Jito Foundation earmarks 12 million tokens to governance delegates from Coinbase Cloud, Solana Foundation and others

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The Block2024/02/12 16:04

By:The Block

Quick Take Solana-based project Jito revealed its first cohort of governance delegates. The project is delegating a large amount of voting power to these individuals.

Solana-based staking project Jito JTO -1.01% ’s initial governance cohort will include individuals from Coinbase Cloud, the Solana Foundation, and its own community.

The project named 17 individuals and projects, according to a statement. The list includes research company Gauntlet, infrastructure platform Chainflow, and marketing agency Flipside.

The Jito Foundation will be delegating 12 million JTO ($23.5 million) of voting power to the cohort, spread evenly. This represents roughly 10% of the circulating supply of the JTO token, according to The Block’s Price Page .

“Historically, governance on Solana has not been as active compared with other chains,” said Jito Network Core Contributor Lucas Bruder. “We’re hoping that the Jito Foundation’s delegation program can set a new high water mark for governance on Solana.”

The delegates will use the voting power to guide the future direction of the project through its governance forum. The Jito Foundation said upcoming votes will include the launch of StakeNet, its future staking product that monitors validators.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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