Jito, a cryptocurrency project built on Solana, has assigned 12 million JTO tokens to its first governance delegates. These delegates consist of members from Coinbase Cloud, the Solana Foundation, and the Jito community.
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Among the 17 selected individuals and projects in the governance cohort are Gauntlet, a research company, Chainflow, an infrastructure platform, and Flipside, a marketing agency.
Jito Foundation Delegates 12 Million JTO Tokens for Governance
The Jito Foundation has announced a significant move in its governance structure by allocating 12 million JTO tokens, worth $23.5 million, to its initial governance cohort. This group comprises 17 individuals and projects, including representatives from prominent entities such as the Solana Foundation, Coinbase Cloud, Gauntlet research company, Chainflow infrastructure platform, Flipside marketing agency, and members of the Jito community. This allocation constitutes around 10% of the circulating supply of the JTO token.
The selection of these delegates followed a public call issued on January 24, which garnered an enthusiastic response from top crypto companies, service providers, node operators, and development teams. Lucas Bruder, Core Contributor at the Jito Network, expressed satisfaction with the diverse pool of applicants.
Lucas Bruder further emphasized the significance of this allocation in enhancing governance on the Solana blockchain. He highlighted that while governance on Solana has historically been less active compared to other chains, the Jito Foundation aims to set a new standard through its delegation program.
Jito Foundation Selects Delegates for Governance Role
In a meticulous process, the Jito Foundation has handpicked delegates for their significant role in shaping the future of the Jito Network. These delegates were carefully evaluated based on several criteria, including their alignment with the network’s vision, independence from the Jito team, past involvement in governance, and expertise in the field. Moreover, to ensure diverse perspectives, representatives from various backgrounds such as other protocols, developers, node operators, and community members were included in the selection process.
The chosen delegates will wield their voting power to influence the direction of the Jito Foundation through its governance forum. Additionally, upcoming votes will cover essential topics, including the launch of StakeNet, Jito’s forthcoming staking product aimed at overseeing validators.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
