10% allocated for Airdrops.
Has the Project Conducted an Airdrop?
The project initially provided points for stake pools based on staked SOL on the platform. Token allocation was calculated based on these points. A snapshot of this calculation was taken on November 25, 2023. Validators running the Jito-Solana client and MEV researchers or traders utilizing Jito Network’s on-chain programs are also eligible for the airdrop.
Where to Claim the Airdrop?
If you’ve previously conducted transactions on the platform and want to check for eligibility for the airdrop, you can click here to verify if you qualify.
Where to Get JTO?
Binance will list JTO on December 7th at 19:00. If you don’t have a Binance account yet, you can register by clicking here with a Coin Engineer commission discount.