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

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’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 crypto analytics platform 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.

Update: Corrected Flipside's business description.


Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Tim is the Editor-In-Chief of The Block. He writes about the evolution of crypto technology and the people who are at the forefront of it. He provided exclusive, source-based insights into the launches of the Bitcoin and Ethereum ETFs, crypto sales by the FTX Estate and the Trump-linked World Liberty Financial project. Prior to joining The Block, Tim was a news editor at Decrypt. He earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.

Editor

To contact the editor of this story:
Vishal Chawla at
[email protected]