TL;DR
- Jito appoints 17 new delegates to its governance, including representatives from Coinbase Cloud and the Solana Foundation.
- Delegates receive 12 million JTO tokens as cumulative voting power, strengthening the project’s decentralized governance.
- The inclusion of diverse delegates, with experience in cryptocurrencies and other industries, promotes a broader and more balanced decision-making process in the foundation’s future.
The Jito project (JTO), a cryptocurrency based on the Solana network, has taken a significant step by naming 17 new delegates to its governance. This decision, recently announced, includes the participation of prominent individuals from Coinbase Cloud, the Solana Foundation, and members of its own community.
The Jito Foundation allocated a total of 12 million JTO tokens as cumulative voting power for these 17 delegates. This move is crucial as it reflects the project’s commitment to solid and decentralized governance. Delegates were carefully selected, evaluated based on their alignment with the future vision of the Jito network, their independence from the core team, their track record in governance participation, and their expertise in the cryptocurrency field.
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.https://t.co/kbvF71ymY6
— Jito (@jito_sol) February 12, 2024
It is worth noting that the inclusion of representatives from Coinbase Cloud and the Solana Foundation is a recognition of the potential and importance of the Jito project in the crypto ecosystem. Additionally, the diversity of delegates, which also includes individuals from companies such as Gauntlet, Chainflow, and Flipside, promotes a variety of perspectives and approaches in decision-making.
The New Delegates Will Guide Jito Towards the Future
Delegates will not only receive voting power but will also be responsible for guiding the project’s future direction through the governance forum. This involves making key decisions related to protocol development, implementation of updates, and resource management.
Jito is more than just a cryptocurrency; it is a liquid staking platform that allows users to stake their SOL tokens and earn JitoSOL, with the possibility of optimizing their earnings through MEV rewards. With a Total Value Locked (TVL) of over $868 million, it has positioned itself as one of the top DeFi projects on the Solana blockchain, ranking fourth.
Despite its recent launch, the JTO token has managed to achieve a total market capitalization of over $250 million, ranking 194th in the overall cryptocurrency ranking. Its current price is $2.14, having experienced a +20% increase in the last seven days, although it still maintains a -20% drop compared to a month ago.
