Jito, the liquid staking protocol that is based on Solana, has revealed its intentions to conduct a retrospective airdrop of the JTO governance token. This is a huge milestone for the Solana ecosystem. The Jito community has played a critical part in bootstrapping the network, and this airdrop is a monument to that contribution. It also marks a crucial step towards recognizing and rewarding the contributors who have driven the growth of the platform.
Solana Liquid Staking is experiencing a surge in its Total Value Locked (TVL).
Around the same time as Jito is getting ready to honor its community, the Solana blockchain is experiencing a remarkable increase in the landscape of its liquid staking. Within a month, the Total Value Locked (TVL) has increased by a factor of four, which demonstrates the growing confidence and adoption of Solana’s decentralized finance (DeFi) products.
The Position of Jito Within Solana’s DeFi Ecosystem includes:
With an astounding total value locked (TVL) of $390 million, Jito is the second-largest DeFi protocol on Solana. Solana is a distributed ledger technology platform. Jito’s fame and the community’s trust in its liquid staking protocol are brought to light by this momentous milestone, which also paves the way for a retrospective airdrop that will be held in order to show appreciation for the combined efforts of its users.
Those that are participating in the JTO Airdrop Allocation to Jito Points Program:
1. Last week we announced the launch of $JTO, with 10% of the supply being airdropped to our community members.— Jito (@jito_sol) December 4, 2023
Today we’d like to share the details of airdrop eligibility and allocation specs.
(we also wrote an in-depth blog post linked in tweet #2.) pic.twitter.com/DSaPaWUuBL
A significant eighty percent of the JTO airdrop has been distributed to users who are actively engaging in the Jito Points program. This allocation was made by the Jito Foundation, which is responsible for supervising the governance and growth of Jito. The duration of this initiative, which begins on January 1 and ends on November 25, is intended to serve as a standard for community engagement. For the purpose of ensuring that everyone is treated fairly, the Foundation has implemented a tiered allocation mechanism, which provides smaller holders with a reward that is proportionally bigger.
In terms of who is eligible and how the tiered allocation method works:
For the purpose of determining applicants’ suitability for the JTO airdrop, a methodical approach has been used. To be eligible for the airdrop, there must be a total of 9,852 distinct addresses, each of which must have accumulated at least 100 Jito Points. After a period of 18 months, any tokens that have not been claimed will be transferred to the Realms wallet of the DAO Treasury. This will contribute to the Jito ecosystem’s ability to remain viable over the long run.
Validators and early contributors are honoured with this recognition:
Validators who operated the Jito-Solana client between epochs 366 and 536, with at least one epoch spanning from 527 to epoch 536, will be eligible to earn a specific allocation of 15 million JTO tokens. By extending this allocation to early and active validators who played a substantial role in the bootstrap phase of the Jito-Solana client, we are highlighting the significance of the contributions that they made.
Those who are looking for Jito MEVs and their portion of the airdrop:
Jito MEV (Miner Extractable Value) searchers are the final group that is qualified for the JTO airdrop. These individuals have actively utilized the suite of MEV programs that are offered by the Jito Network of companies. A noteworthy five million JTO tokens have been set aside for this group in recognition of the significant role they play in improving the effectiveness and safety of the Jito ecosystem.
The announcement that Jito has made regarding the eligibility requirements and allocation of the JTO Airdrop highlights the company’s dedication to community-driven success and recognizes the varied contributions made by its user base. With its revolutionary approach to retrospective token distribution, Jito, which is the second-largest DeFi protocol on Solana, lays the door for an ecosystem that is more inclusive and participatory. The allocation of Jito Points to program participants, validators, and MEV searchers indicates a comprehensive appreciation for the diverse roles that are defining the thriving Jito community and driving forward the development of Solana’s DeFi environment.