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Solana’s Jito protocol surges, quadrupling TVL in one month

TL;DR

  • Jito’s TVL on Solana surges, making it a major DeFi player.
  • JTO airdrop rewards Jito community for their contributions.
  • Inclusivity with tiered allocation in JTO token distribution.

Solana, the rapidly growing blockchain ecosystem, has witnessed an impressive surge in its Total Value Locked (TVL) within the liquid staking sector, quadrupling its TVL in just one month. At the heart of this expansion is Jito, a Solana-based liquid staking protocol.

In a move to celebrate and acknowledge the invaluable contributions of its community members in bootstrapping the network, Jito has unveiled plans for a retrospective airdrop of its forthcoming governance token, JTO.

Jito has cemented its position as the second-largest decentralized finance (DeFi) protocol on Solana, boasting an impressive $390 million in Total Value Locked (TVL). This achievement is a testament to the platform’s robust and user-friendly staking solutions, which have attracted a substantial user base.

JTO airdrop allocation: A fair and Equitable distribution

The Jito Foundation has allocated a significant portion of the JTO token airdrop to users who actively participated in the Jito Points program. This program commenced on January 1 and concluded on November 25, 2023. 

To ensure a fair and equitable distribution, the Foundation has implemented a tiered allocation system. This system ensures that smaller holders receive a proportionally larger reward, creating a more inclusive ecosystem.

In total, 80% of the JTO tokens reserved for the airdrop will be distributed among 9,852 unique addresses that accrued at least 100 Jito Points during the specified program period. Any unclaimed tokens will be moved to the DAO treasury’s Realms wallet after a grace period of 18 months.

Recognizing validators and MEV searchers in Jito’s ecosystem

Validators play a pivotal role in maintaining the security and stability of blockchain networks. Jito acknowledges this vital contribution by allocating 15 million JTO tokens to validators who operated the Jito-Solana client during epochs 366 to 536, with at least one epoch in the range of 527 through 536.

Early and active validators who played a significant role in bootstrapping the Jito-Solana client will receive a more substantial share of the token allocation. This approach serves as a token of appreciation for their dedication to the network’s growth.

In addition to community members and validators, Jito has not overlooked the invaluable contribution of MEV (Miner Extractable Value) searchers who have actively engaged with the Jito Network’s suite of MEV programs. 

A total of 5 million JTO tokens have been earmarked for these searchers, ensuring that their efforts are duly rewarded. MEV searchers have played a crucial role in optimizing and enhancing the network’s efficiency, and this allocation aims to acknowledge their contribution.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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