Coinbase’s latest addition, JITO, will serve as the governance token for the Jito Network, which focuses on decentralized governance and mitigating MEV issues
Leading crypto currency exchange Coinbase is slated to list JITO, a new governance token, on the Solana network today. This move comes after a significant 60 per cent rally in Solana’s price in the past month, with its market valuation now standing at around $27 billion. The listing comes after Coinbase CEO Brian Armstrong commended Solana for its performance capabilities.
Coinbase’s latest addition, JITO, will serve as the governance token for the Jito Network, which focuses on decentralized governance and mitigating MEV issues. The network is recognized as a key player within the Solana ecosystem, holding the position of second-largest by TVL.
In expectation of the listing, Coinbase Assets announced that trading of JTO-USD would begin today after meeting liquidity conditions around 4:00 pm GMT. Nonetheless, access to trading may vary across different regions.
The Jito Network has planned an airdrop of JITO tokens to eligible contributors within its ecosystem. This airdrop is scheduled for today and is expected to distribute 10 per cent of JITO’s 1 billion total supply. The tokens will grant holders sway over major network decisions including fee determination for JitoSOL stake pool and treasury management. The allocation of tokens also intends to support community growth (34.3 per cent), ecosystem development (25 per cent), core contributors (24.5 per cent), and investors (16.2 per cent, vested over three years).
Jito’s token launch is seen as part of an expansion strategy amid wider plans by Coinbase for Solana integration. In spite of recent challenges faced by the Solana network because of FTX’s collapse impacting investments, the blockchain has seen renewed interest from developers who favour its efficient and cost-effective platform for building applications. This revival in developer activity comes alongside attention from mainstream firms like Visa and Shopify, which have shown interest in integrating with Solana.
