The JITO Network, serving the Solana ecosystem, made its long-awaited airdrop announcement on November 27 through its official blog. The Jito Foundation introduced the platform’s native token as JTO and announced November 25 as the final snapshot date for users who have made transactions on the platform. But what are the details of the airdrop?
Jito defines a token called JitoSOL for users in exchange for the SOL they deposit. This token is known as the largest Liquid Staking Token (LST) on the Solana network, given at a 1:1 ratio. In the airdrop announcement made by JITO Network, no details were provided about the claim date or the launch date of the token.
At the time of writing, the platform’s total value locked was worth 6.8 million Solana, and the upcoming JTO token will allow users and investors to have a say in the network’s management. The DAO will determine ecosystem staking fee revenues and will conduct strategy updates by monitoring parameters of the StakeNet programs.
A total of 1 billion JTO tokens will be controlled by the Jito Foundation, accounting for 59.3% of the supply. This will be distributed as follows: 100 million JTO tokens, which is 10% of the supply, will be reserved for airdropping to platform users, and users will be able to claim their rewards based on a point system that considers their stake amounts, staking durations, and transactions within the ecosystem.
24.3% of the JTO token supply will be directly controlled by token holders through Realms, meaning users will have a say in transactions such as trading. The remaining 25% overseen by the foundation will be transferred to the Jito Foundation to better manage the process and strengthen strategic relationships.